發(fā)布時間：2018-08-04 11:23

【摘要】：公司金融作為金融學(xué)領(lǐng)域的重要分支,具有舉足輕重的地位。在這個領(lǐng)域,國內(nèi)外的研究者已經(jīng)取得了豐碩的成果。在理論方面,主要有M-M理論、權(quán)衡理論、優(yōu)序融資理論和代理理論等重要理論。最初的M-M理論在十分嚴(yán)格的假設(shè)前提下,得出兩個重要結(jié)論：一是企業(yè)價值與資本結(jié)構(gòu)無關(guān)論,二是企業(yè)負(fù)債越多,價值越大。這明顯與實際情況不符,因而后續(xù)的研究者對該理論進行了修正,并產(chǎn)生了權(quán)衡理論、優(yōu)序融資理論和代理理論等優(yōu)秀的理論成果。在實證研究方面,國內(nèi)外的研究方法相似,其中,國外的實證結(jié)果基本上與理論預(yù)測一致,而國內(nèi)的實證研究存在著不同的結(jié)論。在這里,我們不得不承認(rèn)這樣一個事實：在西方發(fā)達的市場經(jīng)濟國家,企業(yè)的獨立性強、自主性高,而且很多大型企業(yè)發(fā)展歷史較長,被認(rèn)為是自由追逐利潤的主體；而我國真正意義上的企業(yè)誕生于改革開放之后,上市企業(yè)則出現(xiàn)得更晚,民營企業(yè)的發(fā)展歷史也較短,另外,我國的國有企業(yè)雖然已經(jīng)基本上完成股份制改造,但是,仍然受到行政權(quán)力的干預(yù),其市場獨立性不夠高。因此,從債務(wù)融資與企業(yè)績效之間的關(guān)系入手,將民營企業(yè)和國有企業(yè)對比研究,通過比較它們二者債務(wù)融資的經(jīng)濟效益的不同之處、以及債務(wù)融資受到企業(yè)績效不同的約束程度,可以得知企業(yè)的所有制屬性對企業(yè)績效與債務(wù)融資關(guān)系的影響,·并提出相關(guān)對策,這既提供了研究我國企業(yè)績效與資本結(jié)構(gòu)的一個新的視角,也具有重要的現(xiàn)實意義。 本文定量分析與定性分析相結(jié)合,理論分析與實證分析相結(jié)合,首先介紹了企業(yè)金融理論,然后選取1997年之前上市的民營企業(yè)和國有企業(yè)各32家企業(yè)作為研究樣本,計算相關(guān)變量,加以實證分析。文章邏輯結(jié)構(gòu)分為五步： 第一步,導(dǎo)論部分,介紹本文的研究背景、研究目的、研究結(jié)構(gòu)和研究 方法； 第二步,文獻部分,闡述M-M理論及其修正理論,為本文提供理論背景和理論來源； 第三步,確定自變量、因變量、控制變量和樣本數(shù)據(jù)。具體闡述如下： 首先,確定企業(yè)績效的衡量指標(biāo),以確定因變量。從不同的利益相關(guān)者角度出發(fā),企業(yè)績效有不同的判斷指標(biāo),本文確定了股東、債權(quán)人兩個主要的利益相關(guān)者。因為企業(yè)績效勢必影響到企業(yè)是否有能力按期償還債務(wù),這涉及到債權(quán)人的利益；同時,也影響到企業(yè)的凈資產(chǎn)是否增值,這涉及到股東的利益。企業(yè)績效指標(biāo)包括絕對量指標(biāo)和相對量指標(biāo),絕對量指標(biāo)有市場價值、市場價值增加值、權(quán)益價值、現(xiàn)金流現(xiàn)值和凈利潤,相對量指標(biāo)有資產(chǎn)收益率、凈資產(chǎn)收益率、市凈率、市盈率和每股收益。其中,絕對量指標(biāo)都著重衡量企業(yè)的價值增量,對于不同企業(yè)來講,可能存在價值增量相同而產(chǎn)生該增量的資本投入量不同的現(xiàn)象；即使是同一企業(yè),也可能存在不同時期的價值增量相同而資本投入量不同的情況,也就是說,絕對量指標(biāo)忽略了產(chǎn)生經(jīng)濟效益的資本量,具有重要缺陷。而相對量指標(biāo)中,除了每股收益以外,都能夠克服這一缺陷,因為每股收益也無法反映產(chǎn)生經(jīng)濟效益所對應(yīng)的每股凈資產(chǎn)份額。相對量指標(biāo)中的其他四個指標(biāo),市盈率和市凈率除了受到財務(wù)狀況的影響外,還受到投資者的行為、經(jīng)濟形勢和金融市場的影響,因此,不適合作為本文的企業(yè)績效衡量指標(biāo)；而凈資產(chǎn)收益率和資產(chǎn)收益率可以通過財務(wù)數(shù)據(jù)直接計算得到,受其他因素的影響較小,而且還可以反映企業(yè)的增長潛力和投資價值,因此,作為本文的企業(yè)績效衡量指標(biāo)。 其次,確定資本結(jié)構(gòu)的衡量指標(biāo),以確定自變量。目前較為常用的資本結(jié)構(gòu)概念包括三個：一是實收資本、資本公積、盈余公積和未分配利潤的內(nèi)部比例關(guān)系；二是各主要股東的持股比例關(guān)系；三是資產(chǎn)、負(fù)債與權(quán)益之間的比例關(guān)系。鑒于本文提出的四大假設(shè)前提和研究課題,選取資產(chǎn)、負(fù)債與權(quán)益之間的比例關(guān)系作為資本結(jié)構(gòu)的衡量指標(biāo),具體指標(biāo)為資產(chǎn)負(fù)債率、短期負(fù)債率和長期負(fù)債率。 再次,確定控制變量。本文參照之前的文獻的方法,將企業(yè)的成長性和規(guī)模作為控制變量。其中,采用企業(yè)的主營業(yè)務(wù)增長率衡量企業(yè)的成長性,采用企業(yè)總資產(chǎn)的自然對數(shù)值衡量企業(yè)規(guī)模。 