本文選題：產(chǎn)權(quán)性質(zhì) + 債務成本　； 參考：《南京大學》2017年碩士論文

【摘要】：改革開放以來,相對于全球其他國家來說,我國的經(jīng)濟一直保持著相對穩(wěn)定的中高速增長態(tài)勢,不過自從2008年金融危機以來,我國的經(jīng)濟增長的下行壓力比較大,經(jīng)濟的發(fā)展步入"新常態(tài)"。作為國民經(jīng)濟細胞的企業(yè),企業(yè)的效益關(guān)系到國家的發(fā)展和人民生活水平的提高。企業(yè)要發(fā)展壯大,融資必不可少。在我國努力發(fā)展多層次資本市場的大背景下,我國企業(yè)的融資渠道越來越多。但是,在中國特殊的國情和背景下,作為重要融資渠道之一的債務融資,國有企業(yè)和民營企業(yè)在債務融資規(guī)模和成本上有很大的差異。但是國內(nèi)外學者關(guān)于不同產(chǎn)權(quán)性質(zhì)企業(yè)的債務融資差異的研究比較少,得出的結(jié)論也不盡相同。以大量的理論研究和文獻回顧為基礎(chǔ),本文以滬深兩市A股929家上市公司做為研究樣本,采用廣義最小二乘法(GLS)對2007-2015年上市公司的財務數(shù)據(jù)進行實證分析。研究不同產(chǎn)權(quán)性質(zhì)上市公司債務融資的差異,研究發(fā)現(xiàn):在其他條件不變的情況下,國有上市公司的債務成本要顯著低于民營上市公司,宏觀經(jīng)濟形勢對產(chǎn)權(quán)性質(zhì)和債務成本的關(guān)系有正向調(diào)節(jié)作用,這表明隨著宏觀經(jīng)濟形勢的上行,國有企業(yè)的債務融資成本進一步降低。國有上市公司的資產(chǎn)負債率要顯著高于民營上市公司的資產(chǎn)負債率,同時宏觀經(jīng)形勢對產(chǎn)權(quán)性質(zhì)和資產(chǎn)負債率的關(guān)系起到負向調(diào)節(jié)作用,說明隨著宏觀經(jīng)濟環(huán)境的上行,國有企業(yè)的資產(chǎn)負債率會降低。雖然在對樣本的選擇和變量的測量上尚有改進的空間,但是本文的研究豐富了產(chǎn)權(quán)性質(zhì)和上司公司債務融資關(guān)系領(lǐng)域的研究。同時,本論文具有如下實踐指導意義:(1)本論文進一步證實民營企業(yè)的信貸歧視現(xiàn)象依然存在;(2)國家要加快國有企業(yè)的改革;(3)要降低企業(yè)尤其是國有企業(yè)的杠桿;(4)要大力發(fā)展多層次資本市場。此外,本文將宏觀經(jīng)濟形勢與微觀企業(yè)債務融資相結(jié)合,不僅拓寬了管理學的研究領(lǐng)域,還對企業(yè)在不同宏觀經(jīng)濟形勢下的債務融資具有重要的指導意義。
[Abstract]:Since the reform and opening up, compared with other countries in the world, China's economy has maintained a relatively stable situation of medium and high speed growth. However, since the 2008 financial crisis, the downward pressure on China's economic growth has been relatively large. The development of economy enters "new normal". As a cell of the national economy, the benefit of the enterprise relates to the development of the country and the improvement of the people's living standard. To grow and grow, financing is essential. Under the background of our country's efforts to develop multi-level capital market, there are more and more financing channels for Chinese enterprises. However, in China's special situation and background, as one of the important financing channels of debt financing, state-owned enterprises and private enterprises in debt financing scale and cost are very different. However, scholars at home and abroad on the differences in debt financing of different property rights enterprises are less, and draw different conclusions. Based on a large number of theoretical studies and literature reviews, this paper takes 929 A-share listed companies in Shanghai and Shenzhen stock markets as research samples and uses the generalized least square method (GLS) to analyze the financial data of listed companies from 2007 to 2015. This paper studies the difference of debt financing of listed companies with different property rights, and finds that the debt cost of state-owned listed companies is significantly lower than that of private listed companies under other conditions. The macro-economic situation has a positive effect on the relationship between property right and debt cost, which indicates that the debt financing cost of state-owned enterprises is further reduced with the rise of macroeconomic situation. The asset-liability ratio of the state-owned listed companies is significantly higher than that of the private listed companies. Meanwhile, the macro-economic situation plays a negative role in regulating the relationship between the property rights and the asset-liability ratio, indicating that with the rising of the macroeconomic environment, The assets and liabilities of state-owned enterprises will be reduced. Although there is room for improvement in the selection of samples and the measurement of variables, the research in this paper enriches the study of property rights and the relationship between superior company debt financing. meanwhile This paper has the following practical guiding significance: 1) this paper further confirms that the phenomenon of credit discrimination in private enterprises still exists. (2) the country should speed up the reform of state-owned enterprises (3) We should reduce the leverage of enterprises, especially state-owned enterprises. (4) We should make great efforts to reduce the leverage of enterprises, especially state-owned enterprises. Develop multi-level capital market. In addition, the combination of macro-economic situation and micro-enterprise debt financing not only broadens the research field of management, but also has an important guiding significance for the debt financing of enterprises under different macroeconomic situations.
【學位授予單位】：南京大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F275;F832.51;F271
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本文編號：2008802