本文選題：債務(wù)期限結(jié)構(gòu)　切入點(diǎn)：公司績效　出處：《云南財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：公司獲取資金的渠道有很多,其中一個(gè)重要方面是債務(wù)融資,一直以來,對(duì)公司債務(wù)融資的研究都是財(cái)務(wù)研究的重要內(nèi)容。自MM定理在二十世紀(jì)五十年代誕生以來,公司負(fù)債融資決策理論在持續(xù)不斷發(fā)展,同時(shí)大量文獻(xiàn)研究圍繞這一主題展開。但現(xiàn)有大部分相關(guān)文獻(xiàn)都著眼于負(fù)債總額,也就是說,學(xué)者們將公司負(fù)債視為同質(zhì)的,在此基礎(chǔ)上分析公司在融資時(shí)所選擇的債務(wù)和權(quán)益分配比例。將關(guān)注點(diǎn)聚焦到債務(wù)融資后,十分有必要對(duì)公司債務(wù)結(jié)構(gòu)進(jìn)行詳細(xì)具體的研究。債務(wù)結(jié)構(gòu)有很多分類方式,其中最常規(guī)的是按照債務(wù)期限結(jié)構(gòu)對(duì)債務(wù)內(nèi)部結(jié)構(gòu)進(jìn)行劃分,所以,公司應(yīng)當(dāng)慎重選擇合適的債務(wù)期限結(jié)構(gòu)。無論是國外研究還是國內(nèi)研究,對(duì)這一問題均未形成統(tǒng)一的結(jié)論。尤其在當(dāng)下的轉(zhuǎn)軌經(jīng)濟(jì)背景下,我國上市公司的債務(wù)期限結(jié)構(gòu)存在什么特征,以及對(duì)業(yè)績有何影響是一個(gè)值得深究的問題。本文選擇我國A股上市公司為研究樣本,研究債務(wù)期限結(jié)構(gòu)對(duì)公司績效的影響效應(yīng)。在此基礎(chǔ)上,引入所有權(quán)屬性這一變量,進(jìn)一步探討這種影響效應(yīng)是否會(huì)受到所有權(quán)屬性的影響以及影響程度的大小。本文以2013—2015年為時(shí)間窗,最終篩選出符合要求的701家上市公司為研究樣本,進(jìn)一步以所有權(quán)屬性的維度,將701家上市公司分為國有上市公司和非國有上市公司兩類,分析在不同所有權(quán)性質(zhì)下的影響效應(yīng)。最后,選擇托賓Q值作為替代變量來衡量公司績效這一指標(biāo),對(duì)上述實(shí)證研究結(jié)論進(jìn)行穩(wěn)定性檢驗(yàn)。結(jié)果發(fā)現(xiàn):(1)我國上市公司的債務(wù)期限結(jié)構(gòu)對(duì)公司績效產(chǎn)生正向的影響效應(yīng);(2)對(duì)兩個(gè)子樣本進(jìn)行對(duì)比考察,當(dāng)只考慮國有上市公司時(shí),債務(wù)期限結(jié)構(gòu)對(duì)公司績效具有顯著的正向影響效應(yīng),而當(dāng)只考慮非國有上市公司時(shí),債務(wù)期限結(jié)構(gòu)對(duì)公司績效沒有明顯的影響效果。隨后的穩(wěn)健性檢驗(yàn)結(jié)果表明,無論將研究樣本設(shè)定為701家上市公司還是國有上市公司和非國有上市公司,債務(wù)期限結(jié)構(gòu)對(duì)托賓Q值均不產(chǎn)生影響。以實(shí)證研究結(jié)論和我國具體經(jīng)濟(jì)制度背景為依據(jù),本文提出如下關(guān)于債務(wù)期限結(jié)構(gòu)決策的建議:(1)拓寬公司的融資渠道;(2)強(qiáng)化負(fù)債制約機(jī)制;(3)適當(dāng)控制對(duì)國有上市公司的扶持程度,轉(zhuǎn)而向非國有上市公司傾斜,最終期望達(dá)到兩類上市公司間的均衡狀態(tài);(4)加強(qiáng)銀行約束力,優(yōu)化銀行監(jiān)管方式,緩和銀行與公司間的關(guān)系;(5)完善法律體制,維護(hù)債權(quán)人權(quán)益。期望在優(yōu)化債務(wù)期限結(jié)構(gòu)方面能夠起到一定的借鑒意義。
[Abstract]:There are many ways for companies to obtain funds, one of which is debt financing. All along, the research on corporate debt financing is an important part of financial research. The theory of corporate debt financing decision is developing continuously, and a large number of literatures are focused on this subject. However, most of the existing literatures focus on the total amount of debt, that is to say, the scholars regard corporate liabilities as homogeneous. After focusing on debt financing, it is necessary to make a detailed and specific study on the debt structure of the company. There are many ways to classify the debt structure. The most common is to divide the internal structure of debt according to the debt maturity structure. Therefore, companies should carefully choose the appropriate debt maturity structure. There is no unified conclusion on this issue. Especially in the context of the current transition economy, what are the characteristics of the debt maturity structure of listed companies in China? This paper studies the effect of debt maturity structure on corporate performance by selecting A-share listed companies in China as a sample to study the effect of debt maturity structure on corporate performance. On this basis, this paper introduces the variable of ownership attribute. In this paper, we take 2013-2015 as the time window to select 701 listed companies that meet the requirements. According to the dimension of ownership, 701 listed companies are divided into state-owned listed companies and non-state-owned listed companies. Using Tobin Q as an alternative variable to measure corporate performance, The results show that: 1) the debt maturity structure of listed companies in China has a positive effect on corporate performance. Debt maturity structure has a significant positive effect on corporate performance, but when only non-state-owned listed companies are considered, debt maturity structure has no significant effect on corporate performance. No matter the study sample is set at 701 listed companies, state-owned listed companies and non-state-owned listed companies, the debt maturity structure has no effect on Tobin's Q value. This paper puts forward the following suggestions on the decision of debt maturity structure: 1) to broaden the financing channels of the company. (2) to strengthen the debt restriction mechanism and to properly control the degree of support to the state-owned listed companies, and turn to the non-state-owned listed companies. Finally, we hope to achieve a balanced state between the two types of listed companies. (4) strengthen the binding power of banks, optimize the mode of bank supervision, and ease the relationship between banks and companies. (5) perfect the legal system. It is expected that the creditors' rights and interests can be used for reference in optimizing the debt maturity structure.
【學(xué)位授予單位】：云南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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