最后,選取我國上市企業(yè)的樣本數(shù)據(jù)。本文選取在滬深A(yù)股上市的235家國有企業(yè)和91家民營企業(yè)作為研究樣本,以這些企業(yè)1997年到2011年之間的、共15年的年度面板數(shù)據(jù)為研究的數(shù)據(jù)基礎(chǔ)。在選取樣本企業(yè)時,涉及到兩個重要的問題： 首先,明確界定民營企業(yè)和國有企業(yè)。將上市企業(yè)按其上市代碼從小到大排序,利用“同花順”炒股軟件查找企業(yè)的資本資料,重點考察其最終控制人以及是否在近期發(fā)生過資產(chǎn)重組,如果企業(yè)的最終控制人為國資委或者國有企業(yè),并且該企業(yè)不是近期由民營企業(yè)重組為國有企業(yè)的,則認(rèn)定該企業(yè)為國有企業(yè)；如果企業(yè)的最終控制人為自然人或者民營企業(yè),并且該企業(yè)不是近期由國有企業(yè)重組為民營企業(yè)的,則視為民營企業(yè)。另外,剔除了三類企業(yè),即金融類企業(yè)、ST類企業(yè)、第二步和第三步中計算財務(wù)比率時值為零或者不存在的企業(yè)。 其次,確定15年的時間跨度和235家國企與91家民企的樣本規(guī)模。之前的文獻選用面板數(shù)據(jù)時,縱向的時間T的跨度較短,大多數(shù)為3年到5年,這導(dǎo)致數(shù)據(jù)分析的結(jié)果不理想。此外,國內(nèi)外的經(jīng)驗表明,一個企業(yè)從初期創(chuàng)業(yè)發(fā)展到基本成熟,大多需要10多年的時間。因此,選擇15年的時間跨度,基本上可以見證一家企業(yè)從高速成長到穩(wěn)定增長的過程。另外,本文選取的面板數(shù)據(jù)的樣本企業(yè)是所有在滬深A(yù)股上市的企業(yè),在進行篩選后得出的樣本,無論從樣本量本身還是從行業(yè)代表性方面,都可以滿足實證研究對于數(shù)據(jù)量的要求。 第四步,在第三步的基礎(chǔ)上加以實證分析。先用線性模型對自變量與因變量之間的關(guān)系進行分析；再檢驗本文的樣本數(shù)據(jù)是否存在之前的文獻所得出的結(jié)論：以資產(chǎn)負(fù)債率為橫軸、以企業(yè)績效為縱軸的坐標(biāo)系中,企業(yè)績效與資產(chǎn)負(fù)債率存在倒U形的二次曲線關(guān)系。具體的分析方法和步驟如下：首先,針對面板數(shù)據(jù)的三種基本模型,利用個體隨機效應(yīng)模型進行回歸分析,并利用Hausman檢驗確定模型的類型,結(jié)果顯示,所有的模型都應(yīng)該采用個體隨機效應(yīng)模型：然后,針對各個自變量進行T檢驗、針對整個模型進行F檢驗,以確定是否通過顯著性檢驗,同時,通過考察DW值以確定模型是否存在隨機擾動項的自相關(guān)問題,若存在這個問題,則引入差分進行分析以克服自相關(guān)；再次,對面板數(shù)據(jù)進行單位根檢驗和協(xié)整檢驗,以確定各個變量的平穩(wěn)性及變量之間的關(guān)系。另外,在實證過程中,還要考慮可決系數(shù)值,只有當(dāng)可決系數(shù)值比較大時,方才認(rèn)為變量之間存在一定的關(guān)系,以保證擬合優(yōu)度和自變量對因變量的解釋力度。 第五步,得出結(jié)論。本文的結(jié)論主要有四個： 一是民營企業(yè)和國有企業(yè)的企業(yè)績效與資產(chǎn)負(fù)債水平均不存在二次曲線關(guān)系。 二是企業(yè)的所有制屬性對企業(yè)的負(fù)債融資與績效之間的關(guān)系存在較大程度的影響,只有民營企業(yè)的資產(chǎn)收益率與整體負(fù)債水平、短期負(fù)債和長期負(fù)債存在一次線性關(guān)系。民營企業(yè)的負(fù)債融資與企業(yè)績效的關(guān)系表現(xiàn)為：從整體負(fù)債水平看,上一期的負(fù)債對本期的企業(yè)績效有積極影響,本期的負(fù)債對企業(yè)績效有消極影響；從負(fù)債的期限結(jié)構(gòu)看,偏向于短期負(fù)債,其負(fù)債融資既提高了企業(yè)績效,同時也受到企業(yè)績效的制約,另外,雖然民營企業(yè)同一期的短期負(fù)債和長期負(fù)債都對企業(yè)績效有相同方向的影響,但是,長期負(fù)債對企業(yè)績效的影響更大；而國企偏向于長期負(fù)債,其負(fù)債融資未能有效地提高企業(yè)業(yè)績,其負(fù)債融資的規(guī)模也沒有受到企業(yè)績效的強有力的制約。 三是凈資產(chǎn)收益率與企業(yè)的負(fù)債水平之間不存在線性關(guān)系。 四是當(dāng)期的企業(yè)負(fù)債對企業(yè)績效有負(fù)向影響,上一期的負(fù)債對企業(yè)績效有正向影響。 本文的主要貢獻是：第一,就實證所采用的數(shù)據(jù)而言,本文采用符合條件的A股所有企業(yè)共15年的面板數(shù)據(jù),時間跨度較長,而且數(shù)據(jù)較新,研究結(jié)果更讓人信服；第二,將民營企業(yè)和國有企業(yè)兩種不同所有制屬性的企業(yè)進行對比研究,發(fā)現(xiàn)了所有制屬性對企業(yè)債務(wù)融資的規(guī)模及債務(wù)期限結(jié)構(gòu)的影響,從另一個角度發(fā)現(xiàn)了國有企業(yè)存在的“融資軟約束”問題；第三,本文通過實證說明了一個事實：負(fù)債對于企業(yè)來講,從短期看是負(fù)擔(dān),從長遠看有利于提高企業(yè)績效。
