本文關(guān)鍵詞： 衍生品 融資結(jié)構(gòu) 融資成本　出處：《浙江工商大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：衍生品作為企業(yè)投資、籌資等財(cái)務(wù)管理的新工具,具有穩(wěn)定市場、提高金融體系整體效率、對沖企業(yè)風(fēng)險(xiǎn)、防范和化解財(cái)務(wù)危機(jī)的作用。但是,衍生品自身的杠桿性和復(fù)雜性也會帶來負(fù)面影響,其不合理運(yùn)用反而會加大企業(yè)風(fēng)險(xiǎn),造成巨額虧損。因此,企業(yè)運(yùn)用衍生品進(jìn)行套期保值能否真正起到預(yù)期的風(fēng)險(xiǎn)規(guī)避作用?是否產(chǎn)生了積極的財(cái)務(wù)效應(yīng)?這些都值得探索和研究。 基于此,許多學(xué)者開始了對衍生品的研究。關(guān)于企業(yè)運(yùn)用衍生品的探討目前還主要集中在衍生品運(yùn)用的動機(jī)和衍生品運(yùn)用對企業(yè)價(jià)值的影響這兩個方面,對于衍生品運(yùn)用與企業(yè)財(cái)務(wù)效應(yīng)、相關(guān)利益者之間關(guān)系的研究需要進(jìn)一步關(guān)注。本文以企業(yè)融資理論為基礎(chǔ),包括權(quán)衡理論、代理理論、融資優(yōu)序理論和信號傳遞理論等相關(guān)理論,基于衍生品運(yùn)用的套期保值目的,詳細(xì)分析了衍生品運(yùn)用對融資效應(yīng)影響的內(nèi)在機(jī)理,本文的研究具有一定的創(chuàng)新性和實(shí)踐操作性。 本文選取2007-2011年滬深兩市涉及衍生品運(yùn)用的行業(yè)的上市公司為研究樣本,采用回歸分析模型,利用STATA統(tǒng)計(jì)軟件,實(shí)證檢驗(yàn)了上市公司運(yùn)用衍生品進(jìn)行套期保值對企業(yè)融資效應(yīng)的影響。本文研究結(jié)論如下：(1)衍生品的運(yùn)用與企業(yè)負(fù)債水平呈顯著正相關(guān)關(guān)系。運(yùn)用衍生品的上市公司,其負(fù)債水平更高,且匯率衍生品的運(yùn)用比商品衍生品的運(yùn)用對上市公司負(fù)債水平影響更大。(2)衍生品的運(yùn)用與企業(yè)債務(wù)期限結(jié)構(gòu)呈顯著負(fù)相關(guān)關(guān)系。運(yùn)用衍生品的上市公司更傾向于選擇短期債務(wù)融資方式,且運(yùn)用匯率衍生品的公司比運(yùn)用商品衍生品的公司短期債務(wù)比重更大。(3)衍生品的運(yùn)用與企業(yè)外部資本成本呈負(fù)相關(guān)關(guān)系。運(yùn)用衍生品的上市公司,其外部資本成本低于未運(yùn)用衍生品的公司。(4)衍生品運(yùn)用對權(quán)益融資成本的影響大于債務(wù)融資成本。相對于債務(wù)融資成本,衍生品的運(yùn)用對權(quán)益融資成本的降低作用更顯著,且商品衍生品的運(yùn)用對權(quán)益融資成本的降低作用大于匯率衍生品的運(yùn)用。 最后本文認(rèn)為,企業(yè)在現(xiàn)實(shí)經(jīng)營活動中應(yīng)該將股權(quán)融資、債權(quán)融資與衍生品聯(lián)合運(yùn)用,根據(jù)自身融資需求合理選擇衍生品,并加大衍生品信息披露程度吸引外部投資者,從而降低融資成本和融資難度。
[Abstract]:Derivatives, as a new tool of financial management, such as investment and financing, have the function of stabilizing the market, improving the overall efficiency of the financial system, hedging the risks of enterprises, and preventing and resolving the financial crisis. The leverage and complexity of derivatives themselves will also bring negative impact, its unreasonable use will increase the risk of enterprises, resulting in huge losses. Can companies use derivatives to hedge really play the role of risk aversion? Have there been positive financial effects? These are worth exploring and studying. Based on this, many scholars have begun to study the derivatives. The discussion on the use of derivatives by enterprises is mainly focused on the motivation of the use of derivatives and the impact of the use of derivatives on the value of the enterprise. The research on the relationship between the use of derivatives and corporate financial effects needs further attention. This paper is based on the theory of corporate financing, including trade-off theory, agency theory. Based on the hedging purpose of derivatives, this paper analyzes in detail the internal mechanism of the influence of derivatives on the financing effect based on the related theories such as financing priority theory and signal transmission theory. The research in this paper is innovative and practical. This paper selects the listed companies involved in derivatives in Shanghai and Shenzhen stock markets from 2007 to 2011 as the research samples, adopts regression analysis model, and uses STATA statistical software. This paper empirically examines the effect of derivatives hedging on the financing effect of listed companies. The conclusions of this study are as follows: 1). There is a significant positive correlation between the use of derivatives and the level of corporate debt. Its debt levels are higher. Moreover, the use of exchange rate derivatives has a greater impact on the debt level of listed companies than the use of commodity derivatives. There is a significant negative correlation between the use of derivatives and the maturity structure of corporate debt. Listed companies using derivatives tend to choose short-term debt financing. And the use of exchange rate derivatives companies than the use of commodity derivatives company short-term debt ratio is larger.) the use of derivatives and the use of external capital costs of enterprises is negatively related. The use of derivatives of listed companies. The cost of external capital is lower than that of unused derivatives.) the influence of derivative application on equity financing cost is greater than that of debt financing cost, as compared with debt financing cost. The use of derivatives plays a more significant role in reducing the cost of equity financing, and the use of commodity derivatives is more effective than the use of exchange rate derivatives in reducing the cost of equity financing. Finally, this paper argues that enterprises should use equity financing, debt financing and derivatives in real business activities, and choose derivatives according to their own financing needs. And increase the degree of derivative information disclosure to attract external investors, thereby reducing financing costs and financing difficulties.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51;F224

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