本文選題：制造業(yè)上市公司　切入點：債務融資　出處：《沈陽理工大學》2014年碩士論文　論文類型：學位論文

【摘要】：制造業(yè)是我國國民經濟的支柱，對我國經濟的發(fā)展起著主導作用，與人民的日常生活密切相關。我國對債務融資的研究起步比較晚，且大多數的研究都集中于股權融資，未重視債權人的利益以及他們在公司治理中的作用。因此本文將研究的重點確認為制造業(yè)上市公司債務融資對公司績效的影響。并認為本文的研究對制造業(yè)上市公司如何確定債務總量、分配債務期限，選擇債務融資方式，形成最佳的融資結構，具有重要的參考價值。 本文選取2008年-2012年在深滬交易所上市的A股制造業(yè)上市公司為研究樣本，從國泰安數據庫獲得其年報數據，并運用SPSS19.0進行實證分析。實證研究結論為：制造業(yè)上市公司債務整體水平與公司績效呈負的相關關系；短期債務與公司績效呈負的相關關系，，長期債務與公司績效呈負的相關關系；銀行借款與公司績效呈負的相關關系，商業(yè)信用與公司績效呈正的相關關系。 本文在結構上的安排為，第一章為緒論部分。這部分概括介紹了論文的研究背景及現實意義、國內外研究現狀和研究的理論依據，主要包括MM理論、代理成本理論、不對稱信息理論、控制權理論和期限匹配假說，并簡要概述了本文的研究思路及方法和本文的創(chuàng)新點等問題。第二章是對制造業(yè)上市公司公司績效與債務融資的基本理論概述。界定了公司績效、債務融資、制造業(yè)等基本概念，并通過樣本數據分析了制造業(yè)上市公司債務融資現狀和公司績效現狀。第三章是對制造業(yè)上市公司債務融資對公司績效影響的理論分析。本文從債務整體水平、債務期限結構和債務來源三個層面分析了制造業(yè)上市公司債務融資對公司績效的影響。第四章是本文的實證部分，首先依據第三章提出研究假設，并根據假設選取樣本和變量指標，構建多元線性回歸模型，然后進行相關性分析和回歸分析。第五章概括總結本文的理論研究與實證研究，并指出本文研究的局限性。
[Abstract]:The manufacturing industry is the pillar of our national economy, which plays a leading role in the development of our economy and is closely related to the daily life of the people. The research on debt financing in China started relatively late, and most of the studies focused on equity financing. Therefore, the focus of this study is the impact of debt financing on corporate performance of listed manufacturing companies. How does the company determine the total amount of debt, It has important reference value to allocate debt maturity, select debt financing method and form the best financing structure. This paper selects the A share manufacturing listed companies listed on the Shenzhen and Shanghai Stock Exchange from 2008 to 2012 as the research samples and obtains the annual report data from Cathay Pacific database. The empirical results are as follows: the overall debt level of listed manufacturing companies is negatively correlated with corporate performance, and short-term debt is negatively correlated with corporate performance. There is a negative correlation between long-term debt and corporate performance, a negative correlation between bank loans and corporate performance, and a positive correlation between commercial credit and corporate performance. The structure of this paper is arranged as follows: the first chapter is the introduction part. This part introduces the research background and practical significance of the paper, the domestic and foreign research status and the theoretical basis of the research, mainly including MM theory, agency cost theory, Asymmetric information theory, control theory and term matching hypothesis, The second chapter summarizes the basic theory of corporate performance and debt financing of manufacturing listed companies, defines corporate performance, debt financing, and so on. Basic concepts such as manufacturing, The third chapter is the theoretical analysis of the impact of debt financing on corporate performance of manufacturing listed companies. This paper analyzes the impact of debt financing on corporate performance from three aspects of debt maturity structure and debt source. Chapter 4th is the empirical part of this paper. According to the hypothesis, the multivariate linear regression model is constructed, and then the correlation analysis and regression analysis are carried out. Chapter 5th summarizes the theoretical and empirical research, and points out the limitations of this study.
【學位授予單位】：沈陽理工大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F406.7;F425

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相關期刊論文 前1條

1 蘇新龍;張海燕;徐棟良;林歡;;債權融資結構與公司業(yè)績實證研究[J];生產力研究;2010年08期

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