本文選題：內(nèi)蒙古上市公司 + 融資結(jié)構(gòu)�。� 參考：《西北民族大學(xué)》2017年碩士論文

【摘要】：對于上市公司來說,融資結(jié)構(gòu)是其發(fā)展的基礎(chǔ),決定著公司融資能力等各方面的實(shí)際效果。因此,融資結(jié)構(gòu)和公司績效兩者之間的關(guān)系越來越受到學(xué)術(shù)界的廣泛研究。一個(gè)地區(qū)上市公司的任何一種融資模式不僅會(huì)對區(qū)域資本市場造成影響,還會(huì)對區(qū)域內(nèi)上市公司的一系列經(jīng)營管理行為產(chǎn)生影響。上市公司在行業(yè)中的特殊性決定了其載體作用,也成為了推動(dòng)整個(gè)行業(yè)和區(qū)域經(jīng)濟(jì)發(fā)展的助推器。內(nèi)蒙古上市公司作為當(dāng)?shù)馗餍袠I(yè)的骨干企業(yè),對當(dāng)?shù)亟?jīng)濟(jì)發(fā)展起到了帶動(dòng)作用,同時(shí)也為區(qū)域內(nèi)經(jīng)濟(jì)發(fā)展提供了強(qiáng)有力的保障�；诖�,筆者仔細(xì)探究了內(nèi)蒙古上市公司融資結(jié)構(gòu)對企業(yè)績效的影響,以期可以幫助內(nèi)蒙古上市公司根據(jù)自身情況選擇最佳的融資結(jié)構(gòu),以提高內(nèi)蒙古上市公司在資本市場的融資能力,同時(shí)也對當(dāng)?shù)睾髠渖鲜泄咎峁┮欢▎⑹咀饔谩１疚氖紫忍岢鲅芯康谋尘凹耙饬x,繼而簡述了國內(nèi)外學(xué)者對融資結(jié)構(gòu)與公司績效的研究成果,試圖在回顧國內(nèi)外現(xiàn)有文獻(xiàn)的基礎(chǔ)上,找出可能尚未解決的問題作為本文的創(chuàng)新點(diǎn)。接著,通過現(xiàn)狀分析,梳理出內(nèi)蒙古上市公司2004—2015年的融資結(jié)構(gòu)與公司績效的現(xiàn)狀情況,并得出如下結(jié)論:內(nèi)蒙古上市公司現(xiàn)有的融資結(jié)構(gòu)不合理,表現(xiàn)為股權(quán)融資所占比例過大,而此融資結(jié)構(gòu),在微觀方面將致使資金無法高效運(yùn)轉(zhuǎn),無法更有效地提升公司運(yùn)營業(yè)績,也無法更好地施展財(cái)務(wù)的杠桿作用。從宏觀層面而言,無法落實(shí)國家宏觀經(jīng)濟(jì)調(diào)控政策,將阻礙金融體系的正常運(yùn)轉(zhuǎn),亦不利于證券市場的健康發(fā)展。因此,內(nèi)蒙古上市公司在進(jìn)行融資選擇時(shí),應(yīng)依據(jù)實(shí)際情況,結(jié)合融資規(guī)模進(jìn)行融資選擇,而不是一味偏好股權(quán)融資。在了解內(nèi)蒙古上市公司融資結(jié)構(gòu)和公司績效現(xiàn)狀的基礎(chǔ)上,本文利用SPSS19.0和Eviews6.0軟件,運(yùn)用因子分析法和回歸分析法進(jìn)行了實(shí)證研究。篩選出內(nèi)蒙古2004—2015年15家上市公司的財(cái)務(wù)數(shù)據(jù)作為研究樣本。首先將影響公司績效的四個(gè)指標(biāo)進(jìn)行因子分析,提取出衡量公司績效的公因子,作為最終回歸分析的被解釋變量。繼而采用效應(yīng)面板模型進(jìn)行回歸分析,獲得以下結(jié)論:其一,股權(quán)結(jié)構(gòu)將會(huì)對公司績效產(chǎn)生一定的消極影響。經(jīng)由實(shí)證分析可知,控股股東所持有的股份份額將和企業(yè)績效呈現(xiàn)顯著的負(fù)相關(guān)關(guān)系,而流通股比例無顯著影響,只表現(xiàn)出微弱的負(fù)作用。第二,從債權(quán)結(jié)構(gòu)來看,資產(chǎn)負(fù)債率、銀行借款率與公司績效呈顯著的負(fù)相關(guān)關(guān)系。第三,應(yīng)付債券率與短期負(fù)債均對公司績效起到顯著的正向作用。第四,公司成長能力的提升有助于績效水平的增加。最后,結(jié)合現(xiàn)狀分析和實(shí)證分析結(jié)果,從企業(yè)內(nèi)部途徑和企業(yè)外部途徑這兩方面入手,提出了具體的對策建議。
[Abstract]:For listed companies, the financing structure is the basis of their development, which determines the actual effect of various aspects such as the financing ability of the company.Therefore, the relationship between financing structure and corporate performance is more and more widely studied in academia.Any kind of financing mode of a regional listed company will not only affect the regional capital market, but also have an impact on a series of management behaviors of the regional listed company.The particularity of the listed company in the industry determines its carrier role and becomes the booster to promote the development of the whole industry and regional economy.The listed companies in Inner Mongolia, as the backbone enterprises in various local industries, have played a leading role in the development of local economy, and have also provided a strong guarantee for the economic development in the region.Based on this, the author carefully explores the impact of financing structure of listed companies in Inner Mongolia on corporate performance, in order to help the listed companies in Inner Mongolia choose the best financing structure according to their own conditions.In order to improve the financing ability of Inner Mongolia listed companies in the capital market, it also provides