本文選題：融資行為異化 + 融資順序　； 參考：《山東財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：企業(yè)融資是當(dāng)今財(cái)務(wù)管理研究中的重要命題。企業(yè)融資行為可定義為企業(yè)在有融資需求情況下，在自身融資偏好與外部環(huán)境共同影響下的自發(fā)選擇行為，企業(yè)通過(guò)選擇不同融資渠道籌集資金，最終確保自身持續(xù)運(yùn)營(yíng)與發(fā)展。因此，融資活動(dòng)是企業(yè)資本運(yùn)動(dòng)的起點(diǎn)。從宏觀層面看，，眾多公司的融資行為勢(shì)必影響資本市場(chǎng)的健康發(fā)展。因此，對(duì)企業(yè)融資活動(dòng)的研究也是探討宏觀經(jīng)濟(jì)命題的微觀基礎(chǔ)。 本文主要采用規(guī)范研究與實(shí)證研究相結(jié)合的方式，就中國(guó)創(chuàng)業(yè)板上市公司的融資行為異化問(wèn)題展開(kāi)分析。本文將“廣義的融資行為異化”定義為一切偏離公司價(jià)值最大化的融資行為，并創(chuàng)新性的提出了“融資偏好實(shí)現(xiàn)度”來(lái)衡量融資行為異化的程度。與此同時(shí)，本文通過(guò)定性模型的實(shí)證檢驗(yàn)，認(rèn)為“狹義的融資行為異化”在創(chuàng)業(yè)板市場(chǎng)上具體表現(xiàn)為以下兩個(gè)特征：一方面是融資結(jié)構(gòu)異化，表現(xiàn)為股權(quán)融資占絕對(duì)優(yōu)勢(shì)、“零長(zhǎng)期”負(fù)債現(xiàn)象突出、短期負(fù)債比重高等方面；另一方面是融資順序異化，表現(xiàn)為上市公司融資順序依次為股權(quán)融資、債權(quán)融資（短期）、內(nèi)源融資，這與優(yōu)序融資理論的融資順序恰好相反。隨后，本文從宏觀法律制度層面，以及中觀資本市場(chǎng)建設(shè)方面，還有微觀公司管理者以及非理性投資者行為等角度探尋融資行為異化的形成機(jī)理并找出相關(guān)對(duì)策。 我們研究企業(yè)融資活動(dòng)的終極目標(biāo)是建立符合中國(guó)特色的融資理論指導(dǎo)體系。但這個(gè)體系并非一蹴而就，而是通過(guò)動(dòng)態(tài)調(diào)整、不斷優(yōu)化得到的。在該目標(biāo)實(shí)現(xiàn)之前，我們必須對(duì)上市公司在本國(guó)體制環(huán)境下的融資行為有充分了解。這就需要我們借鑒西方經(jīng)典理論與方法，并且結(jié)合當(dāng)前中國(guó)資本市場(chǎng)制度背景，開(kāi)展我國(guó)上市公司融資行為的相關(guān)研究。
[Abstract]:Enterprise financing is an important proposition in the research of financial management. The enterprise financing behavior can be defined as the spontaneous choice behavior of the enterprise under the influence of its own financing preference and external environment under the condition of the financing demand, and the enterprise can raise funds by choosing different financing channels. Ultimately ensure its continuous operation and development. Therefore, the financing activity is the starting point of the enterprise capital movement. From the macro level, the financing behavior of many companies is bound to affect the healthy development of the capital market. Therefore, the study of enterprise financing activity is also the micro-foundation of the macro-economic proposition. This paper analyzes the alienation of financing behavior of listed companies in China's gem by combining normative research with empirical research. This paper defines "financing behavior alienation in a broad sense" as any financing behavior that deviates from the maximization of corporate value, and creatively puts forward the "degree of realization of financing preference" to measure the degree of alienation of financing behavior. At the same time, through the empirical test of qualitative model, this paper thinks that the "narrow financing behavior alienation" in the gem market is characterized by the following two characteristics: on the one hand, the financing structure is alienated, which is manifested by the absolute superiority of equity financing. The phenomenon of "zero long term" debt is prominent, and the proportion of short-term debt is high. On the other hand, the dissimilation of financing sequence is listed companies' financing order is equity financing, debt financing (short-term financing, endogenous financing, etc.) This is exactly the opposite of the financing order of superior order financing theory. Then, this paper explores the formation mechanism of financing behavior alienation from the macro legal system level, as well as the construction of the meso capital market, as well as the micro corporate managers and irrational investors' behavior, and finds out the relevant countermeasures. The ultimate goal of our research is to establish a guidance system of financing theory with Chinese characteristics. But the system is not achieved overnight, but through dynamic adjustment, continuous optimization. Before this goal can be achieved, we must have a full understanding of the financing behavior of listed companies in the domestic institutional environment. This requires us to draw lessons from the western classical theories and methods, and combine the current background of China's capital market system to carry out the relevant research on the financing behavior of listed companies in China.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類(lèi)號(hào)】：F275;F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 孫曉婷;;中國(guó)上市公司融資結(jié)構(gòu)及融資偏好研究文獻(xiàn)綜述[J];北方經(jīng)濟(jì);2007年04期

2 宋曉峰;夏輝;;控制權(quán)視角下的外源融資選擇理論和實(shí)證分析[J];當(dāng)代財(cái)經(jīng);2009年04期

3 林毅夫,劉明興,章奇;政策性負(fù)擔(dān)與企業(yè)的預(yù)算軟約束:來(lái)自中國(guó)的實(shí)證研究[J];管理世界;2004年08期

4 胡元木;馬文爽;;資本結(jié)構(gòu)調(diào)整路徑依賴(lài)性研究[J];東岳論叢;2012年12期

5 葛永波;張萌萌;;企業(yè)融資偏好解析——基于農(nóng)業(yè)上市公司的實(shí)證數(shù)據(jù)[J];華東經(jīng)濟(jì)管理;2008年06期

6 于濤;;融資模式對(duì)公司資本結(jié)構(gòu)的影響[J];經(jīng)濟(jì)導(dǎo)刊;2007年05期

7 姜毅;劉淑蓮;;基于Probit模型的上市公司融資優(yōu)序的再檢驗(yàn)[J];經(jīng)濟(jì)與管理;2011年09期

8 馮根福,吳林江,劉世彥;我國(guó)上市公司資本結(jié)構(gòu)形成的影響因素分析[J];經(jīng)濟(jì)學(xué)家;2000年05期

9 黃少安,張崗;中國(guó)上市公司股權(quán)融資偏好分析[J];經(jīng)濟(jì)研究;2001年11期

10 陸正飛,葉康濤;中國(guó)上市公司股權(quán)融資偏好解析——偏好股權(quán)融資就是緣于融資成本低嗎?[J];經(jīng)濟(jì)研究;2004年04期

相關(guān)博士學(xué)位論文 前2條

1 宿淑玲;信息不對(duì)稱(chēng)視角下中國(guó)上市公司股權(quán)結(jié)構(gòu)與股利政策關(guān)系研究[D];山東大學(xué);2012年

2 陳俊龍;中國(guó)國(guó)有企業(yè)海外投資軟預(yù)算約束問(wèn)題研究[D];吉林大學(xué);2013年

本文編號(hào)：1787962