【摘要】：自1958年MM理論創(chuàng)立以來,學(xué)術(shù)界一直廣泛研究企業(yè)資本結(jié)構(gòu)。但學(xué)者們傾向于股權(quán)融資的研究，對(duì)于負(fù)債融資的研究較少。通過負(fù)債融資，股權(quán)的成本能夠得到降低，負(fù)債融資可以使經(jīng)營者的行為得到約束和激勵(lì)，負(fù)債融資會(huì)使得企業(yè)經(jīng)營業(yè)績顯著提高，并能夠向外部投資者顯示企業(yè)的真實(shí)價(jià)值。目前國內(nèi)對(duì)于融資問題的研究樣本并沒有區(qū)分行業(yè)，大多數(shù)研究者的研究樣本為所有的上市公司。電力行業(yè)是國家發(fā)展的支柱性產(chǎn)業(yè)，電力行業(yè)因其定位的特殊性更容易進(jìn)行負(fù)債融資，但是本文實(shí)證結(jié)果表明，電力上市公司負(fù)債融資的財(cái)務(wù)治理效應(yīng)并不明顯，在此基礎(chǔ)上，本文通過相關(guān)理論及數(shù)據(jù)研究，對(duì)電力上市公司負(fù)債融資提出了一些建議，以期促進(jìn)電力上市公司的更好發(fā)展。 文章論述分為四個(gè)步驟，首先,論文介紹了研究電力上市公司負(fù)債融資財(cái)務(wù)治理效應(yīng)的背景和意義,陳述并簡要評(píng)價(jià)了國內(nèi)外研究動(dòng)態(tài)。其次,本文論述財(cái)務(wù)治理理論和負(fù)債融資理論。再次，選取2009—2013年度54家電力上市公司為研究樣本，實(shí)證研究電力上市公司負(fù)債融資的財(cái)務(wù)治理效應(yīng)。最后，針對(duì)電力上市公司的負(fù)債融資所存在的問題，提出改革建議。 本文的主要研究方法有三種，一是規(guī)范分析與實(shí)證分析相結(jié)合，通過規(guī)范研究，闡述電力上市公司負(fù)債融資的相關(guān)理論，分析電力上市公司負(fù)債融資存在的問題并提出解決對(duì)策，通過實(shí)證研究，實(shí)證分析電力上市公司負(fù)債融資的財(cái)務(wù)治理效應(yīng)；二是定性分析與定量分析相結(jié)合，在實(shí)證分析中，結(jié)合圖表進(jìn)行定量分析，并在此基礎(chǔ)上進(jìn)行定性分析，找出電力上市公司負(fù)債融資存在的問題以及解決對(duì)策；三是歸納法，歸納國內(nèi)外的研究理論以及電力上市公司負(fù)債融資存在的問題、解決對(duì)策。通過實(shí)證分析,筆者認(rèn)為,債務(wù)期限結(jié)構(gòu)和債務(wù)來源結(jié)構(gòu)都沒有有效發(fā)揮財(cái)務(wù)治理效應(yīng)。電力上市公司負(fù)債融資財(cái)務(wù)治理效應(yīng)弱化的原因主要有三點(diǎn)：銀行監(jiān)管乏力，缺少對(duì)電力上市公司的有效監(jiān)督；公司破產(chǎn)機(jī)制不健全，不能實(shí)現(xiàn)資源的合理配置；債券發(fā)行門檻高等原因造成的債券市場(chǎng)發(fā)展滯后。要解決這個(gè)問題，需要加大銀行改革力度，，加強(qiáng)銀行的監(jiān)管功能；完善破產(chǎn)程序，強(qiáng)化破產(chǎn)機(jī)制；促進(jìn)債券市場(chǎng)發(fā)展，使得融資方式多元化；優(yōu)化融資結(jié)構(gòu)，保持合理的資產(chǎn)負(fù)債率。
[Abstract]:Since the establishment of MM theory in 1958, academic circles have been extensively studying the capital structure of enterprises. However, scholars tend to study equity financing, and less research on debt financing. Through debt financing, the cost of equity can be reduced, and debt financing can restrict and motivate the behavior of managers. Debt financing can significantly improve the performance of enterprises, and can show the real value of enterprises to external investors. At present, the domestic research sample of financing problem does not distinguish industries, most of the research samples are listed companies. Electric power industry is the pillar industry of national development. It is easier for electric power industry to carry out debt financing because of its particularity. However, the empirical results of this paper show that the financial governance effect of debt financing of listed power companies is not obvious, and on this basis, Through the research of relevant theory and data, this paper puts forward some suggestions on debt financing of power listed companies in order to promote the better development of power listed companies. This paper is divided into four steps. Firstly, the paper introduces the background and significance of the research on the financial governance effect of debt financing of listed power companies, and briefly evaluates the research trends at home and abroad. Secondly, this paper discusses the theory of financial governance and debt financing theory. Thirdly, 54 listed power companies in 2009-2013 are selected as the sample to study the financial governance effect of debt financing of power listed companies. Finally, in view of the problems of debt financing of listed power companies, some reform suggestions are put forward. There are three main research methods in this paper, one is the combination of normative analysis and empirical analysis, through normative research, the related theory of debt financing of listed power companies is expounded. This paper analyzes the problems existing in debt financing of electric power listed companies and puts forward some countermeasures. Through empirical research, the financial governance effect of debt financing of listed power companies is empirically analyzed. The second is the combination of qualitative analysis and quantitative analysis. In the empirical analysis, the quantitative analysis is combined with charts, and on this basis qualitative analysis is carried out to find out the problems existing in debt financing of power listed companies and the countermeasures to solve them. Third, inductive method, induces domestic and foreign research theories and the existing problems of debt financing of electric power listed companies, and resolves the countermeasures. Through empirical analysis, the author thinks that the debt maturity structure and the debt source structure have not played the financial governance effect effectively. There are three main reasons for the weakening of financial governance effect of debt financing of listed power companies: weak bank supervision, lack of effective supervision over listed companies, imperfect bankruptcy mechanism, unable to achieve rational allocation of resources; The bond market lags behind due to the high threshold of bond issuance. In order to solve this problem, it is necessary to strengthen the bank reform, strengthen the supervision function of the bank, perfect the bankruptcy procedure, strengthen the bankruptcy mechanism, promote the development of the bond market and make the financing way diversified. Optimize the financing structure and maintain a reasonable ratio of assets and liabilities.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F426.61;F275

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