[Abstract]:As an important branch of the field of finance, corporate finance plays an important role. In this field, researchers at home and abroad have achieved fruitful results. In theory, there are important theories, such as M-M theory, trade-offs theory, optimal order financing theory and agency theory. The first M-M theory is based on very strict assumptions. There are two important conclusions: first, the theory of enterprise value and capital structure is irrelevant, the two is that the more the enterprise is in debt and the greater the value. This is obviously not consistent with the actual situation, so the following researchers have corrected the theory and produced the excellent theoretical results, such as the theory of trade-offs, the theory of optimal order financing and the theory of agent theory. The external research methods are similar, among them, the empirical results of foreign countries are basically consistent with the theoretical prediction, while domestic empirical studies have different conclusions. Here, we have to admit the fact that in western developed market economy countries, enterprises have strong independence, high autonomy, and many large enterprises have a long history of development. It is thought to be the main body of free pursuit of profit, and the real enterprise of our country was born after the reform and opening up, the listed enterprises appeared later, and the development history of the private enterprises was short. In addition, although the state-owned enterprises in our country had basically completed the reform of the shareholding system, they were still subject to the interference of the administrative power and their market independence. Therefore, starting with the relationship between debt financing and enterprise performance, the comparative study of private and state-owned enterprises, by comparing the differences in the economic benefits of their two party debt financing, and the degree of debt financing under different corporate performance, can be used to learn that the ownership property of the enterprise is to the enterprise performance and debt. The influence of business financing relationship, and the relevant countermeasures are put forward, which not only provides a new perspective to study the performance and capital structure of China's enterprises, but also has important practical significance.
