本文選題：長期目標杠桿水平 + 財務(wù)彈性��； 參考：《華中科技大學》2012年碩士論文

【摘要】：在全球經(jīng)濟一體化的時代，公司面臨著前所未有的挑戰(zhàn)，現(xiàn)金流短缺、錯失投資良機、資金鏈斷裂等問題時刻考驗著公司的經(jīng)營能力，管理者必須為公司的發(fā)展積蓄能量——有計劃的保留尚未使用的借債能力，這種能力即為財務(wù)彈性。它是公司財務(wù)決策過程中重要的參考因素，也是公司資本結(jié)構(gòu)理論研究的盲區(qū)，并逐步成為學術(shù)研究的熱點問題。財務(wù)彈性一方面可以緩解企業(yè)的融資困境，幫助公司順利的進入資本市場進行融資；另一方面可以改善企業(yè)的投資狀況，保證公司不因資金短缺而放棄有價值的投資機會，確保公司擇優(yōu)投資的能力，為公司創(chuàng)造更多的價值。 本文系統(tǒng)的回顧了國內(nèi)外關(guān)于公司資本結(jié)構(gòu)、財務(wù)彈性與公司治理結(jié)構(gòu)的相關(guān)文獻，借鑒了國外學者最新的研究成果，選取了我國滬深兩市非金融類上市公司2007～2011年的相關(guān)樣本數(shù)據(jù)，采用固定效應(yīng)模型，對公司財務(wù)彈性的狀況、其主要來源，以及其對公司績效的影響進行研究。 主要的研究結(jié)論為： （1）公司的目標杠桿水平與行業(yè)杠桿中間值、市帳率、資產(chǎn)有形率、盈利能力和公司規(guī)模有著緊密的關(guān)系。具體而言，行業(yè)杠桿中間值、盈利能力與長期杠桿水平所呈現(xiàn)出的正相關(guān)關(guān)系，為權(quán)衡理論論調(diào)提供了有力的支持。同時，公司的市帳率、資產(chǎn)有形率、公司規(guī)模與長期杠桿水平之間的負相關(guān)關(guān)系則證明了融資優(yōu)序理論的合理性。 （2）我國上市公司對財務(wù)彈性的重視程度較高，具有財務(wù)彈性的上市公司所占比例為35%。但是，各行業(yè)間的財務(wù)彈性水平有著較大的差異，其中，制造業(yè)的財務(wù)彈性最高，農(nóng)、林、牧、漁業(yè)的財務(wù)彈性相對較低。 （3）通過研究公司財務(wù)杠桿中債務(wù)的凈變化，發(fā)現(xiàn)財務(wù)彈性的主要來源是公司未使用的債務(wù)能力。 （4）財務(wù)彈性對公司的財務(wù)業(yè)績和市場業(yè)績有著較強的解釋力度，并對公司業(yè)績的提升有顯著的影響。同時，，從公司治理結(jié)構(gòu)層次上看，目前我國的董事會規(guī)模與獨立董事比例對公司整體業(yè)績水平的影響不顯著。
[Abstract]:In the era of global economic integration, the company is faced with unprecedented challenges, cash flow shortage, missed investment opportunities, capital chain break and other problems are testing the business ability of the company. Managers must accumulate energy for the development of the company-the ability to plan to retain unused borrowing capacity, which is called financial flexibility. It is not only an important reference factor in the process of corporate financial decision, but also a blind spot in the study of corporate capital structure theory, and has gradually become a hot issue in academic research. On the one hand, financial flexibility can alleviate the financing difficulties of enterprises and help companies to smoothly enter the capital market for financing; on the other hand, it can improve the investment situation of enterprises and ensure that companies do not give up valuable investment opportunities because of lack of funds. To ensure the ability of the company to choose the best investment, to create more value for the company. This paper systematically reviews the domestic and foreign literature on corporate capital structure, financial elasticity and corporate governance structure, and draws lessons from the latest research results of foreign scholars. This paper selects the sample data of non-financial listed companies in Shanghai and Shenzhen stock markets from 2007 to 2011, and uses the fixed effect model to study the financial elasticity, its main sources and its impact on corporate performance. The main conclusions are as follows: (1) there is a close relationship between the target leverage level of the company and the intermediate value of the industry leverage, the market book rate, the asset tangible ratio, the profitability and the size of the company. In particular, the positive correlation between the intermediate value of industry leverage, profitability and long-term leverage level provides a strong support for weighing the theoretical arguments. At the same time, the negative correlation between the market book ratio, the tangible ratio of assets, the size of the company and the level of long-term leverage proves the rationality of the financing priority theory. (2) the listed companies in our country attach great importance to the financial elasticity. The proportion of listed companies with financial flexibility is 35%. However, there are great differences in the level of financial elasticity among different industries. Among them, the financial elasticity of manufacturing industry is the highest, and the financial elasticity of agriculture, forestry, animal husbandry and fisheries is relatively low. (3) by studying the net change of debt in corporate financial leverage, It is found that the main source of financial elasticity is the unused debt capacity of the company. (4) Financial elasticity has a strong explanatory force on the financial performance and market performance of the company and has a significant impact on the improvement of the company's performance. At the same time, from the level of corporate governance structure, the scale of the board of directors and the proportion of independent directors have no significant impact on the overall performance of the company.
【學位授予單位】：華中科技大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51

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