發(fā)布時間：2018-05-25 01:06

  本文選題：債務(wù)結(jié)構(gòu) + 企業(yè)價值��； 參考：《河南大學》2015年碩士論文

【摘要】：資本結(jié)構(gòu)在財務(wù)管理方面一直是國內(nèi)外研究的重點,合理的資本結(jié)構(gòu)有降低企業(yè)籌資成本、提升企業(yè)價值的作用。企業(yè)在資本市場進行融資的過程中,往往通過股權(quán)融資和債務(wù)融資兩種方式進行資金籌集,以期起到推進公司發(fā)展、提升企業(yè)價值的作用。但在目前對資本結(jié)構(gòu)的研究中,企業(yè)偏好股權(quán)融資,而學者們更是具有股權(quán)融資傾向,對債務(wù)融資結(jié)構(gòu)的研究比較少。此外,學者們在對債務(wù)融資結(jié)構(gòu)進行研究時,往往并未將企業(yè)的債務(wù)結(jié)構(gòu)做出詳細的劃分,只是以負債為基礎(chǔ)研究資本結(jié)構(gòu)與企業(yè)價值的關(guān)系,很少涉及自身的債務(wù)結(jié)構(gòu)。然而,債務(wù)結(jié)構(gòu)作為資本結(jié)構(gòu)的重要組成部分,對企業(yè)的發(fā)展起著至關(guān)重要的影響,因此對企業(yè)債務(wù)結(jié)構(gòu)的研究不容忽視。電力熱力、燃氣和水生產(chǎn)及供應(yīng)業(yè)(以下簡稱“水電燃氣行業(yè)”)是國家經(jīng)濟發(fā)展的支柱產(chǎn)業(yè),為國家的穩(wěn)定發(fā)展提供了基礎(chǔ)保障。水電燃氣行業(yè)債務(wù)結(jié)構(gòu)的合理與否更是直接關(guān)系著我國經(jīng)濟的穩(wěn)定發(fā)展,因此,對水電燃氣行業(yè)上市公司債務(wù)結(jié)構(gòu)與企業(yè)價值的研究有利于企業(yè)資源的合理配置,更有利于企業(yè)經(jīng)營目標的實現(xiàn)。所以本文以水電燃氣行業(yè)上市公司為研究對象,以提升企業(yè)價值為目的,將債務(wù)結(jié)構(gòu)劃分為債務(wù)總體結(jié)構(gòu)、債務(wù)期限結(jié)構(gòu)和債務(wù)類型結(jié)構(gòu),分別研究這三種不同的債務(wù)結(jié)構(gòu)對企業(yè)價值的影響。試圖通過對企業(yè)債務(wù)結(jié)構(gòu)與企業(yè)價值相關(guān)性的研究,尋找能夠使企業(yè)價值最大化的最優(yōu)債務(wù)結(jié)構(gòu)。本文在內(nèi)容上分為四個方面:首先,從債務(wù)總體結(jié)構(gòu)、債務(wù)期限結(jié)構(gòu)和債務(wù)類型結(jié)構(gòu)三個方面對國內(nèi)外文獻進行綜述,分析了債務(wù)結(jié)構(gòu)的研究現(xiàn)狀,在此基礎(chǔ)上對債務(wù)結(jié)構(gòu)和企業(yè)價值的概念進行了界定。其次,從理論角度著手,對MM理論、代理理論、信號傳遞理論及權(quán)衡理論進行了詳細的說明與分析。再次,本文以水電燃氣行業(yè)為角度,分析了水電燃氣行業(yè)上市公司債務(wù)結(jié)構(gòu)的現(xiàn)狀和特點。最后,本文從債務(wù)總體結(jié)構(gòu)、債務(wù)期限結(jié)構(gòu)和債務(wù)類型結(jié)構(gòu)三個方面分別建立了實證模型,對水電燃氣行業(yè)債務(wù)結(jié)構(gòu)與企業(yè)價值的關(guān)系做了實證研究,并結(jié)合水電燃氣行業(yè)上市公司的具體情況對所得到的回歸結(jié)果進行了分析。通過以上系統(tǒng)的理論分析和嚴謹?shù)膶嵶C檢驗,本文得到以下結(jié)論:(1)水電燃氣上市公司債務(wù)總體結(jié)構(gòu)與企業(yè)價值呈非線性的倒“U“型關(guān)系。(2)水電燃氣上市公司債務(wù)期限結(jié)構(gòu)與企業(yè)價值正相關(guān)。(3)水電燃氣上市公司債務(wù)類型結(jié)構(gòu)中商業(yè)負債率和與企業(yè)價值負相關(guān),銀行負債率與企業(yè)價值之間不存在顯著的相關(guān)性。針對以上結(jié)論,本文從優(yōu)化債務(wù)總體結(jié)構(gòu)、合理規(guī)劃債務(wù)期限、完善相關(guān)制度和減少政府干預(yù)四個方面提出了具體改進建議。
[Abstract]:Capital structure has always been the focus of domestic and international research on financial management. Reasonable capital structure can reduce the cost of financing and enhance the value of enterprises. In the process of capital market financing, enterprises often raise funds through equity financing and debt financing, in order to promote the development of the company and enhance the value of the enterprise. However, in the current research on capital structure, enterprises prefer equity financing, and scholars have the tendency of equity financing, and the research on debt financing structure is less. In addition, in the study of debt financing structure, scholars often do not make a detailed division of the debt structure of enterprises, only on the basis of debt to study the relationship between capital structure and enterprise value, rarely involving their own debt structure. However, as an important part of capital structure, debt structure plays an important role in the development of enterprises, so the research on debt structure of enterprises can not be ignored. Electricity, heat, gas and water production and supply industry (hereinafter