本文選題：鋼鐵行業(yè) + 債務(wù)融資��； 參考：《浙江大學(xué)》2017年碩士論文

【摘要】：在我國(guó),鋼鐵行業(yè)對(duì)經(jīng)濟(jì)發(fā)展有著重要的作用,既是資源密集型產(chǎn)業(yè),又是資金密集型產(chǎn)業(yè),需要吸納大量資金。當(dāng)前,我國(guó)資本市場(chǎng)的發(fā)展還不夠健全完善,股權(quán)資金還不能滿足企業(yè)的資金需要,因此債務(wù)融資已成為包括鋼企在內(nèi)的大部分企業(yè)獲得資金的重要途徑。要獲取債務(wù)融資,企業(yè)需要向債權(quán)人及相關(guān)機(jī)構(gòu)提供財(cái)務(wù)信息,尤其是盈余信息,債權(quán)人及相關(guān)機(jī)構(gòu)據(jù)此再作出融資決策,從這個(gè)角度看出,企業(yè)的債務(wù)融資和盈余管理兩者存在著某些重要聯(lián)系。盡管國(guó)內(nèi)研究盈余管理的文獻(xiàn)較多,但基本上是從資本市場(chǎng)出發(fā),以股權(quán)融資為主要基點(diǎn),然而,從現(xiàn)實(shí)來(lái)看,債務(wù)融資占企業(yè)融資主要部分,我國(guó)學(xué)術(shù)界對(duì)債務(wù)融資的盈余管理的影響因素的研究還不夠深入全面。本文以鋼鐵行業(yè)上市公司為案例,主要數(shù)據(jù)選自2010-2015年A股鋼鐵行業(yè)上市公司財(cái)務(wù)數(shù)據(jù),采用規(guī)范研究、實(shí)證研究的方法,在理論和實(shí)證分析中分別采用規(guī)范分析和實(shí)證分析的研究方法。在實(shí)證研究部分,本文借鑒前人研究,選用修正的Jones模型,以此模型來(lái)測(cè)度盈余管理,選取債務(wù)融資規(guī)模、期限、方式等為解釋變量,以及有針對(duì)性選取部分控制變量,通過(guò)描述性統(tǒng)計(jì)、相關(guān)系數(shù)矩陣、回歸分析的方法,得出研究結(jié)論、提出政策建議。從本文研究結(jié)果來(lái)看,對(duì)于我國(guó)鋼鐵行業(yè)的上市公司來(lái)講,由于鋼企債務(wù)水平高,債務(wù)融資規(guī)模越大,企業(yè)盈余管理越明顯;長(zhǎng)期債務(wù)比例、銀行貸款比例與盈余管理程度呈正相關(guān)性;應(yīng)付債券比例對(duì)盈余管理程度的影響并不顯著;商業(yè)信用比例對(duì)企業(yè)盈余管理的影響存在不確定性。
[Abstract]:In China, iron and steel industry plays an important role in economic development. It is not only resource-intensive industry, but also capital-intensive industry, which needs to absorb a large amount of capital. At present, the development of the capital market in our country is not perfect enough, and the equity funds can not meet the capital needs of the enterprises. Therefore, debt financing has become an important way for most enterprises, including steel enterprises, to obtain funds. In order to obtain debt financing, enterprises need to provide financial information, especially surplus information, to creditors and related institutions. There are some important links between debt financing and earnings management. Although there are many literatures on earnings management in China, it is mainly based on capital market and equity financing. However, in reality, debt financing accounts for the main part of corporate financing. The research on the influencing factors of debt financing earnings management in Chinese academic circles is not deep enough. This paper takes the listed companies in the iron and steel industry as an example. The main data are taken from the financial data of A share listed steel companies from 2010 to 2015, and the methods of normative research and empirical research are adopted. Normative analysis and empirical analysis are used in the theoretical and empirical analysis. In the part of empirical research, this paper chooses the modified Jones model to measure earnings management, selects debt financing scale, duration, method and so on as explanatory variables, and selects some control variables. Through descriptive statistics, correlation coefficient matrix and regression analysis, the conclusion is drawn and policy recommendations are put forward. From the research results of this paper, for the listed companies in the steel industry of our country, because of the high debt level of steel enterprises, the larger the debt financing scale, the more obvious the enterprise earnings management is; the long-term debt ratio, The proportion of bank loans is positively correlated with the degree of earnings management; the proportion of bonds payable has no significant effect on the degree of earnings management; the influence of commercial credit ratio on earnings management of enterprises is uncertain.
【學(xué)位授予單位】：浙江大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.31;F406.7

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