本文關(guān)鍵詞：上市公司債券融資與企業(yè)績效的實(shí)證研究　出處：《山西財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 資本結(jié)構(gòu) 債券融資 企業(yè)績效 上市公司

【摘要】：近些年，我國市場經(jīng)濟(jì)發(fā)展迅速，上市公司獲取資金的渠道愈發(fā)多元化，在資本結(jié)構(gòu)方面也越來越適應(yīng)經(jīng)濟(jì)市場的發(fā)展。一直以來，債券和股票市場是資本市場的兩個(gè)重要組成部分，兩者也是上市公司直接融資的有效手段。自1958年莫迪利亞尼和米勒提出了著名的MM定理，融資越來越被廣大學(xué)者重視。但是目前中國的公司債券市場起步較晚，依舊存在規(guī)模小，流動(dòng)性不足等問題，同時(shí)，關(guān)于中國上市公司債券融資和企業(yè)績效的互動(dòng)關(guān)系的研究卻沒有引起國內(nèi)外學(xué)者的重視。通過本文的研究，可以有效解決我國上市公司融資渠道單一、融資結(jié)構(gòu)失衡等問題,也可以解決公司發(fā)行債券是否是一種恰當(dāng)?shù)娜谫Y方式，以及能否提高企業(yè)績效的問題。 本文以發(fā)行債券的上市公司為研究對(duì)象，選取了近3年深市滬市發(fā)行債券的上市公司315家，通過文獻(xiàn)查閱、因子分析和回歸分析等方法，對(duì)中國上市公司債券融資與企業(yè)績效的關(guān)系進(jìn)行了理論和實(shí)證分析，希望能對(duì)目前的研究有所幫助。最大的創(chuàng)新之處在于，在理論部分，緊密地與我國債券市場的現(xiàn)狀相聯(lián)系，從我國的債券融資資本結(jié)構(gòu)開始研究；在實(shí)證部分，選取的指標(biāo)是最新的，更具有代表性，，也較為全面，并且將因子分析和回歸分析二者結(jié)合進(jìn)行實(shí)證分析。 本文共分為六章。第一章為緒論，對(duì)本文研究的背景、意義、內(nèi)容與方法以及創(chuàng)新之處進(jìn)行了簡單的介紹，并歸納分析了國內(nèi)外學(xué)者的研究成果。第二章是關(guān)于債券融資的理論基礎(chǔ)，介紹了債券融資的內(nèi)涵和基本理論，然后分別于股權(quán)融資理論和銀行貸款理論進(jìn)行比較，并且指出我國目前債券融資的問題。第三章是關(guān)于企業(yè)績效評(píng)價(jià)的相關(guān)理論，介紹了企業(yè)績效評(píng)價(jià)的內(nèi)涵和測(cè)量的方法。第四章介紹了上市公司債券融資和企業(yè)績效的關(guān)系。第五章主要對(duì)兩者關(guān)系進(jìn)行實(shí)證分析，并選取2010-2012年上市公司的財(cái)務(wù)數(shù)據(jù)作為樣本，建立模型，進(jìn)行分析，得出結(jié)論：我國上市公司債券融資并沒有企業(yè)績效產(chǎn)生積極作用，債券融資與企業(yè)績效之間呈現(xiàn)倒U型關(guān)系，但是在什么范圍內(nèi)正相關(guān)，在什么范圍內(nèi)負(fù)相關(guān)，還沒有得到結(jié)論。最后一章提出政策性建議，來促進(jìn)我國債券市場的發(fā)展。
[Abstract]:In recent years, with the rapid development of the market economy in our country, the channels of obtaining funds for listed companies are becoming more and more diversified, and the capital structure is becoming more and more suitable for the development of the economic market. Bond and stock market are two important parts of capital market, and they are also effective means of direct financing of listed companies. Since 1958, Modigliani and Hans Muller have put forward the famous MM theorem. Financing has been paid more and more attention by scholars. However, the current corporate bond market in China started relatively late, there are still a small scale, liquidity and other problems, at the same time. The research on the interactive relationship between bond financing and corporate performance of listed companies in China has not attracted the attention of domestic and foreign scholars. Through the research of this paper, we can effectively solve the single financing channel of listed companies in China. The imbalance of financing structure can also solve the problem of whether issuing bonds is an appropriate way of financing and whether it can improve the performance of enterprises. This paper takes the listed companies issuing bonds as the research object, selects 315 listed companies that issued bonds in the Shanghai Stock Exchange in recent three years, through literature review, factor analysis and regression analysis and other methods. This paper makes a theoretical and empirical analysis of the relationship between bond financing and corporate performance of listed companies in China, hoping to be helpful to the current research. The biggest innovation lies in the theoretical part. Closely related to the current situation of China's bond market, from the bond financing capital structure of China began to study; In the empirical part, the selected indicators are the latest, more representative and more comprehensive, and the factor analysis and regression analysis are combined for empirical analysis. This paper is divided into six chapters. The first chapter is the introduction, the background, significance, content, methods and innovations of this study are briefly introduced. The second chapter is about the theoretical basis of bond financing, and introduces the connotation and basic theory of bond financing. Then it compares the equity financing theory with the bank loan theory, and points out the current problems of bond financing in China. Chapter three is about the related theory of enterprise performance evaluation. Chapter 4th introduces the relationship between corporate bond financing and corporate performance. Chapter 5th mainly analyzes the relationship between the two. And select the financial data of listed companies in 2010-2012 as a sample, establish a model, analysis, draw a conclusion: bond financing of listed companies in China does not have a positive impact on corporate performance. Bond financing and corporate performance show an inverted U-shaped relationship, but in what range of positive correlation, in what range of negative correlation, has not yet reached a conclusion. The last chapter puts forward policy recommendations. To promote the development of China's bond market.
【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)】：F832.51;F275

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