some enlightenment to the local reserve listed companies.This paper first puts forward the background and significance of the research, then briefly describes the research results of domestic and foreign scholars on financing structure and corporate performance, and tries to review the existing literature at home and abroad.Find out the problem that may not be solved as the innovation of this paper.Then, through the analysis of the present situation, the paper analyzes the current situation of the financing structure and corporate performance of listed companies in Inner Mongolia from 2004 to 2015, and draws the following conclusions: the existing financing structure of listed companies in Inner Mongolia is unreasonable.The result is that the proportion of equity financing is too large, and this financing structure, in the micro aspect, will result in the capital can not operate efficiently, can not improve the company's operating performance more effectively, nor can it play a better role in financial leverage.From the macro level, the failure to implement the national macroeconomic regulation and control policies will hinder the normal operation of the financial system and will not be conducive to the healthy development of the securities market.Therefore, the listed companies in Inner Mongolia should choose financing according to the actual situation, combined with the scale of financing, rather than blindly prefer equity financing.On the basis of understanding the current situation of financing structure and corporate performance of listed companies in Inner Mongolia, this paper makes an empirical study by using SPSS19.0 and Eviews6.0 software, using factor analysis and regression analysis.The financial data of 15 listed companies in Inner Mongolia from 2004 to 2015 were selected as the research samples.Firstly, four factors affecting corporate performance are analyzed, and the common factors which measure corporate performance are extracted as the explanatory variables of the final regression analysis.Then the effect panel model is used for regression analysis to obtain the following conclusions: first, equity structure will have a certain negative impact on corporate performance.The empirical analysis shows that the share of the controlling shareholder has a significant negative correlation with the enterprise performance, while the proportion of circulating shares has no significant effect, only showing a weak negative effect.Second, from the perspective of creditor's rights structure, asset-liability ratio, bank borrowing rate and corporate performance have a significant negative correlation.Third, bond payable and short-term liabilities play a significant positive role in corporate performance.Fourth, the promotion of the company's ability to grow helps to increase the level of performance.Finally, based on the analysis of the present situation and the results of the empirical analysis, this paper puts forward the concrete countermeasures and suggestions from the two aspects of the internal approach and the external approach of the enterprise.
【學(xué)位授予單位】：西北民族大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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