本文選題：戰(zhàn)略差異度　切入點：債務成本　出處：《廣東財經(jīng)大學》2017年碩士論文　論文類型：學位論文

【摘要】：2015年習近平主席要中央會議明確提出 供給側(cè)改革‖的理念,這對于企業(yè)而言,既是機會,又是挑戰(zhàn)。而在中國,債務融資成為企業(yè)融資首要的融資方式。企業(yè)如何在此次改革中利用自身的戰(zhàn)略,降低債務成本成為當今企業(yè)值得深思的課題。本文以2009-2014年滬深兩市A股上市公司為研究對象,運用多元回歸模型,深入探討了戰(zhàn)略差異與債務成本兩者的關(guān)系。研究表明:(1)企業(yè)的戰(zhàn)略差異越大,債務成本越高;(2)企業(yè)的戰(zhàn)略差異越大,其企業(yè)績效波動越明顯,債務成本也越高;(3)相比于沒有產(chǎn)業(yè)支持的企業(yè),有產(chǎn)業(yè)支持的企業(yè)的戰(zhàn)略差異與債務成本的正相關(guān)關(guān)系越強。本文的可能的創(chuàng)新之處共有三點:第一,本文更深入研究了戰(zhàn)略差異度對債務成本的影響。第二,本文豐富了戰(zhàn)略差異的經(jīng)濟后果和債務成本的影響因素的研究。第三,本文首次用實證檢驗了企業(yè)戰(zhàn)略度對債務成本兩條影響路徑,一條路徑以企業(yè)績效波動作為中介變量如何影響兩者關(guān)系,另一條路徑以是否獲得國家的產(chǎn)業(yè)政策作為調(diào)節(jié)變量如何影響兩者關(guān)系。本文的實踐意義在于,本文的研究結(jié)論不僅能夠為相關(guān)部門進一步完善我國上市公司債務融資市場提供理論支持,而且為上市公司進行戰(zhàn)略選擇時提供了參考與借鑒。
[Abstract]:In 2015, President Xi Jinping asked the Central Committee to explicitly put forward the concept of supply-side reform, which is both an opportunity and a challenge for enterprises. Debt financing has become the most important financing method for enterprises. How to make use of their own strategy to reduce debt cost has become a topic worth pondering in enterprises. This paper takes the A-share listed companies of Shanghai and Shenzhen stock markets in 2009-2014 as the research object. The relationship between the strategic difference and the debt cost is discussed by using the multiple regression model. The research shows that the greater the strategic difference is, the higher the debt cost is, and the bigger the strategic difference is, the more obvious the fluctuation of enterprise performance is. The higher the cost of debt is, the stronger the positive correlation between the difference of strategy and the cost of debt is compared with that of enterprises without industry support. There are three possible innovations in this paper: first, This paper further studies the influence of strategic difference on debt cost. Secondly, this paper enriches the study of the economic consequences of strategic differences and the influence factors of debt cost. This paper, for the first time, tests the relationship between firm strategy degree and debt cost, one of which is how firm performance volatility is used as an intermediary variable to influence the relationship between the two factors. The other way is how to influence the relationship between the two by taking whether to obtain the industrial policy of the country as a regulating variable. The practical significance of this paper lies in:. The conclusions of this paper can not only provide theoretical support for the relevant departments to further improve the debt financing market of listed companies in China, but also provide reference and reference for listed companies in their strategic choices.
【學位授予單位】：廣東財經(jīng)大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51;F272

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