發(fā)布時(shí)間：2018-04-28 19:17

  本文選題：企業(yè)生命周期 + 債務(wù)融資��； 參考：《湘潭大學(xué)》2017年碩士論文

【摘要】：企業(yè)生命周期的概念是始于仿生學(xué)之中,目前已經(jīng)有越來(lái)越多的學(xué)者開始關(guān)注其在財(cái)務(wù)管理領(lǐng)域的應(yīng)用。雖然國(guó)外的很多學(xué)者在此領(lǐng)域做出了較多的貢獻(xiàn),但在我國(guó)應(yīng)用的范圍還不夠廣泛。論文以批發(fā)零售上市公司為研究對(duì)象,以企業(yè)生命周期理論、MM理論等為理論基礎(chǔ),采用文獻(xiàn)研究、實(shí)證分析相結(jié)合的研究方法,對(duì)企業(yè)生命周期視角下債務(wù)融資與財(cái)務(wù)績(jī)效的關(guān)系進(jìn)行研究。首先,篩選出95家批發(fā)零售上市公司,再采用增長(zhǎng)率分類法將批發(fā)零售業(yè)的生命周期分為:成長(zhǎng)期27家、成熟期24家、衰退期44家。其次,選取因變量:總資產(chǎn)收益率;自變量:資產(chǎn)負(fù)債率、短期負(fù)債率、長(zhǎng)期負(fù)債率;控制變量:總資產(chǎn)的對(duì)數(shù)、總資產(chǎn)增長(zhǎng)率、全部資產(chǎn)現(xiàn)金回收率,并且借助SPSS軟件對(duì)2010-2015年我國(guó)批發(fā)零售上市公司570個(gè)樣本數(shù)據(jù)進(jìn)行統(tǒng)計(jì)分析。VIF多重共線性檢驗(yàn)結(jié)果顯示,各變量指標(biāo)之間不存在嚴(yán)重的多重共線性問題,排除變量間共線性問題對(duì)實(shí)證結(jié)果影響。研究結(jié)論:(1)批發(fā)零售上市公司的負(fù)債比率、負(fù)債期限和財(cái)務(wù)績(jī)效在生命周期的不同階段具有顯著差異;(2)批發(fā)零售上市公司在生命周期的不同階段,資產(chǎn)負(fù)債率與財(cái)務(wù)績(jī)效負(fù)相關(guān),資產(chǎn)負(fù)債率的增加會(huì)導(dǎo)致財(cái)務(wù)績(jī)效的減少;(3)在成長(zhǎng)期和衰退期,短期負(fù)債與財(cái)務(wù)績(jī)效正相關(guān),長(zhǎng)期負(fù)債率與財(cái)務(wù)績(jī)效負(fù)相關(guān);在成熟期,短期負(fù)債率與財(cái)務(wù)績(jī)效負(fù)相關(guān),長(zhǎng)期負(fù)債率與財(cái)務(wù)績(jī)效正相關(guān)。根據(jù)理論與實(shí)踐分析,提出建議:根據(jù)企業(yè)實(shí)際情況,確定適度債務(wù)融資比重;合理配置短期負(fù)債與長(zhǎng)期負(fù)債的比例,增加長(zhǎng)期負(fù)債的比重;積極拓寬債務(wù)融資渠道,鼓勵(lì)多種方式融資。論文的研究?jī)?nèi)容具有一定的意義,既可以豐富相關(guān)理論,也為批發(fā)零售上市公司的融資策略提供建議。
[Abstract]:The concept of enterprise life cycle begins in bionics. At present, more and more scholars have begun to pay attention to its application in the field of financial management. Although many foreign scholars have made more contributions in this field, the scope of application in our country is not wide enough. This paper takes the wholesale and retail listed companies as the research object, takes the enterprise life cycle theory and MM theory as the theoretical foundation, adopts the literature research, the empirical analysis unifies the research method. This paper studies the relationship between debt financing and financial performance from the perspective of enterprise life cycle. First, 95 wholesale and retail listed companies were selected, and then the life cycle of wholesale and retail industry was divided into three categories: 27 in growth period, 24 in mature period and 44 in recession period. Secondly, select dependent variables: total asset return rate; independent variable: asset-liability ratio, short-term debt ratio, long-term debt ratio; control variable: total asset logarithm, total asset growth rate, total asset cash recovery, With the help of SPSS software, 570 sample data of China's wholesale and retail listed companies from 2010 to 2015 are analyzed. The results show that there is no serious multiple collinearity problem among the variables. The effect of co-linearity between variables on the empirical results. Conclusion: 1) the debt ratio, debt maturity and financial performance of wholesale and retail listed companies are significantly different in different stages of the life cycle. 2) Wholesale and retail listed companies are in different stages of the life cycle. The asset-liability ratio is negatively correlated with financial performance, and the increase of asset-liability ratio will lead to the decrease of financial performance. (3) in the growth period and recession period, there is a positive correlation between short-term liabilities and financial performance, a negative correlation between long-term debt ratio and financial performance, and a negative correlation between long-term debt ratio and financial performance in the mature period. The short-term debt ratio is negatively correlated with financial performance, and long-term debt ratio is positively correlated with financial performance. According to the analysis of theory and practice, this paper puts forward some suggestions: according to the actual situation of enterprises, to determine the proportion of moderate debt financing, to allocate the proportion of short-term and long-term liabilities reasonably, to increase the proportion of long-term liabilities, and to actively broaden the channels of debt financing. Encourage a variety of ways to raise funds. The research content of this paper has some significance, which can enrich the relevant theories and provide suggestions for the financing strategy of wholesale and retail listed companies.
【學(xué)位授予單位】：湘潭大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F715.5;F721

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