【摘要】：企業(yè)的經(jīng)營(yíng)發(fā)展離不開資金,而企業(yè)的資金來源主要靠債務(wù)融資。債務(wù)融資是企業(yè)重要的財(cái)務(wù)決策之一。企業(yè)進(jìn)行債務(wù)融資時(shí),面臨著對(duì)債務(wù)內(nèi)部結(jié)構(gòu)進(jìn)行選擇,如債務(wù)期限的長(zhǎng)短、債務(wù)具體來源,債務(wù)主體的選擇等等。而債務(wù)期限長(zhǎng)短即債務(wù)期限結(jié)構(gòu)的選擇很重要,是企業(yè)必須面臨的重要債務(wù)融資決策之一。債務(wù)期限結(jié)構(gòu)理論實(shí)踐研究方面,國(guó)外的相關(guān)研究較早,不僅在理論方面,還是在實(shí)證研究方面都形成了比較完善的體系。國(guó)內(nèi)對(duì)債務(wù)期限結(jié)構(gòu)的研究較晚,實(shí)證研究就更滯后了。研究主要圍繞債務(wù)期限結(jié)構(gòu)的影響因素。同時(shí)基于我國(guó)特殊的經(jīng)濟(jì)制度,我國(guó)的資本市場(chǎng)發(fā)展不均衡,導(dǎo)致了我國(guó)偏好股權(quán)融資,債務(wù)融資比例較低、融資結(jié)構(gòu)不合理等一系列的問題。債務(wù)融資不僅不能有效的提高企業(yè)績(jī)效,反而對(duì)企業(yè)績(jī)效產(chǎn)生了負(fù)面作用。 這種背景下,本文主要通過2010-2012年的電子制造業(yè)上市公司的平面數(shù)據(jù),研究了其債務(wù)期限結(jié)構(gòu)與企業(yè)績(jī)效的關(guān)系,通過模型,得出結(jié)論,使大家意識(shí)到債務(wù)融資、債務(wù)結(jié)構(gòu)的重要性。對(duì)于完善公司融資決策,提高企業(yè)績(jī)效有較重大的意義。 本文主要分為五個(gè)部分：第一部分：緒論部分,主要闡述了論文的研究背景和意義、研究的主要內(nèi)容、研究采用的方法及論文的創(chuàng)新。第二部分：理論分析部分,主要介紹相關(guān)概念和債務(wù)期限結(jié)構(gòu)、企業(yè)績(jī)效相關(guān)理論,為之后的實(shí)證研究部分奠定了基礎(chǔ)。最后還介紹了一下電子制造業(yè)上市公司的融資現(xiàn)狀。第三部分：實(shí)證研究分析。第四部分：結(jié)果分析,并在理論和研究結(jié)果的基礎(chǔ)上提出對(duì)策建議。 本文以電子制造業(yè)2010-2012年的相關(guān)數(shù)據(jù)作為樣本,研究了債務(wù)期限結(jié)構(gòu)與企業(yè)績(jī)效的關(guān)系。得出如下結(jié)論：電子制造業(yè)上市公司資產(chǎn)負(fù)債率、債務(wù)期限結(jié)構(gòu)與企業(yè)績(jī)效負(fù)相關(guān)。
[Abstract]:The management and development of enterprises can not be separated from funds, and the source of capital of enterprises mainly depends on debt financing. Debt financing is one of the important financial decisions of enterprises. When enterprises carry on debt financing, they are faced with choosing the internal structure of debt, such as the length of debt maturity, the specific source of debt, the choice of main body of debt and so on. The choice of debt maturity structure is very important, and it is one of the important debt financing decisions that enterprises must face. In the aspect of theoretical practice of debt maturity structure, the related research abroad has formed a relatively perfect system not only in theory, but also in empirical research. The domestic research on debt maturity structure is late, and the empirical research lags behind. The research focuses on the influencing factors of debt maturity structure. At the same time, based on the special economic system of our country, the development of our capital market is unbalanced, which leads to a series of problems, such as preference for equity financing, low debt financing ratio, unreasonable financing structure and so on. Debt financing not only can not effectively improve corporate performance, but also has a negative effect on corporate performance. Under this background, this paper mainly studies the relationship between debt maturity structure and enterprise performance through the plane data of electronic manufacturing listed companies from 2010 to 2012, and draws a conclusion through the model to make everyone realize the debt financing. The importance of debt structure. It is of great significance to perfect the financing decision of the company and improve the performance of the enterprise. This paper is divided into five parts: the first part: the introduction part, mainly describes the research background and significance, the main content of the research, the methods used in the study and the innovation of the paper. The second part: the theoretical analysis part, mainly introduces the related concepts and debt maturity structure, firm performance related theory, which lays the foundation for the later empirical research part. Finally, it introduces the financing status of listed companies in electronic manufacturing industry. The third part: empirical research analysis. The fourth part: the result analysis, and on the basis of the theory and research results, put forward the countermeasures and suggestions. In this paper, the relationship between debt maturity structure and corporate performance is studied by using the related data of electronic manufacturing industry from 2010 to 2012. The conclusions are as follows: the ratio of assets to liabilities, debt maturity structure and corporate performance are negatively related to the listed companies in electronic manufacturing industry.
【學(xué)位授予單位】：南京理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F426.63

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本文編號(hào)：2440241