本文關(guān)鍵詞： 債務(wù)融資 期限結(jié)構(gòu) 布置結(jié)構(gòu) 公司業(yè)績(jī)　出處：《湖北大學(xué)》2014年碩士論文　論文類(lèi)型：學(xué)位論文

【摘要】：在財(cái)務(wù)理論界,對(duì)公司資本結(jié)構(gòu)的研究一直非常熱門(mén),特別是20世紀(jì)70年代以來(lái),隨著代理成本、信息不對(duì)稱(chēng)等理論的引入,資本結(jié)構(gòu)理論研究有了更為廣闊的領(lǐng)域。它不僅影響著企業(yè)的財(cái)務(wù)目標(biāo)、籌資方式、籌資成本,而且也影響著企業(yè)的治理結(jié)構(gòu)、激勵(lì)結(jié)構(gòu)。中國(guó)資本市場(chǎng)正在趨向成熟,特別是股票市場(chǎng),在經(jīng)濟(jì)發(fā)展中受到高度的關(guān)注。然而,作為資本結(jié)構(gòu)重要組成部分的債務(wù)融資,卻是我國(guó)資本市場(chǎng)的“短腿”,明顯滯后于股權(quán)融資。公司債務(wù)融資發(fā)展滯后的問(wèn)題不但不利于企業(yè)自身融資渠道的拓寬和我國(guó)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(chǎng)的運(yùn)行。因此,研究債務(wù)融資對(duì)于完善公司治理結(jié)構(gòu),提高公司績(jī)效有著重大的意義。 在現(xiàn)階段,我國(guó)的債務(wù)融資比重比股權(quán)融資比重明顯要低,與西方發(fā)達(dá)國(guó)家的情況相反,而且按照最優(yōu)融資順序,債務(wù)融資也應(yīng)是最優(yōu)的。我國(guó)的理論研究人員對(duì)國(guó)外經(jīng)典的資本結(jié)構(gòu)理論在中國(guó)是否有效進(jìn)行了大量的分析,不同的學(xué)者有不同的結(jié)論和答案。 本文在國(guó)內(nèi)外學(xué)者的研究成果的基礎(chǔ)上,以中國(guó)制造業(yè)上市公司為研究對(duì)象,重點(diǎn)研究了資本結(jié)構(gòu)理論中的債務(wù)融資部分,分析了債務(wù)融資與公司績(jī)效的相關(guān)性,試圖在理論構(gòu)建的基礎(chǔ)上,通過(guò)理論分析與實(shí)證方法,對(duì)其進(jìn)行較為科學(xué)的描述,揭示債務(wù)融資對(duì)公司績(jī)效的作用機(jī)制,以反映中國(guó)上市公司在該方面可能存在的問(wèn)題,為提升我國(guó)公司治理水平和公司績(jī)效作一個(gè)參考。 債務(wù)是企業(yè)的一項(xiàng)重要的資金來(lái)源,沒(méi)有一家企業(yè)能夠不用負(fù)債而只靠自有資本就能滿足其自身的資金需求。當(dāng)企業(yè)決定在用債務(wù)融入資金時(shí),就不得不從債務(wù)的數(shù)量和債務(wù)的期限結(jié)構(gòu)以及債務(wù)的來(lái)源這三個(gè)方面同時(shí)進(jìn)行選擇。 本文選擇了我國(guó)A股制造業(yè)上市公司2010-2013年的數(shù)據(jù)分3個(gè)層次進(jìn)行了實(shí)證研究,即分別檢驗(yàn)了我國(guó)制造業(yè)上市公司總體債務(wù)水平、債務(wù)的期限結(jié)構(gòu)、債務(wù)的布置結(jié)構(gòu)對(duì)公司業(yè)績(jī)的影響,對(duì)實(shí)證的結(jié)果進(jìn)行了分析,并在此基礎(chǔ)上結(jié)合我國(guó)的制度背景和企業(yè)融資特點(diǎn)提出相關(guān)的政策建議。 本文的主要結(jié)論是,我國(guó)上市公司總體債務(wù)水平與公司績(jī)效負(fù)相關(guān),短期負(fù)債也與公司績(jī)效負(fù)相關(guān),銀行借款總量與公司績(jī)效顯著負(fù)相關(guān),商業(yè)信用借款與公司績(jī)效正相關(guān),企業(yè)債券與企業(yè)績(jī)效負(fù)相關(guān),但負(fù)相關(guān)關(guān)系較弱。導(dǎo)致這種結(jié)果的原因主要是我國(guó)長(zhǎng)期債務(wù)市場(chǎng)發(fā)展不完善,相關(guān)的法律制度和信用制度不健全,政府在企業(yè)融資時(shí)過(guò)多干擾,企業(yè)融資時(shí)融資來(lái)源嚴(yán)重失衡,債務(wù)期限結(jié)構(gòu)嚴(yán)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(xué)位授予單位】：湖北大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F275;F224;F832.51

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