本文選題：金融發(fā)展　切入點(diǎn)：債務(wù)融資　出處：《山東大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：由于我國現(xiàn)階段經(jīng)濟(jì)發(fā)展水平不高,資本市場發(fā)展不夠完善,金融制度尚有缺陷,多數(shù)企業(yè)在進(jìn)行融資決策時,主觀上存在著重股權(quán)、輕債權(quán)等非理性行為,客觀上面臨著債務(wù)融資不足的現(xiàn)象。企業(yè)的融資方式直接影響著企業(yè)融資結(jié)構(gòu),進(jìn)而對企業(yè)績效、長遠(yuǎn)發(fā)展產(chǎn)生重要影響。在我國經(jīng)濟(jì)轉(zhuǎn)軌的特殊時期,伴隨著我國金融市場的逐步完善,上市公司需要重新思考股權(quán)融資和債務(wù)融資的深刻含義,調(diào)整資本結(jié)構(gòu)中債務(wù)融資的結(jié)構(gòu)安排,而不應(yīng)一味地追求股權(quán)融資。通過本文的分析,上市公司應(yīng)能夠看清自身所處的金融發(fā)展環(huán)境,清楚認(rèn)識到我國的金融發(fā)展對上市公司債務(wù)融資的具體影響,并以此為參考來制定合理的資本結(jié)構(gòu)。 本文的研究是基于我國企業(yè)重股權(quán)、輕債權(quán)行為導(dǎo)致的企業(yè)債務(wù)融資水平偏低的現(xiàn)實背景,以1998-2012年我國金融發(fā)展和上市公司財務(wù)數(shù)據(jù)為樣本,通過金融發(fā)展規(guī)模、金融發(fā)展結(jié)構(gòu)和金融發(fā)展效率三要素構(gòu)建金融發(fā)展指標(biāo),并添加企業(yè)可抵押資產(chǎn)、企業(yè)成長性和企業(yè)盈利能力三個控制變量,建立時間序列模型,運(yùn)用時間序列的單位根檢驗和Johansen協(xié)整檢驗方法,實證分析金融發(fā)展對我國企業(yè)債務(wù)融資的影響,并試圖回答金融發(fā)展是否能夠緩解我國企業(yè)重股權(quán)融資、輕債務(wù)融資的非理性融資現(xiàn)象,進(jìn)而提高我國企業(yè)債務(wù)融資的水平,優(yōu)化我國上市公司的資本結(jié)構(gòu)。 實證結(jié)果表明：在長期,我國金融發(fā)展規(guī)模、金融發(fā)展結(jié)構(gòu)和金融發(fā)展效率對上市公司債務(wù)融資均有不同程度的促進(jìn)作用。其中,金融發(fā)展結(jié)構(gòu)對企業(yè)債務(wù)融資的貢獻(xiàn)度最大,金融發(fā)展效率、金融發(fā)展規(guī)模依次次之�；谏鲜鰧嵶C研究,文章最后從擴(kuò)大金融發(fā)展規(guī)模、發(fā)展多元化的金融機(jī)構(gòu)、提升金融體系的資本運(yùn)作效率等方面提出了優(yōu)化我國金融體系、促進(jìn)企業(yè)債務(wù)融資的建議。
[Abstract]:Because the level of economic development is not high, the development of capital market is not perfect, and the financial system is still defective, most enterprises have some irrational behaviors, such as attaching importance to stock right and neglecting creditor's rights, when they make financing decisions. Objectively speaking, it is facing the phenomenon of insufficient debt financing. The financing mode of enterprises directly affects the financing structure of enterprises, and then has an important impact on the performance and long-term development of enterprises. In the special period of economic transition in China, With the gradual improvement of China's financial market, listed companies need to rethink the profound implications of equity financing and debt financing, and adjust the structural arrangements of debt financing in the capital structure. Through the analysis of this paper, listed companies should be able to see clearly their own financial development environment, and clearly understand the specific impact of financial development on debt financing of listed companies. And take this as the reference to formulate the reasonable capital structure. The research of this paper is based on the realistic background of the low level of corporate debt financing caused by enterprises' emphasis on equity rather than creditor's rights, taking the financial development and financial data of listed companies from 1998 to 2012 as samples, through the scale of financial development. Financial development structure and financial development efficiency are three factors to construct financial development index, and add three control variables of enterprise mortgage assets, enterprise growth and enterprise profitability, and establish time series model. Using the method of unit root test and Johansen cointegration test of time series, this paper empirically analyzes the influence of financial development on debt financing of Chinese enterprises, and tries to answer whether financial development can alleviate the heavy equity financing of Chinese enterprises. The irrational financing phenomenon of light debt financing improves the level of debt financing of Chinese enterprises and optimizes the capital structure of listed companies in China. The empirical results show that: in the long run, the scale of financial development, the structure of financial development and the efficiency of financial development have different effects on debt financing of listed companies. The contribution of financial development structure to enterprise debt financing is the largest, the efficiency of financial development and the scale of financial development follow in turn. Based on the above empirical research, the paper finally expands the scale of financial development and develops diversified financial institutions. To improve the efficiency of capital operation of financial system, this paper puts forward some suggestions on how to optimize our financial system and promote enterprise debt financing.
【學(xué)位授予單位】：山東大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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