In this paper, quantitative analysis and qualitative analysis are combined, theoretical analysis and empirical analysis are combined. First, the theory of enterprise finance is introduced. Then 32 enterprises of private and state-owned enterprises before 1997 are selected as research samples, and the relevant variables are calculated and analyzed. The logical structure of the article is divided into five steps:
The first part, introduction, introduces the background, purpose, structure and research of this study.
Method;
The second step is to explain the M-M theory and its amendment theory in the literature part, and provide the theoretical background and theoretical source for this article.
The third step is to identify independent variables, dependent variables, control variables and sample data.
First, determine the measure of enterprise performance to determine the dependent variable. From the point of view of different stakeholders, the enterprise performance has different judgment indicators. This paper determines the shareholders and the two main stakeholders of the creditor. Because the enterprise performance is bound to affect the ability of the enterprise to repay the debt on time, which involves the benefit of the creditor. At the same time, it also affects the value added of the net assets of the enterprise, which involves the interests of the shareholders. The performance index of the enterprise includes the absolute quantity index and the relative quantity index, the absolute index has the market value, the value added value of the market value, the value of equity, the present value of cash flow and the net profit, and the asset return rate, the net asset return rate and the market net ratio on the quantity index. The price earnings ratio and earnings per share. Among them, the absolute value index is to measure the value increment of the enterprise. For different enterprises, there may be the phenomenon that the increment of capital input varies with the same value increment. Even the same enterprise, there may be the same value increment in different period and the different capital input. That is to say, the absolute index neglects the amount of capital that produces economic benefits and has an important defect. In the relative quantity index, in addition to earnings per share, it can overcome this defect, because earnings per share can not reflect the net capital per share corresponding to economic benefits. The other four indicators in the relative index, the price earnings ratio and the price earnings per share index. In addition to the influence of the financial situation, the market net rate is also influenced by the behavior of the investors, the economic situation and the financial market. Therefore, it is not suitable to be used as the performance measurement index of this article, while the net assets yield and the asset yield can be calculated directly through the financial data, and are less influenced by other factors, and can also be used. It reflects the growth potential and investment value of enterprises. Therefore, it is the indicator of corporate performance in this paper.
Secondly, to determine the index of capital structure to determine the independent variable. At present, the more commonly used concepts of capital structure include three: one is the internal proportion of capital, capital stock, surplus stock and undistributed profit; two is the proportion of the main shareholders; the three is the proportion of assets, liabilities and rights and interests. The four premise and research topic proposed by Yu Benwen, select the proportion of assets, liabilities and rights and interests as the measure index of capital structure, the specific index is the asset liability ratio, the short-term debt rate and the long-term debt rate.
Thirdly, the control variable is determined. In this paper, the growth and scale of the enterprise are considered as control variables. The growth rate of the enterprise is measured by the growth rate of the main business of the enterprise, and the scale of the enterprise is measured by the natural value of the total assets of the enterprise.
Finally, we select the sample data of the listed companies in China. This paper selects 235 state-owned enterprises and 91 private enterprises listed in Shanghai and Shenzhen A shares as the research samples, taking the annual panel data of these enterprises from 1997 to 2011 as the data basis of the annual panel data of 15 years. When selecting sample enterprises, there are two important issues involved:
First, it clearly defines private enterprises and state-owned enterprises. According to the listed companies' listed code from small to large, the listed enterprises are used to find the capital data of the enterprise by using the "Tong Shun" stock software to find out the final controller and whether the asset reorganization has occurred in the near future. If the final control of the enterprise is the SASAC or the state-owned enterprise, And the enterprise is not recently reorganized by a private enterprise as a state-owned enterprise, then it is identified as a state-owned enterprise. If the final control of the enterprise is a natural or a private enterprise, and the enterprise is not recently reorganized by a state-owned enterprise to a private enterprise, it is regarded as a private enterprise. In addition, three types of enterprises, that is, financial enterprises, S T enterprises, in the second and third steps, calculate the financial ratios that are zero or nonexistent.
