發(fā)布時間：2018-10-21 09:49

【摘要】：在我國資本市場存在著一種普遍現(xiàn)象:企業(yè)融資渠道受阻,或者雖然有資金來源渠道,但是外部資金成本高于內(nèi)部資金使用成本。這種現(xiàn)象稱之為"融資約束"。2016年是我國十三五規(guī)劃的開局之年,為了實現(xiàn)全面建成小康社會的偉大目標(biāo),各方都應(yīng)努力。尤其是作為我國社會主義經(jīng)濟市場中的主力,每家企業(yè)更應(yīng)該響應(yīng)國家號召�；诖�,如何解決我國企業(yè)普遍面臨的融資約束,使其實現(xiàn)跨越式發(fā)展,便成為當(dāng)務(wù)之急、重中之重。信息不對稱程度和委托代理問題決定了企業(yè)所面臨的融資約束的程度。哲學(xué)有一種思想:外因是通過內(nèi)因?qū)κ挛锇l(fā)揮作用。由此,解決好我國企業(yè)面臨的融資約束,也要考慮外因和內(nèi)因,雙管齊下。在本文,筆者選取了"金融生態(tài)環(huán)境"作為外因,這是近年來興起的、內(nèi)涵豐富、多維度的一個宏觀概念。筆者選取了企業(yè)的"內(nèi)部控制質(zhì)量"作為內(nèi)因,其可以減輕企業(yè)與外部投資者之間的信息不對稱程度和委托代理問題。本文首先研究外部宏觀因素"金融生態(tài)環(huán)境"對企業(yè)融資約束影響,然后落腳于研究不同質(zhì)量的內(nèi)部控制如何調(diào)節(jié)金融生態(tài)環(huán)境對融資約束的作用過程,得出相關(guān)結(jié)論。本文的研究貢獻:基于外因如何通過內(nèi)因?qū)κ挛锇l(fā)揮作用的思想,研究金融生態(tài)環(huán)境對融資約束的緩解程度在不同內(nèi)部控制質(zhì)量的公司中可能存在顯著差異。角度新穎,為緩解上市公司面臨的融資約束、完善上市公司治理結(jié)構(gòu)和促進資本市場持續(xù)發(fā)展提供新思路。
[Abstract]:There is a common phenomenon in the capital market of our country: the financing channels of enterprises are blocked, or there are sources of funds, but the cost of external funds is higher than the cost of using internal funds. This phenomenon is called "financing constraint". 2016 is the beginning year of the 13th Five-Year Plan of our country. In order to realize the great goal of building a well-off society in an all-round way, all sides should make great efforts. In particular, as the main force of our socialist economic market, every enterprise should respond to the national call. Based on this, how to solve the financing constraints faced by Chinese enterprises and make them achieve leapfrog development has become the top priority. The degree of information asymmetry and principal-agent problem determine the degree of financing constraints faced by enterprises. Philosophy has an idea that external causes play a role in things through internal causes. Therefore, to solve the financing constraints faced by Chinese enterprises, we should consider both external and internal factors. In this paper, the author chooses the "financial ecological environment" as the external cause, which is a macroscopical concept with rich connotation and multi-dimension developed in recent years. The author chooses the internal control quality as the internal cause, which can reduce the information asymmetry and the principal-agent problem between the enterprise and the external investors. This paper first studies the influence of external macro factors "financial ecological environment" on corporate financing constraints, and then studies how the internal control of different quality adjusts the process of financial constraints, and draws relevant conclusions. The contribution of this paper: based on the thought of how external causes play a role in things through internal causes, it is studied that the degree of financial constraints alleviated by the financial ecological environment may have significant differences in different internal control quality companies. The new angle provides a new way to ease the financing constraints faced by listed companies, perfect the governance structure of listed companies and promote the sustainable development of capital market.
【學(xué)位授予單位】：北京交通大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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