本文關鍵詞： 制造業(yè) 債務結構 企業(yè)成長性 因子分析法　出處：《湖南師范大學》2014年碩士論文　論文類型：學位論文

【摘要】：制造業(yè)是國民經濟的基礎性產業(yè),是整個國民經濟發(fā)展的基礎和命脈,其發(fā)展的好壞直接影響到我國國民經濟的全局。而制造業(yè)在發(fā)展過程中,債務融資是提供所需要的資金來源渠道之一,是否保持合理的債務結構直接影響到企業(yè)的發(fā)展和成長機會。因此,制造業(yè)上市公司應該非常重視債務結構的優(yōu)化。本文以制造業(yè)上市公司為切入點,研究債務結構對企業(yè)成長性的影響,不僅對制造業(yè)上市公司選擇融資方式具有參考價值,而且也有助于制造業(yè)上市公司自身的發(fā)展與成長。 本文以2010-2012年我國制造業(yè)上市公司為研究對象,實證分析了債務結構對企業(yè)成長性的影響。其中,對于企業(yè)成長性的衡量,首先選取10個反映企業(yè)成長性的財務指標,然后采用因子分析法提取5個公因子,最后通過公因子的方差貢獻率加權平均計算獲得衡量企業(yè)成長性的綜合指數；然后分別從債務結構的三個維度負債總水平、債務期限結構、債務來源結構對企業(yè)成長性綜合指數進行回歸分析。實證結果表明：負債總水平與企業(yè)成長性呈負相關關系；債務期限結構與企業(yè)成長性呈負相關關系；債務來源結構中的商業(yè)信用比例與企業(yè)成長性存在正相關,銀行借款比例則呈負相關關系。最后,在實證結論的基礎上提出了優(yōu)化制造業(yè)上市公司債務融資結構和提高企業(yè)成長的對策建議。
[Abstract]:Manufacturing industry is the basic industry of national economy and the basis and lifeline of the development of the whole national economy. The quality of its development directly affects the overall situation of our national economy. Debt financing is one of the necessary sources of financing, and the maintenance of a reasonable debt structure has a direct impact on the development and growth opportunities of an enterprise. The listed companies in manufacturing industry should attach great importance to the optimization of debt structure. This paper studies the impact of debt structure on the growth of enterprises by taking the listed companies in manufacturing industry as the starting point, which not only has reference value for listed companies in manufacturing industries to choose financing methods, And also contribute to the development and growth of listed manufacturing companies themselves. This paper takes the listed manufacturing companies in China from 2010 to 2012 as the research object, and empirically analyzes the impact of debt structure on the growth of enterprises. For the measurement of enterprise growth, 10 financial indicators reflecting the growth of enterprises are first selected. Then five common factors are extracted by factor analysis method, and then the comprehensive index of enterprise growth is obtained by calculating the weighted average of variance contribution rate of common factors, and then the total debt level is obtained from the three dimensions of debt structure. The regression analysis of debt maturity structure, debt source structure and enterprise growth index shows that the total debt level is negatively related to firm growth, debt maturity structure is negatively related to firm growth, debt maturity structure is negatively related to firm growth, and debt maturity structure is negatively related to firm growth. The proportion of commercial credit in debt source structure is positively related to the growth of enterprises, while the proportion of bank loans is negatively correlated. Based on the empirical results, the paper puts forward some countermeasures and suggestions to optimize the debt financing structure of listed manufacturing companies and to improve the growth of enterprises.
【學位授予單位】：湖南師范大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.72;F272

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