【摘要】：經(jīng)營負(fù)債是企業(yè)在購買商品或接受勞務(wù)時取得的自發(fā)性融資,是企業(yè)重要的融資方式。宏觀經(jīng)濟的周期波動特征是現(xiàn)實經(jīng)濟運行狀況的真實反應(yīng),微觀企業(yè)行為與企業(yè)產(chǎn)出必然受到宏觀經(jīng)濟環(huán)境的影響。同時作為能動的主體,微觀企業(yè)面對宏觀經(jīng)濟波動不只是被動的承受者,而且可通過有效利用各種資源來應(yīng)對經(jīng)濟波動帶來的沖擊。那么,宏觀經(jīng)濟的起伏波動是否會對企業(yè)的經(jīng)營負(fù)債行為、企業(yè)價值產(chǎn)生影響?在不同的經(jīng)濟形勢下經(jīng)營負(fù)債能否有效發(fā)揮其公司治理效應(yīng)?企業(yè)能否通過經(jīng)營負(fù)債決策來應(yīng)對經(jīng)濟波動對信貸融資帶來的沖擊,從而提升企業(yè)價值呢?本文以這上述問題為基本導(dǎo)向,重點探討了宏觀經(jīng)濟波動對于微觀企業(yè)經(jīng)營負(fù)債行為與企業(yè)價值的影響及宏觀經(jīng)濟波動背景下經(jīng)營負(fù)債與企業(yè)價值的關(guān)系。首先根據(jù)替代性融資理論、凱恩斯主義經(jīng)濟周期理論、負(fù)債相機治理理論和財務(wù)柔性理論提出了宏觀經(jīng)濟波動影響企業(yè)經(jīng)營負(fù)債行為與企業(yè)價值以及宏觀經(jīng)濟波動下企業(yè)經(jīng)營負(fù)債和企業(yè)價值關(guān)系的分析框架。然后,利用我國2004-2014年A股上市公司的數(shù)據(jù)為樣本,圍繞上述基本問題進(jìn)行實證檢驗。本文研究發(fā)現(xiàn),與經(jīng)濟景氣時期相比,企業(yè)在經(jīng)濟不景氣時期對經(jīng)營負(fù)債的運用更加積極；宏觀經(jīng)濟的向上波動有助與企業(yè)價值的提升；相對于經(jīng)濟景氣時期,經(jīng)營負(fù)債對企業(yè)價值的提升作用在經(jīng)濟不景氣時期更強；經(jīng)濟不景氣時期,剩余經(jīng)營負(fù)債能力強的公司較剩余經(jīng)營負(fù)債能力弱的公司具有更高的企業(yè)價值。基于上述研究結(jié)果,本文提出了靈活運用不同融資途徑,擴展企業(yè)融資渠道；加強對宏觀經(jīng)濟形式的研判,存儲適當(dāng)?shù)呢?fù)債財務(wù)柔性能力和拓寬利益相關(guān)者參與公司治理的渠道,加強利益相關(guān)者共同治理以及建立完善的商業(yè)信用體系和償債保障機制等方面的幾點建議。
[Abstract]:Operating debt is the spontaneous financing that enterprises obtain when they buy goods or receive labor services, and it is an important financing way of enterprises. The characteristic of periodic fluctuation of macro economy is the real reaction of the actual economic running condition. The microcosmic enterprise behavior and enterprise output must be influenced by the macroeconomic environment. At the same time, as a dynamic subject, micro-enterprises are not only passive recipients of macroeconomic fluctuations, but also can effectively use all kinds of resources to cope with the impact brought by economic fluctuations. So, whether the fluctuation and fluctuation of macro-economy will affect the enterprise's operating liability behavior and enterprise's value? Under the different economic situation, can the corporate governance effect be effectively brought into play by the operating liabilities? Can enterprises cope with the impact of economic fluctuations on credit financing through the decision of operating liabilities, thereby enhancing the value of enterprises? Based on the above mentioned problems, this paper focuses on the influence of macroeconomic fluctuation on the microcosmic enterprise operating liability behavior and enterprise value, and the relationship between operating liability and enterprise value under the background of macroeconomic fluctuation. First of all, according to the alternative financing theory, Keynesian business cycle theory, The theory of governance of debt camera and the theory of financial flexibility put forward the analytical framework of the relationship between the behavior of enterprise operating liability and enterprise value and the relationship between enterprise operating liability and enterprise value under macroeconomic fluctuation. Then, using the data of A-share listed companies from 2004 to 2014 as a sample, the empirical test is carried out around the above basic questions. This paper finds that, compared with the economic boom period, enterprises are more active in the use of operating liabilities during the economic recession, and the upward fluctuation of the macro economy helps to enhance the value of the enterprises. Compared with the economic boom period, the role of operating liabilities to enhance the value of enterprises is stronger in the economic recession; During the economic recession, the companies with strong residual operating liabilities have higher enterprise value than those with weak residual operating liabilities. Based on the above research results, this paper proposes flexible use of different financing channels to expand corporate financing channels; Strengthen the study of macroeconomic forms, store appropriate financial flexibility of liabilities and broaden the channels for stakeholder participation in corporate governance, Some suggestions on strengthening the common governance of stakeholders and establishing a perfect commercial credit system and debt-service guarantee mechanism.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2016
【分類號】：F275
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本文編號：2381630