本文關(guān)鍵詞：中小板上市公司成長性與融資結(jié)構(gòu)關(guān)系研究　出處：《東北財經(jīng)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：隨著經(jīng)濟(jì)的不斷發(fā)展,人們對于企業(yè)的關(guān)注不再僅僅停留在盈利能力上,而是開始越來越關(guān)注企業(yè)的成長性。企業(yè)的成長性是指企業(yè)在持續(xù)經(jīng)營中,通過不斷優(yōu)化企業(yè)內(nèi)外部資源配置效率,實現(xiàn)規(guī)模增長與效益提高,獲得企業(yè)價值持續(xù)增長的能力。高成長企業(yè)對于宏觀經(jīng)濟(jì)的發(fā)展及其資本市場的完善具有重要的推動作用。但企業(yè)要實現(xiàn)持續(xù)健康的成長,離不開資金的支持。企業(yè)的融資結(jié)構(gòu)是指企業(yè)在籌集資金時,由不同渠道取得的資金之間的構(gòu)成及其比例關(guān)系。融資問題是現(xiàn)代公司理財?shù)暮诵膬?nèi)容之一,也是成長性企業(yè)發(fā)展的關(guān)鍵。因此處于高速成長階段的企業(yè)如何利用有限的資源優(yōu)化其融資結(jié)構(gòu),以獲得可持續(xù)的增長顯得尤為重要。與其他板塊的企業(yè)相比,我國中小板上市的企業(yè)大多具有較高的成長性,但由于大多為中小企業(yè),規(guī)模較小,很難得到金融機(jī)構(gòu)的資金支持,其資金短缺問題較為嚴(yán)重,因此其融資問題一直受到廣泛的關(guān)注。正是基于這方面的考慮,本文對中小板上市企業(yè)的成長性與融資結(jié)構(gòu)關(guān)系進(jìn)行了相關(guān)研究。 國內(nèi)外學(xué)者對于成長性與融資結(jié)構(gòu)的關(guān)系進(jìn)行了很多的研究,大多認(rèn)為成長性是影響融資結(jié)構(gòu)的一項重要因素。但由于我國的中小板市場屬于新興的資本市場,發(fā)展并不完善和成熟,國外的研究結(jié)論是否適用還有待驗證。同時,研究融資結(jié)構(gòu)與成長性的關(guān)系,可以進(jìn)一步地指導(dǎo)處于不同成長階段的企業(yè)更好地進(jìn)行融資決策,以實現(xiàn)企業(yè)的良性發(fā)展。因此,從理論和現(xiàn)實角度看,研究成長性與融資結(jié)構(gòu)的關(guān)系都具有重要的意義。 本文采用了理論研究與實證研究相結(jié)合的方法,對代理成本理論、信號傳遞理論、公司戰(zhàn)略財務(wù)理論進(jìn)行了闡述和分析,同時在分析我國中小板上市公司現(xiàn)狀的基礎(chǔ)上,對其成長性與融資結(jié)構(gòu)的關(guān)系進(jìn)行了實證研究。在實證部分中,以我國中小板上市公司2009-2011年的數(shù)據(jù)為研究樣本,運(yùn)用因子分析法構(gòu)建了一個綜合的成長性評價指標(biāo),然后利用回歸分析來分別檢驗企業(yè)的成長性與債務(wù)水平及債務(wù)期限結(jié)構(gòu)的關(guān)系。其中,構(gòu)建的成長性評價指標(biāo)是通過對總資產(chǎn)增長率,資本性支出增長率,主營業(yè)務(wù)收入增長率,單位資產(chǎn)主營業(yè)務(wù)利潤增長率,單位資產(chǎn)營業(yè)利潤增長率,托賓Q值六個指標(biāo)進(jìn)行因子分析并提取主因子計算得出。實證結(jié)果表明,企業(yè)的成長性與債務(wù)水平存在顯著的負(fù)相關(guān)關(guān)系,成長性越高的企業(yè),其債務(wù)水平越低。這與本文的假設(shè)及理論分析相一致�？刂谱兞恐�,企業(yè)規(guī)模,資產(chǎn)擔(dān)保價值與債務(wù)水平存在顯著的正相關(guān)關(guān)系,盈利能力及非債務(wù)稅盾與債務(wù)水平之間呈顯著的負(fù)相關(guān)關(guān)系。而成長性與債務(wù)期限結(jié)構(gòu)的回歸分析結(jié)果呈負(fù)相關(guān),但并不顯著,說明成長性企業(yè)并不明顯的傾向于使用短期債務(wù),這與本文的假設(shè)并不一致。本文作者認(rèn)為這與我國債券市場發(fā)展并不完善,尤其是中小企業(yè)債務(wù)融資渠道并不通暢有關(guān),企業(yè)并不能完全根據(jù)自身需要選擇融資方式。最后,本文從金融市場的發(fā)展及企業(yè)自身等多個方面提出了相關(guān)的建議,并總結(jié)了本文存在的局限性及對未來研究方向的展望。
[Abstract]:With the continuous development of economy, people for the attention of the enterprise is no longer merely in profitability, but start to pay more attention to the growth of the enterprise. The enterprise growth is in continuous operation, through optimizing the allocation efficiency of internal and external resources, to achieve the scale of growth and improve the ability to obtain benefits, the enterprise value growth. Has an important role for the development of high growth enterprises to improve the macroeconomic and capital market. But the enterprise to achieve sustained and healthy growth, cannot do without the support of funds. The financing structure of the enterprise refers to the enterprise in raising funds, and the ratio between funds from different channels. The relationship between the financing problems is one of the core content of modern corporate finance, but also the key to the growth of enterprise development. So how to use the limited resources in the high-speed growth stage of the enterprise Optimize the financing structure, to achieve sustainable growth is particularly important. Compared with other sectors of the enterprises, the growth of China's small board listed companies are mostly high, but mostly for small and medium-sized enterprises, small scale, difficult to get the financial support of financial institutions, the shortage of funds is more serious, so the financing the problem has attracted extensive attention. It is based on this consideration, the relationship between the growth and the financing structure of the SME board listed companies was studied.
