汽车制造业上市公司融资结构对企业价值影响研究

发布时间：2018-04-22 15:20

本文选题：汽车制造业 + 上市公司　；参考：《哈尔滨商业大学》2017年硕士论文

【摘要】：上市公司的融资结构与企业价值存在着十分重要的联系,上市公司完善相应的融资结构是企业经营过程中的关键,能够一定程度上影响公司的管理机制。长此以往能对资本市场产生较大的震动,当前完善融资行为能够使上市公司更好的发展。目前我国在研究上市公司融资结构对企业价值的影响,主要是针对上市公司整体情况进行研究,而没有系统的对行业进行分析。在我们国家制造业属于龙头地位,为国家的经济发展贡献出不少的力量,带动了多方的就业,所以对于制造业进行研究是非常有意义的。本文选取了汽车制造业2009-2016年的数据作为对象进行分析,以汽车制造行业的融资现状入手,考察其融资结构对企业价值影响关系。在回顾国内外相关文献的基础上,先对融资结构和企业价值相关概念进行界定,阐述相关理论基础,并明确了文章的研究视角,继而在总结前人经验和理论分析的基础上建立研究框架;在对我国汽车制造业上市公司融资结构和企业价值现状进行充分的分析后,提出有针对性的假设,并建立回归模型;然后以我国汽车制造业上市公司2009年～2016年的经验数据为研究对象,从债务融资和股权融资两个方面探求汽车制造业上市公司融资结构与企业价值的关系,选取资产负债率、流动负债比率、第一大股东持股比例和前五大股东持股比例、法人持股比例、国有股持股比例,选取托宾Q为衡量企业价值指标,综合运用了描述性统计分析、相关性分析、回归分析等方法,对提出的假设进行了实证检验。研究结果可以看出,我们国家汽车制造业上市公司的融资结构在一定程度上与外国经典的融资顺序不一致,根据我国实际情况入手加以分析。可以看出,汽车制造业上市公司资产负债率与企业价值同方向变化;汽车制造业上市公司流动负债与非流动负债与企业价值成反方向变动;汽车制造业上市公司第一大股东和前五大股东的持股比例与企业价值正比例变化,股权集中度的提升有利于企业价值的上升;国家股的持股比例对企业价值的影响是负面的,国有股比例上升不利于企业价值提升,法人股持股比例与企业价值正相关,应该适度提高法人股的持股比例,使汽车制造业上市公司的企业价值得到更好的提升。最后,本文通过对汽车制造业上市公司融资结构和企业价值之间的关系进行实际分析,找到我国汽车制造业上市公司融资结构方面存在的问题,进行整理,提出切实有效的意见和建议,包括增加汽车制造业上市公司的内源融资、适度增加长期债务融资比率、拓宽上市公司的融资渠道、大力发展企业债券市场、建立有效的激励机制等。
[Abstract]:The financing structure of the listed company has a very important relation with the enterprise value. It is the key to perfect the corresponding financing structure of the listed company in the course of enterprise management, which can influence the management mechanism of the company to a certain extent. In the long run, it can shake the capital market, and improve the financing behavior can make the listed company develop better. At present, our country is studying the influence of listed companies' financing structure on enterprise value, mainly aiming at the whole situation of listed companies, but not systematically analyzing the industry. In our country the manufacturing industry belongs to the leading position, contributing a lot of strength for the country's economic development, driving many kinds of employment, so it is very meaningful to carry on the research to the manufacturing industry. In this paper, the data of automobile manufacturing industry from 2009-2016 are selected as the object of analysis, and the relationship between the financing structure and the enterprise value is investigated based on the current financing situation of automobile manufacturing industry. On the basis of reviewing the relevant literature at home and abroad, this paper defines the related concepts of financing structure and enterprise value, expounds the relevant theoretical basis, and clarifies the research perspective of the article. Then, on the basis of summing up the previous experience and theoretical analysis, the research framework is established, and after a full analysis of the financing structure and enterprise value status of listed companies in China's automobile manufacturing industry, a targeted hypothesis is put forward and a regression model is established. Then, taking the empirical data of Chinese automobile manufacturing listed companies from 2009 to 2016 as the research object, this paper explores the relationship between the financing structure and the enterprise value of the listed companies in the automotive manufacturing industry from the two aspects of debt financing and equity financing, and selects the asset-liability ratio. The current debt ratio, the proportion of the first largest shareholder and the first five major shareholders, the proportion of legal person and the proportion of state-owned stock holding, Tobin Q is selected as the index of enterprise value, and the descriptive statistical analysis and correlation analysis are used synthetically. Regression analysis and other methods, the proposed assumptions were empirically tested. The research results show that the financing structure of the listed companies in our country's automobile manufacturing industry is not consistent with the classical financing order of foreign countries to some extent, and it is analyzed according to the actual situation of our country. It can be seen that the asset-liability ratio of the listed companies in the automobile manufacturing industry changes in the same direction as the enterprise value, and the current and non-current liabilities of the listed companies in the automobile manufacturing industry change in the opposite direction with the enterprise value. The proportion of the first largest shareholder and the top five shareholders of the listed company in automobile manufacturing industry changes in proportion to the value of the enterprise, and the increase of the concentration of ownership is beneficial to the increase of the value of the enterprise, and the influence of the proportion of the state shares on the value of the enterprise is negative. The increase of the proportion of state-owned shares is not conducive to the promotion of enterprise value, and the proportion of legal person shares is positively related to the value of enterprises. Therefore, it is necessary to appropriately increase the proportion of shares held by legal personnel shares so as to improve the enterprise value of listed companies in the automotive manufacturing industry. Finally, through the actual analysis of the relationship between the financing structure and the enterprise value of the listed companies in the automobile manufacturing industry, this paper finds out the problems existing in the financing structure of the listed companies in the automobile manufacturing industry of our country. Put forward practical and effective opinions and suggestions, including increasing endogenous financing of listed companies in the automotive manufacturing industry, moderately increasing the ratio of long-term debt financing, broadening the financing channels of listed companies, and vigorously developing the corporate bond market. To establish an effective incentive mechanism and so on.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.471

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