本文選題：上市機場 + 股權(quán)融資　； 參考：《復旦大學》2012年碩士論文

【摘要】：機場作為公共基礎(chǔ)設(shè)施,在世界許多國家由政府管理,機場投資所需要的資本來源的相當部分,要依靠財政撥款和銀行借貸。但與此同時,機場作為資本密集型行業(yè),如果純粹依靠國家財政撥款,不僅會成為國家財政的一大負擔,而且也會使機場的健康發(fā)展受制于資金約束。因此,機場的融資渠道應該是多元的。從目前的情況來看,我國的融資模式主要包括：國家預算投資、外商直接投資、國際金融組織和外國政府貸款、證券融資等。 機場上市公司作為機場行業(yè)的重要融資平臺,不僅有利于融資渠道的多元化,而且也有利于通過機場資本結(jié)構(gòu)的改變,改善資金使用效率。截止2010年,我國共有機場157個,其中一共只有六家機場上市公司,而且兩家還在香港上市,但卻是我國為數(shù)不多的幾家盈利的機場公司。為什么在許多機場虧損運營的情況下,這些機場上市公司能夠保持盈利?除受機場的區(qū)位影響外,是否與機場上市公司的資本結(jié)構(gòu)有關(guān)?股權(quán)融資和債權(quán)融資在機場融資結(jié)構(gòu)中對機場資金運用效率分別起到了什么樣的作用?本文運用資本結(jié)構(gòu)理論,利用在深、滬兩市上市的4家機場公司的財務數(shù)據(jù),主要考察了以下幾個問題： 第一,在對相關(guān)融資理論和資本結(jié)構(gòu)理論進行綜述的基礎(chǔ)上,圍繞機場融資,對國內(nèi)外相關(guān)的研究現(xiàn)狀進行了分析。 第二,通過理論與數(shù)據(jù)的結(jié)合,從資本融資結(jié)構(gòu)的角度,分析影響中國機場上市公司融資效率的因素,以便為論文的建模和實證分析作鋪墊。 第三,選取衡量股權(quán)融資、債權(quán)融資和公司價值的相關(guān)變量,構(gòu)建單方程回歸模型,利用4家機場上市公司的財務數(shù)據(jù),對回歸模型進行實證檢驗,從實證的角度考察債權(quán)融資和股權(quán)融資對機場上市公司融資效率和盈利能力的影響。 第四,根據(jù)對機場上市公司融資效率的分析結(jié)果,針對目前機場融資效率中存在的不足和問題,提出相應的建議。 本文認為,股權(quán)融資和債權(quán)融資對融資效率均有影響,但從債權(quán)融資和股權(quán)融資對融資影響的效果比較來看,債權(quán)融資相對股權(quán)融資更有利于制約經(jīng)理人的自利行為,降低代理成本,提高融資效率。但由于股權(quán)融資改變了資2結(jié)構(gòu),有利于公司的長遠的利益,因而能促使機場公司整體融資效率的提升。但與此同時,由于目前中國機場上市公司中國有股“一股獨大”的現(xiàn)象非常嚴重,而流通股股東則顯得相對分散,從而在一定程度上弱化了對大股東資金使用的監(jiān)督,引發(fā)國家控股股東隨意支配投資,影響融資效率的提升。
[Abstract]:As a public infrastructure, airports are managed by governments in many countries around the world, and a considerable part of the capital needed for airport investment depends on financial allocations and bank loans. But at the same time, as a capital-intensive industry, if the airport purely depends on the national financial allocations, it will not only become a burden on the national finance, but also make the healthy development of the airport subject to the constraints of capital. Therefore, the financing channels of the airport should be diversified. From the current situation, the financing mode of our country mainly includes: national budget investment, foreign direct investment, international financial organization and foreign government loan, securities financing and so on. As an important financing platform of airport industry, airport listed companies are not only conducive to the diversification of financing channels, but also conducive to improving the efficiency of capital use through the change of airport capital structure. Up to 2010, there are 157 airports in China, of which only six are listed in Hong Kong, and two are listed in Hong Kong. Why are listed companies able to maintain profitability at the expense of many airports? Apart from the location of the airport, is it related to the capital structure of the listed companies at the airport? What effect does equity financing and debt financing play on the efficiency of airport capital utilization in airport financing structure? Using the capital structure theory and the financial data of four airport companies listed in Shenzhen and Shanghai stock markets, this paper mainly investigates the following problems: First, on the basis of summarizing the related financing theory and capital structure theory, this paper analyzes the current research situation of airport financing at home and abroad. Secondly, through the combination of theory and data, from the perspective of capital financing structure, this paper analyzes the factors that affect the financing efficiency of Chinese airport listed companies, in order to pave the way for the modeling and empirical analysis of the thesis. Third, select the relevant variables to measure equity financing, debt financing and corporate value, construct a single equation regression model, use the financial data of four listed companies to test the regression model. The effects of debt financing and equity financing on the financing efficiency and profitability of airport listed companies are investigated from an empirical point of view. Fourth, according to the analysis of the financing efficiency of airport listed companies, the paper puts forward the corresponding suggestions in view of the shortcomings and problems existing in the current airport financing efficiency. This paper holds that both equity financing and debt financing have influence on the financing efficiency, but from the comparison of the effects of creditor's rights financing and equity financing on financing, creditor's rights financing is more conducive to restricting managers' self-interest behavior than equity financing. Reduce agency costs and improve financing efficiency. However, because equity financing has changed the structure of capital 2, it is beneficial to the long-term interests of the company, so it can promote the overall financing efficiency of the airport company. At the same time, however, due to the fact that there is a very serious phenomenon of "one share is dominant" in China's listed companies at the airport, and the circulating shareholders appear to be relatively dispersed, thus weakening to some extent the supervision over the use of the funds of major shareholders. Lead to the state-controlled shareholders at will to control the investment, affecting the efficiency of financing.
【學位授予單位】：復旦大學
【學位級別】：碩士
【學位授予年份】：2012
【分類號】：F562.6;F224

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