本文選題：委托貸款 + 非經常性損益�。� 參考：《復旦大學》2014年碩士論文

【摘要】：近年來,我國逐漸實行了相對偏緊的貨幣政策,市場資金供給略顯緊張。部分手握大量現金的上市公司通過委托貸款這種新的資金融通方式,為融資困難的中小企業(yè)提供發(fā)展所需的資金。但是,若上市公司大規(guī)模發(fā)放委托貸款,將會帶來一系列不利影響,例如,有損上市公司的健康發(fā)展,不利于國家宏觀調控政策的實施等。因此,我們需要研究上市公司進行委托貸款的行為特征,并探析上市公司發(fā)放委托貸款規(guī)模的影響因素。在本文中,我們逐條查詢了WIND數據庫中上市公司公告,收集到了2007-2012年我國上市公司委托貸款的樣本數據,通過對數據進行描述性統(tǒng)計分析,我們研究了上市公司委托貸款的現狀、行業(yè)特征及影響。同時,我們對樣本數據進行多元線性回歸分析,深入探析了我國上市公司發(fā)放委托貸款規(guī)模的影響因素,并重點研究了借款方為非關聯(lián)企業(yè)時的情形,得出以下結論：當借款人為非關聯(lián)企業(yè)時,(1)上市公司發(fā)放委托貸款的規(guī)模和主營業(yè)務利潤率之間有更明顯的負相關關系,即上市公司主營業(yè)務發(fā)展狀況較差時更有可能發(fā)放委托貸款給非關聯(lián)企業(yè),獲取較高的短期收益。但是上市公司若長期把閑余資金投向虛擬經濟,勢必會掏空實體產業(yè),動搖社會可持續(xù)發(fā)展的根基；(2)上市公司發(fā)放委托貸款的規(guī)模和大股東持股比例的平方之間有更明顯的負相關關系,可能是因為本文非關聯(lián)組樣本屬于股東比較分散的情形,無法對管理層形成有效監(jiān)督,管理層發(fā)放高利率的委托貸款以獲取短期的收益。但管理層過分追求短期利益,也不利于上市公司主業(yè)的發(fā)展。這種金融投資一旦過度,將會導致上市公司對主業(yè)投資的減少,發(fā)展到嚴重的地步甚至會造成實體經濟空心化。為避免上市公司濫發(fā)委托貸款影響主業(yè)發(fā)展,本文最后提出的建議是：完善相關法律法規(guī),加強對上市公司和商業(yè)銀行的監(jiān)管。
[Abstract]:In recent years, China has gradually implemented a relatively tight monetary policy, the supply of market funds is slightly tight. Some listed companies with large amounts of cash provide financing for the development of small and medium-sized enterprises with financing difficulties through the new financing method of entrustment loans. However, if the listed company issues the trust loan on a large scale, it will bring a series of adverse effects, for example, harm to the healthy development of the listed company, unfavorable to the implementation of the national macro-control policy and so on. Therefore, we need to study the behavior characteristics of entrustment loans of listed companies, and explore the factors that affect the scale of entrustment loans issued by listed companies. In this paper, we have searched the public notice of listed company in WIND database one by one, collected sample data of loan entrusted by listed company in China from 2007 to 2012, and analyzed the data by descriptive statistical analysis. We have studied the status quo, industry characteristics and impact of entrustment loans of listed companies. At the same time, we carry on the multivariate linear regression analysis to the sample data, deeply analyze the influencing factors of the scale of the entrustment loan issued by the listed company in our country, and focus on the situation when the borrower is a non-affiliated enterprise. The following conclusions are drawn: when the borrower is a non-affiliated enterprise, there is a more obvious negative correlation between the size of the principal loan issued by the listed company and the profit margin of the main business. That is, the listed companies are more likely to issue entrustment loans to non-affiliated enterprises when their main business development is poor, so as to obtain higher short-term income. However, if listed companies invest their spare funds in the virtual economy for a long time, they will certainly empty out the real industry. There is a more obvious negative correlation between the scale of entrustment loans issued by listed companies and the square of majority shareholders' shareholding ratio, which may be due to the fact that the sample of non-associated groups belongs to the situation of more dispersed shareholders. There is no effective supervision over the management, which issues high interest rate entrustment loans to obtain short-term income. But the management excessively pursues the short-term benefit, also is disadvantageous to the listed company main industry development. Once this kind of financial investment is excessive, it will lead to the decrease of listed companies' investment in the main business, and it will even lead to the hollowing of the real economy. In order to prevent the listed companies from issuing entrustment loans to affect the development of the main industry, this paper puts forward some suggestions: to perfect the relevant laws and regulations, and to strengthen the supervision of listed companies and commercial banks.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F832.4

【參考文獻】

中國碩士學位論文全文數據庫 前2條

1 蔡鍔明;銀行信托貸款類理財產品法律問題研究[D];湖南大學;2009年

2 李光義;基于自由現金流的上市公司過度投資行為研究[D];重慶大學;2010年

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本文編號：1865060