本文選題：債務(wù)融資結(jié)構(gòu)　切入點(diǎn)：公司績(jī)效　出處：《北京物資學(xué)院》2012年碩士論文

【摘要】：債務(wù)融資的綜合治理效應(yīng)問(wèn)題一直是學(xué)術(shù)界關(guān)注的焦點(diǎn)。如何選擇最優(yōu)的債務(wù)融資結(jié)構(gòu),使企業(yè)的績(jī)效達(dá)到最優(yōu)水平是企業(yè)管理者和經(jīng)濟(jì)學(xué)家普遍關(guān)心的問(wèn)題。我國(guó)特殊的經(jīng)濟(jì)體制使得民營(yíng)企業(yè)和國(guó)有企業(yè)在產(chǎn)權(quán)結(jié)構(gòu)、融資結(jié)構(gòu)等方面具有很大差異。研究這兩種企業(yè)類型的債務(wù)融資與公司績(jī)效的關(guān)系,對(duì)推動(dòng)我國(guó)上市公司的發(fā)展、提高公司績(jī)效有著重要意義。 國(guó)內(nèi)學(xué)者關(guān)于債務(wù)融資與公司績(jī)效關(guān)系的研究,往往把整個(gè)上市公司作為研究對(duì)象,或者是單獨(dú)分析民營(yíng)企業(yè),鮮有從民營(yíng)上市公司和國(guó)有上市公司的對(duì)比角度研究?jī)烧叩年P(guān)系。在進(jìn)行績(jī)效指標(biāo)的選取上,多數(shù)采用了單一指標(biāo),只有少數(shù)采用了因子分析的方法。本文首先在分析相關(guān)理論和文獻(xiàn)綜述的基礎(chǔ)上,對(duì)我國(guó)民營(yíng)上市公司和國(guó)有上市公司的債務(wù)融資、公司績(jī)效的現(xiàn)狀進(jìn)行描述,然后通過(guò)因子分析、回歸分析研究民營(yíng)上市公司和國(guó)有上市公司的債務(wù)融資結(jié)構(gòu)與公司績(jī)效之間的相關(guān)性,揭示這兩種企業(yè)類型下債務(wù)融資與績(jī)效的內(nèi)在聯(lián)系。論文以2008 2010年三年的民營(yíng)上市公司和國(guó)有上市公司為樣本,以新的績(jī)效指標(biāo)Z為被解釋變量,以資產(chǎn)負(fù)債率、長(zhǎng)短期負(fù)債比率、長(zhǎng)短期有息負(fù)債率為解釋變量,以公司規(guī)模、公司成長(zhǎng)性、董事會(huì)規(guī)模為控制變量,從不同年度、不同行業(yè)類型角度進(jìn)行描述性分析,并進(jìn)一步剔除行業(yè)類型因素的影響,從債務(wù)融資的整體結(jié)構(gòu)、期限結(jié)構(gòu)、利息結(jié)構(gòu)三個(gè)層次來(lái)進(jìn)行債務(wù)融資與公司績(jī)效的回歸分析。 本文得到的結(jié)論主要有:第一,債務(wù)融資與企業(yè)績(jī)效負(fù)相關(guān),我國(guó)上市公司資產(chǎn)負(fù)債率越高,企業(yè)績(jī)效越低。第二,從債務(wù)融資的期限結(jié)構(gòu)來(lái)看,民營(yíng)上市公司和國(guó)有上市公司的流動(dòng)負(fù)債比率、長(zhǎng)期負(fù)債比率均與公司績(jī)效負(fù)相關(guān),其中民營(yíng)上市公司的流動(dòng)負(fù)債對(duì)公司績(jī)效的消極效應(yīng)比長(zhǎng)期負(fù)債對(duì)公司績(jī)效的消極效應(yīng)明顯,國(guó)有上市公司與之相反。第三,從債務(wù)融資的利息結(jié)構(gòu)來(lái)看,民營(yíng)上市公司和國(guó)有上市公司的短期有息負(fù)債率、長(zhǎng)期有息負(fù)債率均與公司績(jī)效負(fù)相關(guān)。
[Abstract]:The problem of comprehensive governance effect of debt financing has always been the focus of academic attention. How to choose the optimal debt financing structure, It is a common concern of enterprise managers and economists to achieve the optimal performance of enterprises. The special economic system of our country makes private enterprises and state-owned enterprises in the structure of property rights. The relationship between debt financing and corporate performance of these two types of enterprises is of great significance in promoting the development of listed companies in China and improving their performance. Domestic scholars on the relationship between debt financing and corporate performance, often take the whole listed company as the research object, or analyze private enterprises separately. It is rare to study the relationship between private listed companies and state-owned listed companies from the perspective of contrast. In the selection of performance indicators, most of them adopt a single index. Only a few use factor analysis methods. Firstly, based on the analysis of relevant theories and literature review, this paper describes the current situation of debt financing and corporate performance of private listed companies and state-owned listed companies in China. Then through factor analysis, regression analysis is conducted to study the correlation between debt financing structure and corporate performance of private listed companies and state-owned listed companies. This paper takes the private listed companies and the state-owned listed companies as samples, takes the new performance index Z as the explanatory variable, and takes the asset-liability ratio as the main factor, and reveals the internal relationship between debt financing and performance performance under these two types of enterprises, taking private listed companies and state-owned listed companies in 2008 and 2010 as samples, and taking Z as the explanatory variable. Long and short term debt ratio, long and short term interest-bearing debt ratio is the explanatory variable, with company size, company growth, board size as control variable, descriptive analysis is carried out from different years and different industry types. Furthermore, the regression analysis of debt financing and corporate performance is carried out from three levels: the overall structure of debt financing, the term structure and the interest structure. The main conclusions of this paper are as follows: first, debt financing is negatively related to corporate performance. The higher the asset-liability ratio of listed companies in China, the lower corporate performance. Second, from the perspective of the term structure of debt financing, The current debt ratio and long-term debt ratio of private listed companies and state-owned listed companies are negatively correlated with corporate performance. The negative effect of current liabilities on corporate performance of private listed companies is more obvious than that of long-term liabilities, while that of state-owned listed companies is the opposite. Thirdly, from the perspective of interest structure of debt financing, the negative effects of current liabilities on corporate performance of private listed companies are more obvious than those of long-term liabilities. The short-term interest-bearing debt ratio and long-term interest-bearing debt ratio of private listed companies and state-owned listed companies are negatively correlated with corporate performance.
【學(xué)位授予單位】：北京物資學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275

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