referred to as "water and electricity gas industry") is the pillar industry of national economic development, which provides the basic guarantee for the country's stable development. Whether the debt structure of water and power gas industry is reasonable or not is directly related to the stable development of our country's economy. Therefore, the study on debt structure and enterprise value of listed companies in water and power gas industry is beneficial to the rational allocation of enterprise resources. More conducive to the realization of business objectives. Therefore, this paper takes the listed companies of water and electricity gas industry as the research object, in order to enhance the value of the enterprise, the debt structure is divided into the overall debt structure, debt maturity structure and debt type structure. The effects of these three different debt structures on the value of enterprises are studied respectively. This paper attempts to find the optimal debt structure which can maximize the enterprise value through the study of the correlation between the enterprise debt structure and the enterprise value. The content of this paper is divided into four aspects: first, from the debt structure, debt maturity structure and debt type structure three aspects of domestic and foreign literature review, analysis of debt structure research status quo. On this basis, the concept of debt structure and enterprise value is defined. Secondly, from the theoretical point of view, the MM theory, agent theory, signal transfer theory and trade-off theory are explained and analyzed in detail. Thirdly, this paper analyzes the current situation and characteristics of debt structure of listed companies in hydropower gas industry. Finally, this paper establishes the empirical model from three aspects: the total debt structure, the debt maturity structure and the debt type structure, and makes an empirical study on the relationship between the debt structure and the enterprise value in the water and power gas industry. Combined with the specific situation of the listed companies in the water and power gas industry, the regression results are analyzed. Through the above systematic theoretical analysis and rigorous empirical test, In this paper, we get the following conclusion: 1) the debt structure of the listed companies of water and electricity gas has a nonlinear "U" relationship with the value of the enterprises.) the debt maturity structure of the listed companies of water and electricity gas is positively related to the value of the enterprises. In the structure of corporate debt type, the ratio of commercial debt and the value of enterprise are negatively correlated. There is no significant correlation between bank debt ratio and enterprise value. In view of the above conclusions, this paper puts forward concrete suggestions for improvement from four aspects: optimizing the overall structure of debt, rationally planning debt maturity, perfecting relevant system and reducing government intervention.
【學位授予單位】：河南大學
【學位級別】：碩士
【學位授予年份】：2015
【分類號】：F275;F299.24

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