本文關(guān)鍵詞：我國上市公司委托貸款規(guī)模的影響因素研究　出處：《蘭州大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 委托貸款 代理理論 自由現(xiàn)金流 影響因素 資金來源

【摘要】：證券市場經(jīng)過二十余年的發(fā)展完善,資源配置功能明顯加強(qiáng),金融創(chuàng)新不斷、投資品種大幅增長,上市公司委托貸款業(yè)務(wù)就是其中之一。在從緊的貨幣政策和金融危機(jī)的影響下,沉寂一時的委托貸款業(yè)務(wù)改頭換面,借機(jī)在上市公司中找到了發(fā)展之地,并以極快的速度蔓延開來,在學(xué)術(shù)界和實務(wù)界中引起了軒然大波。頓時,上市公司委托貸款成為“眾矢之的”,引起了社會各界的廣泛關(guān)注。上市公司大規(guī)模的委托貸款現(xiàn)象關(guān)系到證券市場的資源配置功效、上市公司的健康發(fā)展以及社會融資成本的穩(wěn)定等一系列問題。因此研究上市公司委托貸款的行為特征以及委托貸款規(guī)模的影響因素,對于維護(hù)證券市場的穩(wěn)定和保護(hù)廣大投資者的利益是很有必要的。 本文對上市公司委托貸款的現(xiàn)狀、本質(zhì)屬性、所處的市場環(huán)境和法律環(huán)境以及存在的風(fēng)險等進(jìn)行了全面系統(tǒng)的分析,并以委托代理理論、自由現(xiàn)金流理論等理論作為研究基礎(chǔ),運(yùn)用數(shù)理統(tǒng)計的方法以2007年至2011年發(fā)放過委托貸款的上市公司為樣本進(jìn)行了實證研究。通過研究可以得出以下結(jié)論：(1)上市公司進(jìn)行委托貸款業(yè)務(wù)與委托貸款利率呈比較明顯的正相關(guān)關(guān)系。利率偏高時上市公司更傾向發(fā)放貸款。(2)上市公司委托貸款可能性與自由現(xiàn)金流和負(fù)債均成反向變動關(guān)系。從側(cè)面表明上市公司委托貸款的資金來源很大可能是股權(quán)融資。(3)主營業(yè)務(wù)較差的上市公司為了粉飾業(yè)績傾向于委托貸款。上市公司尤其是近期進(jìn)行過股權(quán)融資的上市公司,還有其他手段進(jìn)行盈余管理。(4)股權(quán)結(jié)構(gòu)對內(nèi)源融資的上市公司委托貸款規(guī)模有比較顯著的影響。股權(quán)相對集中可有效監(jiān)督管理層,保護(hù)股東利益。 本文的實證研究結(jié)果表明,上市公司大規(guī)模的委托貸款現(xiàn)象主要源于上市公司的“圈錢”行為和“粉飾”業(yè)績行為,且不同資金來源下動機(jī)有所不同。上市公司將股權(quán)融集的資金用在委托貸款業(yè)務(wù)中,會導(dǎo)致公司的資金利用率下降和主營業(yè)務(wù)失去競爭力等問題。但是對上市公司委托貸款業(yè)務(wù)全盤否定、因噎廢食的做法也有欠妥當(dāng),應(yīng)當(dāng)在肯定的同時加以約束和規(guī)范。本文從立法和監(jiān)管兩個層面上對上市公司委托貸款提出了相關(guān)建議,以促進(jìn)委托貸款業(yè)務(wù)的規(guī)范和完善。
[Abstract]:The stock market after twenty years of development, improve the function of resource allocation significantly strengthened, financial innovation, investment growth, listed companies entrusted loans business is one of them. The effect of monetary policy and the financial crisis tight under the entrusted loan business, a moment of silence to find the development make only superficial changes, the land in the listed companies. And in order to speed the spread, caused a great disturbance in the academic circles and practical circles. Suddenly, the listed company entrusted loans become a target for all ", has aroused wide concern from all walks of life. The phenomenon of large-scale listed companies entrusted loans related to the stock market resource allocation efficiency, a series of problems of listed companies and the healthy development of the cost of financing the social stability. So the research on behavior characteristics of entrusted loans of listed companies as well as influence factors on the scale of loans. It is necessary to maintain the stability of the securities market and to protect the interests of the investors.
In this paper, the status quo, the listed companies entrusted loans nature of the market environment and legal environment and risks are analyzed systematically, and based on the principal-agent theory, free cash flow theory as the research foundation, by using mathematical statistics issued from 2007 to 2011 entrusted loans listed the company as samples to carry out empirical research. Through the research we can draw the following conclusions: (1) positive correlation between listed companies entrusted loans and entrusted loans interest rate is more obvious. The higher interest rates when the listed companies prefer loans. (2) listed companies entrusted loans and the possibility of free cash flow and debt have reverse change. From the side that listed companies entrusted loan funds may be equity financing. (3) the main business of the listed companies of the poor in order to whitewash Performance Tendency In the entrusted loans. The listed companies especially the recent equity financing of listed companies, and other means of earnings management. (4) the equity structure of listed companies on the endogenous financing trust has more significant effect. The size of the loan is relatively concentrated can effectively monitor the management equity, protection of the interests of shareholders.
The empirical results show that large-scale listed companies entrusted loans phenomenon mainly comes from the listed companies "shareholders" and "whitewash" performance behavior, and different sources of funds under different motives. Listed companies will set the equity financing funds used in entrusted loan business, will lead to decreased and the main problems the business lost competitiveness using the company's funds. But the listed companies entrusted loans business negated, Yinyefeishi practices are not appropriate, should be restricted and regulated in the affirmative at the same time. This article puts forward some suggestions for the listed companies entrusted loans from the two aspects of legislation and supervision, to promote and perfect the entrusted loan business specification.

【學(xué)位授予單位】：蘭州大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F276.6;F832.51;F224

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本文編號：1355879