本文關(guān)鍵詞：金融資源錯(cuò)配對企業(yè)績效的影響研究　出處：《安徽大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

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【摘要】：我國自1992年建立市場經(jīng)濟(jì)體系以來,在經(jīng)濟(jì)增長上取得的成就舉世矚目,但經(jīng)濟(jì)飛速發(fā)展的同時(shí)也暴露出了許多問題。我國經(jīng)濟(jì)在經(jīng)歷了長期的高速增長后,經(jīng)濟(jì)發(fā)展進(jìn)入新常態(tài)。隨著我國深化體制機(jī)制改革,市場化程度的不斷加深,經(jīng)濟(jì)體制改革進(jìn)入攻堅(jiān)期和深水區(qū),十八屆三中全會在《中共中央關(guān)于全面深化改革若干重大問題的決定》中提出了一個(gè)新的重大理論論斷——使市場在資源配置中起"決定性"作用。優(yōu)化資源配置、提高資源的利用效率是深化改革、轉(zhuǎn)變經(jīng)濟(jì)發(fā)展方式的重要途徑。金融是現(xiàn)代經(jīng)濟(jì)的核心,金融資源是市場經(jīng)濟(jì)中最活躍的生產(chǎn)要素,在經(jīng)濟(jì)發(fā)展過程中發(fā)揮著重要作用。由于我國大型國有商業(yè)銀行為主導(dǎo)的金融體系和政府干預(yù)下的非市場化金融資源配置手段,導(dǎo)致我國存在非常嚴(yán)重的金融資源錯(cuò)配現(xiàn)象。金融資源錯(cuò)配將會嚴(yán)重影響企業(yè)績效水平,對經(jīng)濟(jì)增長產(chǎn)生明顯的減損效應(yīng)。而研究金融資源錯(cuò)配對企業(yè)績效的影響能夠更有針對性的解決企業(yè)轉(zhuǎn)型升級中所面臨的問題。本文將理論分析、現(xiàn)實(shí)分析和實(shí)證分析相結(jié)合,研究金融資源錯(cuò)配對企業(yè)績效的影響。首先,介紹了本文的研究背景與意義、方法與內(nèi)容等,并對前人已有的研究文獻(xiàn)進(jìn)行梳理。其次,介紹了金融資源錯(cuò)配的理論基礎(chǔ),重點(diǎn)分析了金融資源錯(cuò)配的內(nèi)涵界定、產(chǎn)生的原因、測度方法和金融資源錯(cuò)配對企業(yè)績效的影響機(jī)制、傳導(dǎo)過程和影響途徑,為實(shí)證分析奠定理論基礎(chǔ)。再次,分析金融資源錯(cuò)配對企業(yè)績效影響的中國現(xiàn)實(shí),結(jié)合當(dāng)前經(jīng)濟(jì)形勢對我國金融資源錯(cuò)配的主要表現(xiàn)形式和成因以及金融資源錯(cuò)配對企業(yè)績效的影響進(jìn)行分析。然后,選取樣本和變量指標(biāo)構(gòu)建多元線性回歸模型,利用我國滬深A(yù)股上市公司2000-2015年企業(yè)層面的數(shù)據(jù)進(jìn)行實(shí)證分析,運(yùn)用固定效應(yīng)模型對全樣本面板數(shù)據(jù)進(jìn)行回歸,分析金融資源錯(cuò)配與我國上市公司企業(yè)績效的相關(guān)關(guān)系,并對樣本進(jìn)行分組處理,按照國有企業(yè)和民營企業(yè)分組研究不同所有制性質(zhì)的上市公司金融資源錯(cuò)配對企業(yè)績效的影響是否存在差異。對我國金融資源錯(cuò)配的現(xiàn)實(shí)分析發(fā)現(xiàn),我國金融資源錯(cuò)配主要有三種表現(xiàn)形式,金融資源在金融部門與實(shí)體經(jīng)濟(jì)部門之間錯(cuò)配、金融資源在國有企業(yè)與民營企業(yè)之間錯(cuò)配、金融資源在產(chǎn)能過剩行業(yè)與新興產(chǎn)業(yè)之間錯(cuò)配。具體表現(xiàn)為金融資源在金融部門、國有企業(yè)、產(chǎn)能過剩行業(yè)配置過度,在實(shí)體經(jīng)濟(jì)部門、民營企業(yè)、新興產(chǎn)業(yè)配置不足。一方面,金融資源過度配置到金融部門、國有企業(yè)、產(chǎn)能過剩行業(yè),導(dǎo)致這些部門企業(yè)金融資源過剩,容易產(chǎn)生過度投資,導(dǎo)致資源浪費(fèi),投資效率較低,最終影響企業(yè)績效水平;另一方面,金融資源對實(shí)體經(jīng)濟(jì)部門、民營企業(yè)、新興產(chǎn)業(yè)配置不足,不能很好的支持這些部門企業(yè)發(fā)展,導(dǎo)致這些高效率企業(yè)融資難、融資貴,難以實(shí)現(xiàn)發(fā)展,最終影響企業(yè)績效水平。對金融資源錯(cuò)配與企業(yè)績效的關(guān)系進(jìn)行實(shí)證分析,研究結(jié)果表明:第一,金融資源錯(cuò)配與企業(yè)績效之間存在顯著的負(fù)相關(guān)關(guān)系,即上市公司面臨的金融資源錯(cuò)配程度越高,企業(yè)績效水平越低。第二,將上市公司中國有企業(yè)和民營企業(yè)進(jìn)行對比,國有企業(yè)和民營企業(yè)面臨的金融資源錯(cuò)配與企業(yè)績效之間均是負(fù)相關(guān),但金融資源錯(cuò)配對國有企業(yè)績效水平的影響程度更大,相同的金融資源錯(cuò)配程度,國有企業(yè)績效水平更低。最后,根據(jù)研究結(jié)果,政府主導(dǎo)的金融資源配置與國有商業(yè)銀行對金融資源的運(yùn)用導(dǎo)致了嚴(yán)重的金融資源錯(cuò)配,抑制了我國上市公司企業(yè)績效的提升,對我國經(jīng)濟(jì)增長具有減損效應(yīng)。本文針對目前存在的金融資源錯(cuò)配問題和企業(yè)如何消除由金融資源錯(cuò)配導(dǎo)致企業(yè)績效降低的問題,從政府、銀行、企業(yè)和貨幣政策調(diào)控角度提出幾點(diǎn)思考和建議。
[Abstract]:Since 1992 China has set up a system of market economy, in economic growth achievements, but the rapid economic development has also exposed many problems. China's economy has experienced rapid growth in the long term, economic development has entered a new norm. With the deepening of China's reform of system and mechanism, the market being deepen economic system reform has entered a crucial stage and the deep water area in the third Plenary Session of the 18th CPC Central Committee, the CPC Central Committee decided on "on deepening reform of the overall number of major issues in put forward a new major theoretical argument, make the market play a decisive role in the allocation of resources, optimize the allocation of resources, improve resource utilization efficiency is important to deepen reform, way to change the mode of economic development. Finance is the core of modern economy, financial resource is the most active factor of production in the market economy, play in the process of economic development An important role. Because the non market financial system and government intervention in China's large state-owned commercial banks dominated the means of the allocation of financial resources, resulting in China's existing financial resources mismatch phenomenon is very serious. The financial resources mismatch will seriously affect the performance of enterprises, the economic growth has obvious effect and impairment effect. Study on financial resources mismatch on enterprise performance can be more targeted to solve the enterprise transformation facing upgrade problem. This paper combines the theoretical analysis and practical analysis and empirical analysis combining effects of financial resources mismatch on the performance of