本文選題：制造業(yè)上市企業(yè) + 融資租賃�。� 參考：《華東交通大學(xué)》2017年碩士論文

【摘要】：近年來,我國面臨著經(jīng)濟壓力大、產(chǎn)能過剩、就業(yè)壓力大等眾多問題,而制造業(yè)作為我國經(jīng)濟發(fā)展的中流砥柱,對于國家經(jīng)濟的發(fā)展起到了至關(guān)重要的作用,同時,在出臺了一系列優(yōu)惠政策的背景下,我國逐漸從“制造大國”開始向“制造強國”轉(zhuǎn)型。然而隨著企業(yè)不斷發(fā)展壯大,普遍出現(xiàn)了“融資難、融資貴”的現(xiàn)象,導(dǎo)致企業(yè)的生產(chǎn)經(jīng)營因現(xiàn)金流的短缺而出現(xiàn)種種困境。因此,上市企業(yè)有必要尋求一種新途徑、新方法解決這一難題。融資租賃以其獨創(chuàng)的“融資”與“融物”相結(jié)合的方式,在國際融資方式選擇上位居第二。因為其創(chuàng)新型的融資方式廣泛被國外企業(yè)所認(rèn)知,因此在我國,越來越多的企業(yè)開始漸漸學(xué)習(xí)并采用這種方式。為了檢測融資租賃在我國企業(yè)的運用中是否有效,所以挑選出了我國制造業(yè)上市企業(yè)作為研究對象,并對其融資租賃的財務(wù)績效加以研究。本文從我國滬深A(yù)股主板制造業(yè)上市企業(yè)的視角出發(fā),采用多元線性回歸實證研究方法對企業(yè)融資租賃財務(wù)績效情況進行探討和分析。本文首先通過總結(jié)歸納國內(nèi)外相對成熟的融資租賃理論,從中提煉出與融資租賃財務(wù)績效相關(guān)的關(guān)鍵性因素;然后,以2011-2015年我國滬深A(yù)股主板制造業(yè)上市企業(yè)的融資租賃情況作為樣本數(shù)據(jù),經(jīng)過研究假設(shè)設(shè)計、變量設(shè)計、模型設(shè)計、樣本篩選、樣本統(tǒng)計分析與樣本的多元線性回歸分析等實證分析步驟得出融資租賃對企業(yè)負(fù)債比率與籌集活動現(xiàn)金流量呈現(xiàn)顯著相關(guān)性,而對企業(yè)財務(wù)費用與凈資產(chǎn)收益率不呈現(xiàn)顯著相關(guān)性的結(jié)論;最后,根據(jù)實證研究的結(jié)果并分別站在承租企業(yè)與政府的角度,為解決企業(yè)融資困難問題、積極發(fā)揮融資租賃巨大作用提出建議,為我國更多的制造業(yè)上市企業(yè)采用融資租賃方式進行融資提供更多理論支持。
[Abstract]:In recent years, China is facing many problems, such as great economic pressure, overcapacity and high employment pressure. As the mainstay of our economic development, manufacturing industry plays a vital role in the development of the national economy. At the same time, under the background of a series of preferential policies, China has gradually begun to "manufacture" from the "manufacturing country". However, with the continuous development and expansion of enterprises, the phenomenon of "difficult financing and high financing" is common, which leads to various difficulties in the production and operation of enterprises because of the shortage of cash flow. Therefore, it is necessary for the listed enterprises to seek a new way to solve the problem. In our country, more and more enterprises are beginning to learn and adopt this way. In order to test whether the financing lease is effective in the use of the enterprises in our country, we choose our country, because the innovative financing mode is widely recognized by foreign enterprises. So in China, more and more enterprises begin to learn and adopt this way. The listed enterprises of the manufacturing industry are the research objects and the financial performance of their financial leasing is studied. From the perspective of the listed enterprises of the Shanghai and Shenzhen A stock market, this paper discusses and analyzes the financial performance of the enterprise financing lease by using the multiple linear regression empirical research method. The relatively mature theory of financing lease has extracted the key factors related to financial lease financial performance, and then, taking the financing lease of the listed companies in the Shanghai and Shenzhen A stock market for 2011-2015 years as the sample data, the research hypothesis design, variable design, model design, sample screening, sample statistical analysis and samples are carried out. The multiple linear regression analysis and other empirical analysis steps draw a conclusion that the financing lease has a significant correlation with the corporate debt ratio and the raising of the cash flow rate, but does not have a significant correlation to the enterprise financial costs and the net asset returns. Finally, according to the results of the empirical research and stand in the perspective of the renting enterprise and the government, In order to solve the problem of financing difficulties and give full play to the huge role of financial leasing, some suggestions have been put forward to provide more theoretical support for the financing lease of more manufacturing enterprises in China.
【學(xué)位授予單位】：華東交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F425;F832.49;F406.72

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