本文關(guān)鍵詞：機(jī)構(gòu)投資者持股對(duì)上市公司債務(wù)融資的影響研究　出處：《湖南大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 機(jī)構(gòu)投資者 公司治理 股權(quán)融資偏好 債務(wù)融資

【摘要】：隨著我國(guó)資本市場(chǎng)的不斷發(fā)展，機(jī)構(gòu)投資者作為資本市場(chǎng)中堅(jiān)力量的作用日顯重要。機(jī)構(gòu)投資者具有資金、信息等方面的優(yōu)勢(shì)，不僅是資本市場(chǎng)的重要參與者，作為重要的公司股東，也是優(yōu)化公司治理的新興力量。在公司治理中，融資是其重要的組成部分。由于特殊的經(jīng)濟(jì)背景，使得上市公司存在股權(quán)融資偏好；而在債務(wù)融資中，由于長(zhǎng)期債務(wù)融資成本高、債務(wù)約束嚴(yán)格等因素，導(dǎo)致上市公司存在短期債務(wù)融資偏好。兩種融資偏好使得上市公司融資結(jié)構(gòu)失衡，影響了其長(zhǎng)遠(yuǎn)發(fā)展。在這兩種背景下，考察我國(guó)機(jī)構(gòu)投資者能否通過(guò)參與公司治理，抑制兩種融資偏好、平衡融資結(jié)構(gòu)，具有重要的理論和現(xiàn)實(shí)意義。 本文首先分析了機(jī)構(gòu)投資者參與公司融資治理的動(dòng)機(jī)、能力和目的。機(jī)構(gòu)投資者基于股東利益及雄厚的實(shí)力，有動(dòng)力和能力參與融資治理；而機(jī)構(gòu)投資者參與融資治理的目的是分享所持股公司業(yè)績(jī)改善后的利益。然后，，分析了機(jī)構(gòu)投資者參與融資治理的內(nèi)外部機(jī)制和途徑。最后，根據(jù)理論和機(jī)理分析提出假設(shè)，并檢驗(yàn)機(jī)構(gòu)投資者持股與長(zhǎng)短期債務(wù)融資水平的關(guān)系。繼而提出相關(guān)的對(duì)策建議。 本文的研究表明，機(jī)構(gòu)投資者持股對(duì)長(zhǎng)短期債務(wù)融資產(chǎn)生不同的影響。機(jī)構(gòu)投資者持股與長(zhǎng)期債務(wù)水平呈現(xiàn)正相關(guān)關(guān)系，表明機(jī)構(gòu)投資者持股后，公司長(zhǎng)期債務(wù)水平得到提高，有效抑制了股權(quán)融資偏好；而機(jī)構(gòu)投資者持股比例與短期債務(wù)水平呈現(xiàn)負(fù)相關(guān)關(guān)系，說(shuō)明機(jī)構(gòu)投資者有效平衡了債務(wù)融資結(jié)構(gòu)。同時(shí)，本文還分析了機(jī)構(gòu)投資者持股對(duì)不同行業(yè)的債務(wù)融資影響差異。本文的研究結(jié)果為機(jī)構(gòu)投資者積極參與公司治理提供了新的證據(jù)。
[Abstract]:With the continuous development of the capital market in China, the role of institutional investors as the backbone of the capital market is becoming more and more important. Institutional investors have the advantages of capital, information and so on, which are not only important participants in the capital market. As an important shareholder, it is also a new force to optimize corporate governance. In corporate governance, financing is an important part of corporate governance. Due to the special economic background, listed companies have a preference for equity financing. In debt financing, due to the high cost of long-term debt financing, strict debt constraints and other factors, there is a short-term debt financing preference of listed companies. The two financing preferences make the financing structure of listed companies out of balance. Under these two backgrounds, it is of great theoretical and practical significance to investigate whether the institutional investors in our country can participate in corporate governance, restrain the two financing preferences and balance the financing structure. This paper first analyzes the motivation, ability and purpose of institutional investors to participate in corporate financing governance. Based on the interests of shareholders and strong strength, institutional investors have the motivation and ability to participate in financing governance. The purpose of institutional investors to participate in financing governance is to share the benefits of the improvement of corporate performance. Then, the paper analyzes the internal and external mechanisms and approaches for institutional investors to participate in financing governance. According to the theoretical and mechanism analysis, this paper puts forward the hypothesis, and tests the relationship between institutional investors' shareholding and the level of long-term and short-term debt financing, and then puts forward the relevant countermeasures and suggestions. The research in this paper shows that institutional investor equity has different effects on long-term and short-term debt financing. There is a positive correlation between institutional investor ownership and long-term debt level, which indicates that institutional investor holds shares after holding shares. The long-term debt level of the company is improved, which effectively inhibits the equity financing preference; However, the proportion of institutional investors holding shares is negatively related to the level of short-term debt, which indicates that institutional investors effectively balance the debt financing structure. This paper also analyzes the influence of institutional investors' shareholding on debt financing in different industries and provides new evidence for institutional investors' active participation in corporate governance.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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