The domestic and foreign scholars have conducted a lot of research on the relationship between growth and financing structure, most of that growth is an important factor to influence the financing structure. But due to the small and medium-sized board market of our country belongs to the emerging capital market development is not perfect and mature, the conclusions of the study abroad is yet to be verified. At the same time, the relationship between study on the financing structure and growth, can guide the enterprises in the different growth stages for better financing decision, in order to achieve the healthy development of enterprises. Therefore, from theoretical and practical point of view, has important significance to study the relationship between growth and financing structure.
This paper adopts the method of combining theoretical research and empirical research, the agency cost theory, signaling theory, expounds and analyzes the theory of corporate financial strategy, based on the analysis of current situation of our listed companies on the SME board, the relationship between the growth and financing structure makes an empirical study on the empirical part. In China, the SME board listed companies 2009-2011 data as the research sample, using the factor analysis method to build a comprehensive growth evaluation index, and then use regression analysis to test the relationship between growth and debt level and debt maturity structure of enterprises respectively. Among them, the growth of evaluation index is constructed by growth rate the total assets, capital expenditure growth rate, the growth rate of main business income, assets operating profit growth rate, assets operating profit growth rate, Q value of the six indicators into Tobin Factor analysis and principal factor is calculated. The empirical results show that there is a significant negative correlation between the growth of enterprises and the level of debt, high growth enterprises, its debt level is lower. This is consistent with the assumptions and theoretical analysis in this paper. The control variables, the scale of enterprises, there is a positive correlation between significant collateral value of assets and debt levels, a significant negative correlation between profitability and non debt tax shields and debt levels. The growth of the debt maturity structure and the results of regression analysis showed a negative correlation, but not significant, indicating a tendency toward growth of enterprises is not obvious in the use of short-term debt, and the assumption of this article is not the same. The author thinks that the development of China's bond market is not perfect, especially the SME debt financing channel is not smooth, enterprises can not completely according to their own needs to choose the financing party Finally, from the aspects of financial market development and enterprises themselves, this paper puts forward some related suggestions, and summarizes the limitations of this article and prospects for future research directions.

【學(xué)位授予單位】：東北財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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