【摘要】：作為最重要的市場(chǎng)主體,企業(yè)是社會(huì)經(jīng)濟(jì)進(jìn)步的主要力量。企業(yè)的生存和發(fā)展,離不開大量資金的注入和有效配置,企業(yè)融資效率問題也一直是學(xué)術(shù)界關(guān)注的重點(diǎn)。然而,我國(guó)企業(yè)長(zhǎng)期以來面臨著融資難、融資效率低的困境。企業(yè)的融資行為本質(zhì)上是在給定市場(chǎng)約束條件下各種融資方式的選擇問題。融資工具的供應(yīng)由金融環(huán)境所決定,因此一國(guó)金融體系的發(fā)展?fàn)顩r會(huì)在很大程度上影響企業(yè)融資效率。從這一意義上說,企業(yè)融資效率既取決于資金需求側(cè)(企業(yè))自身的條件也取決于資金供給側(cè)(金融體系)的活躍程度。改革開放以來,我國(guó)在金融總量增長(zhǎng)步入快車道的同時(shí),也積累了諸多結(jié)構(gòu)性問題,如間接融資比重和銀行業(yè)集中程度過高�？v觀金融發(fā)展的歷史過程可以看出,當(dāng)金融總量增長(zhǎng)到一定水平后,金融結(jié)構(gòu)往往在金融功能發(fā)揮和效率提升方面起決定性作用。在這樣的背景下,深入分析金融結(jié)構(gòu)是否以及如何影響企業(yè)融資效率,將為提高企業(yè)融資效率,推動(dòng)金融更好服務(wù)實(shí)體經(jīng)濟(jì)提供實(shí)證依據(jù)。另外,在宏觀經(jīng)濟(jì)的大背景下研究微觀企業(yè)行為是會(huì)計(jì)學(xué)、財(cái)務(wù)學(xué)的前沿和熱點(diǎn),研究金融結(jié)構(gòu)對(duì)企業(yè)融資效率的影響即是一個(gè)相關(guān)的嘗試。本文以融資理論、信息不對(duì)稱理論、金融結(jié)構(gòu)理論和效率理論為指導(dǎo),對(duì)企業(yè)融資效率、金融結(jié)構(gòu)與企業(yè)融資相關(guān)文獻(xiàn)進(jìn)行了梳理。學(xué)術(shù)界在金融結(jié)構(gòu)與企業(yè)融資這一領(lǐng)域進(jìn)行了豐富而卓有成效的研究,但主要關(guān)注的是金融結(jié)構(gòu)對(duì)企業(yè)融資約束程度的影響,基于金融結(jié)構(gòu)視角對(duì)企業(yè)融資效率進(jìn)行分析的文獻(xiàn)還不多見。本文選取了745家企業(yè)在2011-2015年的數(shù)據(jù)作為研究樣本。首先利用超效率DEA模型測(cè)度了樣本企業(yè)的融資效率值,結(jié)果表明我國(guó)企業(yè)融資效率總體偏低。進(jìn)一步地,選用金融市場(chǎng)發(fā)展水平和銀行業(yè)集中度兩個(gè)反映金融結(jié)構(gòu)的變量,通過描述性統(tǒng)計(jì)、相關(guān)性分析、面板固定效應(yīng)回歸模型及穩(wěn)健性檢驗(yàn)對(duì)研究假設(shè)進(jìn)行了驗(yàn)證。結(jié)果表明:金融市場(chǎng)發(fā)展水平與企業(yè)融資效率顯著正相關(guān),金融市場(chǎng)發(fā)展更有利于提升大企業(yè)的融資效率,銀行業(yè)集中度與企業(yè)融資效率顯著負(fù)相關(guān),降低銀行業(yè)集中度更有利于提升中小企業(yè)的融資效率�；谝陨蠈�(shí)證結(jié)論,對(duì)優(yōu)化金融結(jié)構(gòu)以提高企業(yè)融資效率提出如下建議:(1)要拓寬企業(yè)在金融市場(chǎng)的融資渠道,更好發(fā)揮金融市場(chǎng)在收集信息、提供流動(dòng)性和分擔(dān)風(fēng)險(xiǎn)方面的優(yōu)勢(shì);(2)發(fā)展中小銀行以降低銀行業(yè)集中度,充分發(fā)揮中小銀行在中小企業(yè)融資領(lǐng)域的重要作用。
[Abstract]:As the most important market subject, enterprises are the main forces of social and economic progress. The survival and development of enterprises can not be separated from the injection and effective allocation of a large amount of funds, and the efficiency of enterprise financing has always been the focus of academic attention. However, Chinese enterprises have been facing financing difficulties and low financing efficiency for a long time. The financing behavior of enterprises is essentially the choice of various financing methods under given market constraints. The supply of financing instruments is determined by the financial environment, so the development of a country's financial system will greatly affect the financing efficiency of enterprises. In this sense, the financing efficiency of enterprises depends not only on the conditions of the capital demand side (the firm) but also on the activity of the capital supply side (the financial system). Since the reform and opening up, China has accumulated many structural problems, such as the proportion of indirect financing and the degree of banking concentration. Looking at the history of financial development, we can see that when the total amount of finance increases to a certain level, the financial structure often plays a decisive role in the development of financial function and efficiency. Under this background, the analysis of whether and how the financial structure affects the financing efficiency of enterprises will provide an empirical basis for improving the financing efficiency of enterprises and promoting the financial services to the real economy. In addition, it is the frontier and hotspot of accounting and finance to study micro-enterprise behavior under the background of macro-economy. It is a related attempt to study the influence of financial structure on enterprise financing efficiency. Under the guidance of financing theory, information asymmetry theory, financial structure theory and efficiency theory, this paper combs the literature on enterprise financing efficiency, financial structure and enterprise financing. The academic circles have carried on the rich and fruitful research in the field of financial structure and enterprise financing, but the main concern is the influence of financial structure on the degree of corporate financing constraint. There are few literatures to analyze the financing efficiency of enterprises from the perspective of financial structure. In this paper, 745 enterprises in 2011-2015 data as a research sample. This paper first measures the financing efficiency of the sample enterprises by using the super-efficiency DEA model, and the results show that the financing efficiency of Chinese enterprises is on the low side. Furthermore, the financial market development level and banking concentration are selected to reflect the financial structure. The research hypothesis is verified by descriptive statistics, correlation analysis, panel fixed effect regression model and robustness test. The results show that the level of financial market development is significantly positively related to the financing efficiency of enterprises, the development of financial markets is more conducive to promoting the financing efficiency of large enterprises, and the banking concentration is negatively correlated with the financing efficiency of enterprises. Reducing banking concentration is more conducive to improving the financing efficiency of small and medium-sized enterprises. Based on the above empirical conclusions, the following suggestions are put forward to optimize the financial structure in order to improve the financing efficiency of enterprises: (1) to broaden the financing channels of enterprises in the financial market, and to make better use of the financial market to collect information. Providing liquidity and risk-sharing advantages; (2) to develop small and medium-sized banks to reduce banking concentration and give full play to the important role of small and medium-sized banks in the field of SME financing.
【學(xué)位授予單位】：太原理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F832;F275

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本文編號(hào)：2300183