發(fā)布時間：2018-02-25 22:26

  本文關鍵詞： 債務融資 期限結構 布置結構 公司業(yè)績　出處：《湖北大學》2014年碩士論文　論文類型：學位論文

【摘要】：在財務理論界,對公司資本結構的研究一直非常熱門,特別是20世紀70年代以來,隨著代理成本、信息不對稱等理論的引入,資本結構理論研究有了更為廣闊的領域。它不僅影響著企業(yè)的財務目標、籌資方式、籌資成本,而且也影響著企業(yè)的治理結構、激勵結構。中國資本市場正在趨向成熟,特別是股票市場,在經(jīng)濟發(fā)展中受到高度的關注。然而,作為資本結構重要組成部分的債務融資,卻是我國資本市場的“短腿”,明顯滯后于股權融資。公司債務融資發(fā)展滯后的問題不但不利于企業(yè)自身融資渠道的拓寬和我國企業(yè)的持續(xù)健康發(fā)展,而且影響和制約著宏觀金融的融資體制和資本市場的運行。因此,研究債務融資對于完善公司治理結構,提高公司績效有著重大的意義。 在現(xiàn)階段,我國的債務融資比重比股權融資比重明顯要低,與西方發(fā)達國家的情況相反,而且按照最優(yōu)融資順序,債務融資也應是最優(yōu)的。我國的理論研究人員對國外經(jīng)典的資本結構理論在中國是否有效進行了大量的分析,不同的學者有不同的結論和答案。 本文在國內(nèi)外學者的研究成果的基礎上,以中國制造業(yè)上市公司為研究對象,重點研究了資本結構理論中的債務融資部分,分析了債務融資與公司績效的相關性,試圖在理論構建的基礎上,通過理論分析與實證方法,對其進行較為科學的描述,揭示債務融資對公司績效的作用機制,以反映中國上市公司在該方面可能存在的問題,為提升我國公司治理水平和公司績效作一個參考。 債務是企業(yè)的一項重要的資金來源,沒有一家企業(yè)能夠不用負債而只靠自有資本就能滿足其自身的資金需求。當企業(yè)決定在用債務融入資金時,就不得不從債務的數(shù)量和債務的期限結構以及債務的來源這三個方面同時進行選擇。 本文選擇了我國A股制造業(yè)上市公司2010-2013年的數(shù)據(jù)分3個層次進行了實證研究,即分別檢驗了我國制造業(yè)上市公司總體債務水平、債務的期限結構、債務的布置結構對公司業(yè)績的影響,對實證的結果進行了分析,并在此基礎上結合我國的制度背景和企業(yè)融資特點提出相關的政策建議。 本文的主要結論是,我國上市公司總體債務水平與公司績效負相關,短期負債也與公司績效負相關,銀行借款總量與公司績效顯著負相關,商業(yè)信用借款與公司績效正相關,企業(yè)債券與企業(yè)績效負相關,但負相關關系較弱。導致這種結果的原因主要是我國長期債務市場發(fā)展不完善,相關的法律制度和信用制度不健全,政府在企業(yè)融資時過多干擾,企業(yè)融資時融資來源嚴重失衡,債務期限結構嚴重失衡。
[Abstract]:In the field of financial theory, the research on corporate capital structure has been very popular, especially since 1970s, with the introduction of agency cost, information asymmetry and other theories. The research of capital structure theory has a broader field. It not only affects the financial target, the way of financing, the cost of financing, but also affects the structure of corporate governance and incentive structure. In particular, the stock market has received great attention in economic development. However, as an important part of capital structure, debt financing, However, it is the "short leg" of our country's capital market, which obviously lags behind the equity financing. The problem of the lagged development of corporate debt financing is not only unfavorable to the widening of the financing channels of the enterprises themselves and the sustainable and healthy development of the enterprises in our country. Therefore, the study of debt financing is of great significance to the improvement of corporate governance structure and the improvement of corporate performance. At the present stage, the proportion of debt financing in China is obviously lower than that of equity financing, contrary to the situation in western developed countries, and in accordance with the optimal financing order, Chinese theoretical researchers have made a lot of analysis on the effectiveness of foreign classical capital structure theory in China. Different scholars have different conclusions and answers. Based on the research results of domestic and foreign scholars, this paper focuses on the debt financing part of the capital structure theory, and analyzes the correlation between debt financing and corporate performance. On the basis of theoretical construction, this paper attempts to describe it scientifically through theoretical analysis and empirical methods, and to reveal the mechanism of debt financing on corporate performance, so as to reflect the possible problems of Chinese listed companies in this respect. In order to improve the level of corporate governance and corporate performance for a reference. Debt is an important source of capital for an enterprise, and no enterprise can meet its own funding needs without debt but with its own capital. We have to choose from three aspects: the amount of debt and the maturity structure of debt and the source of debt. In this paper, the data of A share manufacturing listed companies in China from 2010 to 2013 are selected for empirical research, that is, the total debt level and debt maturity structure of Chinese manufacturing listed companies are tested respectively. The influence of the arrangement structure of debt on the performance of the company is analyzed, and on the basis of this, some policy suggestions are put forward based on the institutional background of our country and the characteristics of corporate financing. The main conclusions of this paper are that the total debt level of Chinese listed companies is negatively correlated with corporate performance, short-term debt is negatively correlated with corporate performance, total bank borrowing is negatively correlated with corporate performance, and commercial credit borrowing is positively correlated with corporate performance. Corporate bonds are negatively correlated with corporate performance, but the negative correlation is weak. The main causes of this result are the imperfect development of the long-term debt market, the imperfect legal system and credit system, and the excessive interference of the government in the financing of enterprises. When the enterprise finances, the financing source is seriously unbalanced, the debt maturity structure is seriously out of balance.
【學位授予單位】：湖北大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F224;F832.51

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本文編號：1535410