本文選題：建筑業(yè)上市公司 + 融資偏好�。� 參考：《武漢理工大學(xué)》2013年碩士論文

【摘要】：隨著國際經(jīng)濟加快一體化發(fā)展,金融問題逐漸成為構(gòu)建經(jīng)濟型能源型的新型色社會的核心問題。其中,企業(yè)的融資問題,特別是上市公司的融資偏好問題,成為近年來學(xué)術(shù)界對于現(xiàn)代資本市場的探討重點。現(xiàn)代融資方式主要分為外源融資與內(nèi)源融資。在我國,以股權(quán)融資為支柱的外源融資已經(jīng)成為上市公司的普遍融資方式,上市公司通過IPO、配股、增發(fā)等方式從二級市場中籌集資金已經(jīng)成為慣有模式。相對應(yīng)的是對債券融資的避讓。而這些特質(zhì)與西方經(jīng)典融資理論的“融資優(yōu)序理論”恰好相反。 本文在回顧經(jīng)典融資理論之后,以經(jīng)典融資理論為基礎(chǔ),研究中國建筑業(yè)上市公司的現(xiàn)狀及存在問題,以2010年至2012年我國滬深兩市的43家建筑業(yè)上市公司在這期間所披露的財務(wù)數(shù)據(jù)作為建筑業(yè)上市公司的融資偏好的研究樣本,指標(biāo)選取上,主要包含企業(yè)盈利能力、償債能力、管理能力及成長能力這四個方面,運用EVIEWS軟件進行邏輯回歸分析方法對建筑業(yè)上市公司相關(guān)數(shù)據(jù)進行實證分析,用以探討目前我國建筑業(yè)上市公司融資偏好性及存在問題,并提出建設(shè)性的優(yōu)化方向及措施。本文在盡可能的程度上面特意考慮到“隧道效應(yīng)”及“圈錢饑渴癥”兩個主要悖論的存在,對于這兩個問題也進行了分點敘述。本文不僅在優(yōu)化企業(yè)資本結(jié)構(gòu)上面有著理論化的依據(jù)提供,同時也具有較強的實踐教導(dǎo)意義,指導(dǎo)我國建筑業(yè)上市公司對于融資的選擇性問題,促進我國建筑業(yè)上市公司的股權(quán)市場與債券市場的平衡發(fā)展、促進中國深層次、多角度定位的金融市場的建立。 本文的研究中將結(jié)合會計學(xué)、統(tǒng)計學(xué)、金融學(xué)及管理學(xué)的相關(guān)理論輔助研究,理論化的分析對于本文的研究的定性方面具有很好的效果。本文研究成果可以為相關(guān)管理部門及投資者提供一定的參考價值及評鑒方法。
[Abstract]:With the rapid development of international economy, financial problems have gradually become the core problem of constructing a new color society of economic energy type. Among them, the financing problem of enterprises, especially the financing preference of listed companies, has become the focus of academic research on the modern capital market in recent years. Modern financing is mainly divided into exogenous financing and endogenous financing. In our country, foreign financing based on equity financing has become a common financing method for listed companies, and it has become a customary mode for listed companies to raise funds from the secondary market through IPO, rights issue, additional issuance and so on. The corresponding is to avoid bond financing. These characteristics are contrary to the western classical financing theory. After reviewing the classical financing theory, based on the classical financing theory, this paper studies the current situation and existing problems of the listed companies in China's construction industry. Taking the financial data disclosed by 43 listed construction companies in Shanghai and Shenzhen stock markets from 2010 to 2012 as the research sample of financing preference of the listed companies in the construction industry, the indexes are selected, which mainly include the profitability and solvency of the construction companies. In the four aspects of management ability and growth ability, this paper uses EVIEWS software to carry on the logical regression analysis method to the construction industry listed company related data to carry on the empirical analysis, in order to discuss our country construction industry listed company financing preference and the existence question at present. And put forward constructive optimization direction and measures. In this paper, the existence of two main paradoxes, "tunnel effect" and "ring money hunger", are specially taken into account on the extent possible, and the two problems are also described separately. This paper not only provides a theoretical basis for optimizing the capital structure of enterprises, but also has a strong practical teaching significance to guide the financing selectivity of listed companies in the construction industry of our country. To promote the balanced development of stock market and bond market of listed companies in construction industry in China, and to promote the establishment of deep-seated and multi-angle financial market in China. The research in this paper will combine the related theories of accounting, statistics, finance and management. The theoretical analysis has a good effect on the qualitative aspects of this study. The research results of this paper can provide certain reference value and evaluation method for relevant management departments and investors.
【學(xué)位授予單位】：武漢理工大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F426.92

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本文編號：1910110