【摘要】：公司資本結(jié)構(gòu)的研究一直是財務(wù)領(lǐng)域的研究熱點,其中就負(fù)債融資對于公司績效的影響的研究國內(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,實證研究得出的結(jié)果也各不相同。國內(nèi)的相關(guān)研究中很多僅僅考慮負(fù)債總水平對于公司績效的作用,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)債類型對于公司績效的作用機制是不一樣的,因此本文將從負(fù)債的期限、來源、資金成本三個分類進(jìn)行研究。此外,目前國內(nèi)對我國制造業(yè)上市公司的負(fù)債與公司績效的研究少之又少,而且不同行業(yè)的特征不同會使得負(fù)債融資對公司績效的影響存在差異。我國制造業(yè)上市公司中是有國有背景的,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,探討我國制造業(yè)上市公司負(fù)債融資和公司績效的關(guān)系,分析不同負(fù)債類型對公司績效的作用機制。本文的實證結(jié)果表明,我國制造業(yè)上市公司的負(fù)債融資水平與公司績效負(fù)相關(guān)；從負(fù)債的期限來看,流動負(fù)債和非流動負(fù)債都對公司績效產(chǎn)生負(fù)面影響；從負(fù)債的來源來看,銀行借款與公司績效負(fù)相關(guān),而商業(yè)信用在一定程度上能夠促進(jìn)公司績效的改善；從負(fù)債的資金成本看,無息負(fù)債有利于提高公司績效,而有息負(fù)債卻不利于提高公司績效。產(chǎn)生這樣的結(jié)果與我國的融資環(huán)境和制度有關(guān),也與我國制造業(yè)上市公司的行業(yè)盈利能力和行業(yè)經(jīng)營特征有關(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)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F406.7;F425

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本文編號：2281848