【摘要】：公司資本結(jié)構(gòu)的研究一直是財(cái)務(wù)領(lǐng)域的研究熱點(diǎn),其中就負(fù)債融資對(duì)于公司績(jī)效的影響的研究國(guó)內(nèi)外學(xué)者做了大量工作,提出的理論可以分類為有利論、不利論和雙重效應(yīng)論,實(shí)證研究得出的結(jié)果也各不相同。國(guó)內(nèi)的相關(guān)研究中很多僅僅考慮負(fù)債總水平對(duì)于公司績(jī)效的作用,很少將負(fù)債的結(jié)構(gòu)進(jìn)行細(xì)分研究,而不同的負(fù)債類型對(duì)于公司績(jī)效的作用機(jī)制是不一樣的,因此本文將從負(fù)債的期限、來(lái)源、資金成本三個(gè)分類進(jìn)行研究。此外,目前國(guó)內(nèi)對(duì)我國(guó)制造業(yè)上市公司的負(fù)債與公司績(jī)效的研究少之又少,而且不同行業(yè)的特征不同會(huì)使得負(fù)債融資對(duì)公司績(jī)效的影響存在差異。我國(guó)制造業(yè)上市公司中是有國(guó)有背景的,一般規(guī)模較大,固定資產(chǎn)占總資產(chǎn)的比例高,投資支出大,商業(yè)信用使用頻繁等,因而本文將研究的范圍細(xì)化到研究制造業(yè)上市公司,探討我國(guó)制造業(yè)上市公司負(fù)債融資和公司績(jī)效的關(guān)系,分析不同負(fù)債類型對(duì)公司績(jī)效的作用機(jī)制。本文的實(shí)證結(jié)果表明,我國(guó)制造業(yè)上市公司的負(fù)債融資水平與公司績(jī)效負(fù)相關(guān)；從負(fù)債的期限來(lái)看,流動(dòng)負(fù)債和非流動(dòng)負(fù)債都對(duì)公司績(jī)效產(chǎn)生負(fù)面影響；從負(fù)債的來(lái)源來(lái)看,銀行借款與公司績(jī)效負(fù)相關(guān),而商業(yè)信用在一定程度上能夠促進(jìn)公司績(jī)效的改善；從負(fù)債的資金成本看,無(wú)息負(fù)債有利于提高公司績(jī)效,而有息負(fù)債卻不利于提高公司績(jī)效。產(chǎn)生這樣的結(jié)果與我國(guó)的融資環(huán)境和制度有關(guān),也與我國(guó)制造業(yè)上市公司的行業(yè)盈利能力和行業(yè)經(jīng)營(yíng)特征有關(guān)。為此,本文還提出了可以參考的政策建議。
[Abstract]:The research of corporate capital structure has always been a hot topic in the field of finance. Among them, scholars at home and abroad have done a lot of work on the impact of debt financing on corporate performance. The theories put forward can be classified as advantage theory, disadvantage theory and double effect theory. The results of empirical research are also different. Many related studies in China only consider the effect of total debt level on corporate performance, rarely subdivide the structure of debt, and different types of liabilities have different mechanisms for corporate performance. Therefore, this paper will study the term, source and cost of debt. In addition, there are few researches on the debt and corporate performance of listed manufacturing companies in China at present, and the different characteristics of different industries will make the impact of debt financing on corporate performance different. There is a state-owned background in the listed companies of manufacturing industry in our country, the scale is large in general, the proportion of fixed assets to the total assets is high, the investment expenditure is large, the commercial credit is used frequently, so the scope of the research is refined to study the listed companies in the manufacturing industry in this paper. This paper discusses the relationship between debt financing and corporate performance of listed manufacturing companies in China, and analyzes the mechanism of different debt types on corporate performance. The empirical results show that the debt financing level of listed manufacturing companies in China is negatively correlated with corporate performance; from the term of liabilities, current liabilities and non-current liabilities have a negative impact on corporate performance; from the source of liabilities, Bank borrowing is negatively correlated with corporate performance, while commercial credit can promote the improvement of corporate performance to a certain extent; from the cost of debt, interest-free liabilities are conducive to improving corporate performance, but interest-bearing liabilities are not conducive to improving corporate performance. The result is related to the financing environment and system of our country, and also to the industry profitability and industry management characteristics of listed companies in our manufacturing industry. For this reason, this article also puts forward the policy suggestion which can refer to.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F425

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本文編號(hào)：2281848