煤炭企业的融资约束对安全投入的影响研究

发布时间：2018-04-24 04:23

本文选题：融资约束 + 短期借款　；参考：《辽宁工程技术大学》2017年硕士论文

【摘要】：煤炭企业的发展需要更方面的优化进步,其中安全生产是影响其发展的重要因素之一,提高安全生产水平对企业的长期发展至关重要,本文从融资约束角度探讨其对安全投入的影响,检验融资约束对安全投入的作用,并且考察了长期借款与短期借款对安全投入的影响,采用2011-2015年煤炭上市公司的数据,用STATA及SPSS软件进行实证研究分析,并提出相应的意见建议,结论如下:(1)对于煤炭企业而言,其融资约束制约着企业的安全投入水平。企业的融资约束程度与安全投入水平显著负相关,即企业的融资约束程度越高,安全投入水平越低。(2)探讨企业长、短期借款融资,不同期限借款对煤炭企业安全投入的影响:长期借款与企业安全投入无显著性关系,短期借款负债率与企业安全投入具有负相关关系,即短期借款的增加使得企业安全投入水平降低。(3)企业自由现金流对安全投入有正向促进作用。即充足的内部资金有利于煤炭企业提升对安全投入的水平。(4)相关政策建议:煤炭上市企业应选择有利于企业发展的债务融资期限结构,优化投资行为。为国家借助完善企业长、短期借款融资审批标准,提高企业安全投入水平提供了理论指导。
[Abstract]:The development of coal enterprises needs more optimization and progress, among which safety production is one of the important factors affecting the development of coal enterprises. It is very important to improve the level of safety production for the long-term development of enterprises. In this paper, the influence of financing constraint on safety investment is discussed, the effect of financing constraint on safety investment is tested, and the influence of long term and short term borrowing on safety input is examined, and the data of coal listed companies from 2011 to 2015 are used. Using STATA and SPSS software to carry on the empirical research and analysis, and put forward the corresponding suggestions, the conclusion is as follows: 1) for coal enterprises, its financing constraints restrict the level of safety investment of enterprises. The degree of financing constraint is negatively related to the level of safety input, that is, the higher the degree of financing constraint, the lower the level of safety input. There is no significant relationship between long-term borrowing and enterprise safety investment, but a negative correlation between short-term borrowing debt ratio and enterprise safety investment. That is, the increase of short-term borrowing makes the level of enterprise safety investment lower. 3) the free cash flow has a positive effect on the safety investment. That is, sufficient internal capital is beneficial to coal enterprises to raise the level of safety investment. 4) relevant policy recommendations: coal listed enterprises should choose debt financing term structure that is conducive to the development of enterprises, and optimize investment behavior. It provides theoretical guidance for the government to improve the approval standard of long and short-term loan financing and to improve the level of enterprise safety investment.
【学位授予单位】：辽宁工程技术大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.21;F406.7

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