食品行业企业债务融资影响因素研究

发布时间：2018-04-19 07:12

本文选题：食品行业 + 债务融资　；参考：《北京交通大学》2017年硕士论文

【摘要】：食品行业的发展关系到我国的民生问题,满足食品行业企业发展的融资需求至关重要。食品行业企业在上市后仍然存在大量的资金需求,而我国食品行业企业规模普遍偏小,抗风险能力不足,加之整体竞争激烈利润率较低,因此食品行业企业内部资金供给不足、定增发行困难。而债务融资和食品行业企业经营模式特点相匹配,所以成为了食品行业企业的重要资金来源。债务融资受到多方面因素的影响,全面的研究这些因素对食品企业债务融资的影响,将更好的为食品行业企业选择债务融资决策提供有力的支持。本文在现代企业融资结构理论的框架下着重研究食品行业企业债务融资的影响因素。第一,对以往的国内外文献进行综合梳理,建立因素分析的初步理论框架。第二,分析我国食品行业企业债务融资的必要性,从实际现状出发探究债务融资对食品行业企业的重要性。第三,将债务融资的影响因素分为外部因素和内部因素,其中外部因素进行定性分析,内部因素则根据权衡理论、优序融资理论、储蓄投资理论、金融成长周期理论和现金流管理理论提出7个影响维度,包括融资成本、内部资金供给和企业信用评级等,并提出相应的研究假设。第四,对影响因素进行研究设计,包括变量设计、模型设计和样本选择。第五,统计我国150家食品行业上市公司,综合最近4个年度的财务面板数据,共6000个样本,运用后退型多元回归的方法进行实证检验。研究结果表明,利息费用率、经营现金流比率、未分配利润率、净资产收益率和企业信用评级是食品行业上市公司债务融资最主要的影响因素;企业担保能力、企业规模、股价溢价程度和距最近一次融资时间是对债务融资产生影响的弱因素。本文既定性又定量的对食品行业上市公司债务融资影响因素进行了分析,对食品行业上市企业融资决策方面具有一定的指导意义和现实意义。
[Abstract]:The development of food industry is related to the livelihood of our country. It is very important to meet the financing needs of food industry enterprises.Food industry enterprises still have a large amount of capital demand after listing. However, the scale of food industry enterprises in China is generally small, the ability to resist risks is insufficient, and the overall competitive profit margin is low, so the internal capital supply of food industry enterprises is insufficient.It is difficult to set an additional issue.Debt financing and the characteristics of food industry business model match, so it has become an important source of funds for food industry enterprises.Debt financing is affected by many factors. A comprehensive study of these factors on debt financing of food enterprises will provide better support for food industry enterprises to choose debt financing decisions.Under the framework of modern enterprise financing structure theory, this paper focuses on the influencing factors of enterprise debt financing in food industry.First, the domestic and foreign literature of the past comprehensive combing, the establishment of a preliminary theoretical framework of factor analysis.Secondly, it analyzes the necessity of debt financing of food industry enterprises in China, and probes into the importance of debt financing to food industry enterprises from the point of view of the actual situation.Thirdly, the influencing factors of debt financing are divided into external factors and internal factors, in which external factors are qualitatively analyzed, while internal factors are analyzed according to trade-off theory, priority financing theory, savings and investment theory.Financial growth cycle theory and cash flow management theory put forward seven influence dimensions, including financing cost, internal capital supply and enterprise credit rating, and put forward corresponding research hypotheses.Fourth, research and design of influencing factors, including variable design, model design and sample selection.Fifthly, 150 listed companies in food industry in our country are counted, and the financial panel data of the last four years are synthesized, and a total of 6000 samples are collected, and the empirical test is carried out by using the method of regressive multivariate regression.The results show that interest cost ratio, operating cash flow ratio, undistributed profit margin, net asset return rate and enterprise credit rating are the most important factors affecting debt financing of listed companies in food industry.The extent of the share price premium and the timing of the most recent financing are weak factors affecting debt financing.This paper analyzes the influencing factors of debt financing of listed companies in food industry quantitatively, which has a certain guiding and practical significance to the financing decision of listed companies in food industry.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.82;F406.7

【参考文献】