本文選題：廣東省　切入點(diǎn)：制造業(yè)　出處：《五邑大學(xué)》2014年碩士論文

【摘要】：制造業(yè)是國(guó)民經(jīng)濟(jì)發(fā)展的重要組成部分,它對(duì)我國(guó)經(jīng)濟(jì)增長(zhǎng)起著重要的作用。廣東省是全國(guó)領(lǐng)先的制造業(yè)大省之一,省政府也陸續(xù)出臺(tái)了一系列政策來(lái)優(yōu)化制造業(yè)的產(chǎn)業(yè)結(jié)構(gòu)。2012年,廣東省的制造業(yè)法人單位數(shù)為287010個(gè),其固定資產(chǎn)投資為4923.94億。制造業(yè)的發(fā)展對(duì)廣東整個(gè)經(jīng)濟(jì)狀況有很大影響。近些年來(lái),尤其是2008年經(jīng)濟(jì)危機(jī)后,廣東省制造業(yè)面臨著諸如通貨膨脹、人民幣升值以及產(chǎn)業(yè)轉(zhuǎn)型等巨大的壓力。因此,需要優(yōu)化資本結(jié)構(gòu)以及加強(qiáng)企業(yè)的經(jīng)營(yíng)管理。融資對(duì)制造業(yè)上市公司至關(guān)重要,而債務(wù)融資作為融資渠道的一部分,也起著很重要的作用。學(xué)者們已做了很多的關(guān)于企業(yè)的資本結(jié)構(gòu)和制造業(yè)上市公司績(jī)效相關(guān)性的研究,然而,債務(wù)融資同制造業(yè)上市公司績(jī)效相關(guān)性的研究相對(duì)來(lái)說(shuō)仍比較少。 本文對(duì)國(guó)內(nèi)外學(xué)者們對(duì)資本結(jié)構(gòu)與公司績(jī)效相關(guān)性的研究成果進(jìn)行了綜合論述。通過(guò)采用理論與實(shí)證研究相結(jié)合的方法,對(duì)選取的42個(gè)廣東省制造業(yè)上市公司2008-2012年五年的財(cái)務(wù)數(shù)據(jù)為樣本進(jìn)行了研究。采川描述性統(tǒng)計(jì)的方法,對(duì)所選取的五年的樣本數(shù)據(jù)進(jìn)行初步的統(tǒng)計(jì)分析。通過(guò)對(duì)變量的平均數(shù)值、最大數(shù)值、最小數(shù)值以及方差的描述分析,概括出樣本變量的主要特征,然后通過(guò)采用主成分分析的方法,對(duì)企業(yè)績(jī)效進(jìn)行評(píng)價(jià)。結(jié)合制造業(yè)上市公司的具體情況和相關(guān)的文獻(xiàn),提出了相關(guān)的研究假說(shuō)。以企業(yè)的績(jī)效為被解釋變量,資產(chǎn)負(fù)債率,銀行借款率,企業(yè)的商業(yè)信用率以及應(yīng)付債券率為解釋變量,利用多元回歸分析的方法來(lái)檢驗(yàn)被解釋變量和解釋變量之間的關(guān)系。研究表明： 1.廣東省制造行業(yè)上市公司債務(wù)融資以短期負(fù)債為主,其在債務(wù)融資中占主導(dǎo)地位。銀行借款和商業(yè)信用是企業(yè)外源融資的主要渠道。 2.企業(yè)的債務(wù)融資并沒(méi)有因?yàn)楸芏惗沟觅Y金的使川效率更高,進(jìn)而提高公司績(jī)效,企業(yè)的資產(chǎn)負(fù)債率同公司績(jī)效呈負(fù)相關(guān)關(guān)系。 3.債務(wù)的期限結(jié)構(gòu)研究表明企業(yè)的短期債務(wù)率及長(zhǎng)期債務(wù)率均同公司績(jī)效呈負(fù)相關(guān)的關(guān)系。 4.債務(wù)的來(lái)源結(jié)構(gòu)的研究結(jié)果表明了銀行借款占債務(wù)融資的比例同公司績(jī)效負(fù)相關(guān)；商業(yè)信用融資占債務(wù)融資的比例同公司績(jī)效呈正相關(guān)。
[Abstract]:Manufacturing is an important part of national economic development and plays an important role in China's economic growth. Guangdong Province is one of the leading manufacturing provinces in the country. The provincial government has also introduced a series of policies to optimize the industrial structure of manufacturing. In 2012, the number of manufacturing corporations in Guangdong Province was 28,7010. Its fixed asset investment is 492.394 billion. The development of the manufacturing industry has a great impact on the overall economic situation in Guangdong. In recent years, especially after the 2008 economic crisis, the manufacturing industry in Guangdong Province is facing such inflation. Therefore, there is a need to optimize the capital structure and strengthen the management of enterprises. Financing is essential to listed companies in manufacturing industries, and debt financing is part of the financing channels. Scholars have done a lot of research on the correlation between the capital structure of enterprises and the performance of listed manufacturing companies, however, the research on the correlation between debt financing and the performance of listed manufacturing companies is relatively few. This paper makes a comprehensive discussion on the research results of the correlation between capital structure and corporate performance by domestic and foreign scholars. The financial data of 42 listed manufacturing companies in Guangdong Province for five years from 2008 to 2012 were studied. Through the analysis of the average value, the maximum value, the minimum value and the variance of the variables, the main characteristics of the sample variables are summarized. Then by using the principal component analysis method to evaluate the performance of enterprises, combined with the specific situation of listed manufacturing companies and related literature, put forward the relevant research hypothesis, take the performance of enterprises as the explanatory variable, asset-liability ratio, The bank borrowing ratio, business credit ratio and bond payable rate are the explanatory variables. The relationship between the explained variables and the explanatory variables is tested by the method of multiple regression analysis. 1. The debt financing of listed companies in Guangdong manufacturing industry is mainly short term debt, which dominates the debt financing. Bank loans and commercial credit are the main channels of external financing for enterprises. 2.The debt financing of enterprises does not make the funds more efficient because of tax avoidance, and then improve the corporate performance. The asset-liability ratio of enterprises is negatively related to corporate performance. 3. The study of debt maturity structure shows that the short-term debt ratio and the long-term debt ratio are negatively correlated with corporate performance. 4. The results show that the proportion of bank loans to debt financing is negatively related to corporate performance, while the proportion of commercial credit financing to debt financing is positively correlated with corporate performance.
【學(xué)位授予單位】：五邑大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F406.7;F425;F224

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