Secondly, the time span of 15 years and the sample size of 235 state-owned enterprises and 91 private enterprises are determined. When the previous literature selects panel data, the span of the longitudinal time T is shorter, most of which are 3 to 5 years, which leads to the unsatisfactory results of data analysis. In addition, the experience at home and abroad shows that a enterprise has developed from initial start to basic maturity. It takes more than 10 years. Therefore, the time span of 15 years is basically a witness to the process of growth from high speed to steady growth. In addition, the sample enterprises selected by this article are all the companies listed in the Shanghai and Shenzhen stock market, and the samples are selected after screening, whether from the sample size itself or from the industry representative. In terms of sex, it can meet the requirements of empirical research for data volume.
The fourth step is to make an empirical analysis on the basis of the third step. First, the linear model is used to analyze the relationship between the independent variable and the dependent variable; and then the conclusion of the literature before the sample data exists: the enterprise performance and the asset liability in the coordinate system which takes the asset liability ratio as the horizontal axis and the enterprise performance as the longitudinal axis. The two curve relationship exists in the inverted U shape. The specific analysis methods and steps are as follows: first, according to the three basic models of panel data, the regression analysis is carried out by the individual random effect model, and the model is determined by Hausman test. The results show that all models should adopt the individual random effect model: then, needles The T test of each independent variable is carried out, and the whole model is tested by F to determine whether or not the significance test is passed. At the same time, by examining the DW value to determine whether the model exists the autocorrelation problem of the random disturbance, if there is this problem, the difference is introduced to analyze the autocorrelation of the model, and again, the unit root test of the panel data is carried out. And co integration test to determine the stability of each variable and the relationship between variables. In addition, in the empirical process, we should consider the number of decisive lines. Only when the numbers are relatively large, it is considered that there is a certain relationship between the variables so as to ensure the strength of the goodness of fitting and the explanation of the variable.
The fifth step is to draw a conclusion. There are four main conclusions in this paper.
First, there is no two degree relationship between the performance of enterprises and the level of assets and liabilities of private enterprises and state-owned enterprises.
The two is that the ownership property of the enterprise has a great influence on the relationship between the debt financing and the performance of the enterprise. Only the asset return of the private enterprise has a linear relationship with the overall debt level, the short-term debt and the long-term liabilities. The relationship between the debt financing and the enterprise performance is manifested in the overall debt. On the other hand, the debt of the previous period has a positive impact on the performance of this period. The liabilities of this period have a negative impact on the performance of the enterprise. From the term structure of debt, it is biased towards short-term liabilities, and its debt financing not only improves the performance of the enterprise, but also is restricted by the performance of the enterprise, while the short-term liabilities and long term liabilities of the private enterprises in the same period. Liabilities have the same influence on enterprise performance in the same direction, but long-term liabilities have greater impact on enterprise performance; while state-owned enterprises are biased towards long-term liabilities, their debt financing does not effectively improve enterprise performance, and the scale of debt financing has not been strongly restricted by corporate performance.
Three, there is no linear relationship between the net assets yield and the debt level of enterprises.
Four, corporate liabilities in the current period have a negative impact on corporate performance, and liabilities in the previous period have a positive impact on corporate performance.
The main contributions of this paper are: first, in terms of the data used in the empirical study, this paper adopts the panel data of all A shares of eligible A shares for a long time, and the data are relatively new and the results are more convincing. Second, the comparison of two different ownership enterprises of private enterprises and state-owned enterprises is carried out. The effect of ownership on the scale of corporate debt financing and the term structure of debt is presented. From another point of view, the problem of "financing soft constraints" in state-owned enterprises is found. Third, this paper shows a fact that debt is a burden to enterprises in the short term and is conducive to improving enterprise performance in the long run.
【學(xué)位授予單位】：西南財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F832.51;F275;F272.5

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