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  本文選題：債務期限結構　切入點：公司績效　出處：《西南財經(jīng)大學》2012年碩士論文　論文類型：學位論文

【摘要】：債務融資分析主要包括債務總量和債務結構兩個方面,目前多數(shù)研究集中于債務總量研究,關于經(jīng)營杠桿的研究已經(jīng)達到了相當?shù)纳疃?但是就相關研究可知長、短期債務的作用不同,債務期限結構通過適當分配企業(yè)的長短期債務,來對企業(yè)的信息不對稱、代理成本、稅收等因素產生不同作用。債務期限結構作為債務結構研究的一個重要部分,對企業(yè)合理制定融資戰(zhàn)略,提高績效和公司治理水平有顯著的幫助。目前國內債務期限結構的研究起步不久,研究領域主要集中于債務期限結構的影響因素上,因此本文決定將視角放于研究債務期限結構與公司績效的關系的研究。希望通過對中國上市公司債務期限結構的實證研究,得出債務期限結構是否對公司績效造成影響,影響的方向如何,以及探索其作用方式。借此希望能夠引起上市公司對債務期限結構策略的重視,為其合理的制定債務期限結構提供有益的建議,從而幫助上市公司改善公司治理現(xiàn)狀,提升績效。 本文首先對目前債務期限結構的研究現(xiàn)狀進行理論總結,經(jīng)總結得出目前國內外關于債務期限結構的研究主要分為四大理論,包括代理成本理論、信號傳遞假說、期限匹配理論以及稅收假說,本文的實證研究以這四大理論為基礎,通過不同角度分析了債務期限結構與公司績效的關系。其次,對我國上市公司債務融資現(xiàn)狀進行了分析,分析得出我國上市公司比起國外的債務結構主要有以下特點,債務水平總體偏低,債務期限較短,銀行借貸占貸款的絕大多數(shù)。根據(jù)以上結果,結合我國現(xiàn)狀,分析了這些特點產生的制度背景,以及為我國如何改善債務融資的現(xiàn)狀給出了適當建議。然后,文章選取了我國697家非金融類上市公司從2005年至2010年連續(xù)五年的數(shù)據(jù)作為研究樣本,采用了因子分析,主成分分析法構建了企業(yè)的綜合績效指標,并建立了債務期限結構與企業(yè)綜合績效指標間的關系模型。研究結論表明,我國上市公司短期債務比率達65%,總體偏高,債務利用水平較低。上市公司債務期限結構和公司績效間存在顯著的互動關系,企業(yè)的債務期限結構與公司績效正相關,與委托代理理論的結論不一致。另外,文章研究結果還發(fā)現(xiàn),債務期限結構對績效的影響在行業(yè)間存在差異并且資產期限結構與債務期限結構正相關,驗證了期限匹配理論；公司規(guī)模與債務期限結構顯著正相關,驗證了代理成本假說；信啟、不對稱與債務結構負相關,驗證了信號傳遞假說；清算風險與債務期限結構顯著正相關,與清算風險假說一致。 最后,本文根據(jù)實證結果,結合我國上市公司的現(xiàn)實融資環(huán)境分析了結果產生的原因,提供了上市企業(yè)如何優(yōu)化債務期限結構和政策方面的建議,力圖為上市公司優(yōu)化融資決策,完善我國資本市場提供有益幫助。
[Abstract]:The analysis of debt financing mainly includes two aspects: total debt and debt structure. At present, most of the studies focus on the total debt, and the research on management leverage has reached a considerable depth. The function of short-term debt is different. The debt maturity structure, by properly allocating the long-term and short-term debt of the enterprise, is asymmetric to the information of the enterprise, and the agency cost. As an important part of debt structure research, the debt maturity structure, as an important part of debt structure research, makes a reasonable financing strategy for enterprises. Improving performance and corporate governance is of great help. At present, the research on debt maturity structure in China has started soon, and the research field is mainly focused on the influencing factors of debt maturity structure. Therefore, this paper decides to study the relationship between debt maturity structure and corporate performance. It is hoped that through the empirical study of debt maturity structure of listed companies in China, we can find out whether debt maturity structure has an impact on corporate performance. The direction of the impact, and explore its way of action. In order to attract the attention of listed companies to debt maturity structure strategy, and provide useful suggestions for their reasonable formulation of debt maturity structure, In order to help listed companies to improve corporate governance, improve performance. Firstly, this paper summarizes the current research situation of debt maturity structure, and concludes that the research on debt maturity structure at home and abroad is divided into four main theories, including agency cost theory, signaling hypothesis. Term matching theory and tax hypothesis. Based on these four theories, this paper analyzes the relationship between debt maturity structure and corporate performance from different angles. Secondly, it analyzes the current situation of debt financing of listed companies in China. The analysis shows that the debt structure of listed companies in our country is mainly characterized by the following characteristics: the debt level is on the low side, the debt maturity is relatively short, and the bank loans account for the vast majority of loans. According to the above results, combined with the present situation in China, This paper analyzes the institutional background of these characteristics, and gives some suggestions on how to improve the present situation of debt financing in China. This paper selects the data of 697 non-financial listed companies from 2005 to 2010 as the research sample, and constructs the comprehensive performance index by factor analysis and principal component analysis. The relationship model between debt maturity structure and enterprise comprehensive performance index is established. The results show that the short-term debt ratio of listed companies in China is 65, which is on the high side. The debt utilization level is low. There is a significant interaction between debt maturity structure and corporate performance of listed companies. The debt maturity structure of enterprises is positively related to corporate performance, but inconsistent with the conclusion of principal-agent theory. The results also show that the influence of debt maturity structure on performance is different among industries, and asset maturity structure is positively correlated with debt maturity structure, which verifies the term matching theory, and firm size is significantly positively correlated with debt maturity structure. The hypothesis of agency cost is verified; the asymmetry is negatively correlated with the debt structure; the signaling hypothesis is verified; and the liquidation risk is significantly positively correlated with the debt maturity structure, which is consistent with the liquidation risk hypothesis. Finally, according to the empirical results, combined with the actual financing environment of listed companies in China, this paper analyzes the causes of the results, and provides some suggestions on how to optimize the debt maturity structure and policies of listed companies. Try to provide beneficial help for the listed company to optimize the financing decision and perfect the capital market of our country.
【學位授予單位】：西南財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F275;F832.51;F224

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本文編號：1619945