enterprises. Firstly, introduces the research background and significance, methods and contents, and research the literature of previous reviews. Secondly, introduces the basic theory of financial resources mismatch, focuses on the analysis of the connotation of financial resources mismatch definition, causes, measures The influence mechanism and method of financial resources mismatch on the performance of enterprises, the transmission process and influence, lay the theoretical foundation for the empirical analysis. Thirdly, the analysis of financial resources mismatch on enterprise performance impact China reality, combined with the impact of the current economic situation of China's financial resources mismatch of the main manifestations and causes as well as the financial resources mismatch of enterprises the performance is analyzed. Then, select to construct multiple linear regression model sample and variable index, using China's Shanghai and Shenzhen A shares of Listed Companies in 2000-2015 enterprise level data for empirical analysis using fixed effects regression model for the full sample of panel data, correlation analysis of financial resources mismatch and Chinese Listed Companies' business performance. And for grouping samples, according to the financial resources of the wrong pair of state-owned enterprise and private enterprise groups of different ownership of listed companies Influence of enterprise performance difference. Analysis of the reality of China's financial resources mismatch found that China's financial resources mismatch there are three main forms of financial resources between the financial sector and the real economy mismatch of financial resources in the state-owned enterprises and private enterprises between the mismatch of financial resources between excess industry with the emerging industry mismatch in the production. The specific performance of financial resources in the financial sector, state-owned enterprises, private sector allocation over overcapacity in the real economy, enterprises, emerging industries configuration problems. On the one hand, the allocation of financial resources over to the financial sector, state-owned enterprises, industry overcapacity, leading enterprise financial resources in these sectors to excess, prone to excessive investment, resulting in a waste of resources, low investment efficiency, and ultimately affect the performance of enterprises; on the other hand, the financial resources of the private sector to the real economy, enterprise, new Xing industry allocation, not very good support for the development of these sectors leading to these enterprises, high efficiency enterprises financing difficulties, financing expensive, difficult to achieve development, and ultimately affect the performance of enterprises. The empirical analysis on the relation between financial resources mismatch and corporate performance. The results show that: first, there is a significant negative correlation between financial resources mismatch and enterprise performance, namely the financial resources mismatch degree of listed companies is high, enterprise performance level is low. Second, the listed companies have China enterprises and private enterprises are compared between the performance of financial resources mismatch and enterprises are facing the state-owned enterprises and private enterprises are negatively correlated, but the degree of influence of financial resources mismatch on the performance level of state owned enterprises greater financial resources mismatch of the same, the performance of state-owned enterprises is lower. Finally, according to the research results, the government led financial resources Use the configuration with the State-owned Commercial Bank of financial resources led to the financial resources mismatch serious, inhibited the performance of Listed Companies in our country enterprise promotion, has negative effects on China's economic growth. According to the financial resources mismatch and enterprises at present how to eliminate the mismatch of resources caused by the financial performance of enterprises to reduce the problem from the government, banks, and put forward some thoughts and suggestions of enterprise and monetary policy point of view.

【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F832;F275

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