涉农上市公司信用融资结构及其对经营绩效的影响研究

发布时间：2018-03-25 17:08

本文选题：涉农上市公司　切入点：信用融资结构　出处：《福建农林大学》2017年硕士论文

【摘要】：涉农上市公司代表了我国涉农企业的最高水平,但仍受到自然风险大、同质性严重、利润空间小等行业劣势的影响,经营绩效远低于上市公司的平均水平。如何助力涉农上市公司发展一直都是社会各界关注的热点,多数学者从信用融资的角度展开研究,希望帮助其克服融资瓶颈以获得更好地发展。然而,仅讨论信用融资总体规模而不关心融资结构似乎难以攻其要害。不难看出,随着相关政策的推进,上市涉农公司融资渠道不断拓宽、信用融资可得性不断增强,如何选择最有利的信用融资方式,合理调节信用融资结构已成为影响公司经营绩效不可忽略的重要影响因素。基于以上考虑,本文选择研究涉农上市公司信用融资结构及其对经营绩效的影响,一方面可以弥补传统研究的局限,另一方面可以从全新的角度为涉农上市公司提升经营绩效提出合理的对策建议。本文的研究思路是先找出涉农上市公司三种信用融资方式间的替代或互补关系,并在此基础上,进一步讨论如何调整信用融资结构,以促进涉农上市公司经营绩效的提高。本文根据证监会2016年上市公司行业分类标准,从沪市A股中选取了包括农林牧渔板块在内的63家涉农公司作为样本。并从国泰安数据库(CSMAR)提取2016年年报相关数据作为指标。通过实证分析得出以下结论:(1)商业信用融资与银行信用融资、商业信用融资与债券融资间均存在替代关系。(2)银行信用融资与债券融资成互补关系。(3)债券融资规模与经营绩效正相关。(4)银行信用与商业信用融资的规模与经营绩效呈相似的负相关性。最后本文提出合理减少银行信用融资、控制商业信用融资规模、加强债券融资力度等一系列改善信用融资结构的建议,以促进涉农上市公司经营绩效的提升。
[Abstract]:Agricultural listed companies represent the highest level of agribusiness in China, but are still affected by the disadvantages of the industries, such as high natural risks, serious homogeneity, small profit margins, etc. Operating performance is far below the average level of listed companies. How to help the development of agri-related listed companies has always been the focus of attention from all walks of life, most scholars from the perspective of credit financing research, It is hoped to help it overcome its financing bottlenecks in order to achieve better development. However, it seems difficult to focus on the overall size of credit financing without regard to the financing structure. It is not difficult to see that, as relevant policies move forward, The financing channels of listed agriculture-related companies have been continuously broadened, and the availability of credit financing has been continuously enhanced. How to choose the most favorable credit financing methods, The rational adjustment of credit financing structure has become an important factor that can not be ignored to affect the company's operating performance. Based on the above considerations, this paper chooses to study the credit financing structure and its impact on the operating performance of the agribusiness listed company. On the one hand, it can make up for the limitation of traditional research. On the other hand, it is possible to put forward reasonable countermeasures and suggestions for the agribusiness listed companies to improve their management performance from a new angle. The research idea of this paper is to find out the substitution or complementary relationship among the three credit financing modes of the agribusiness listed companies, and on this basis, Further discussion is made on how to adjust the credit financing structure in order to promote the improvement of the performance of the agribusiness listed companies. 63 agribusiness companies, including agriculture, forestry, herding and fishing sector, were selected from A-shares of Shanghai Stock Exchange as samples, and relevant data of 2016 annual report were extracted from Cathay Pacific Database (CSMAR) as indicators. The following conclusions are drawn by empirical analysis: 1) Commerce. Credit financing and Bank Credit financing, There is a substitution relationship between commercial credit financing and bond financing. 2) the relationship between bank credit financing and bond financing is complementary. 3) the scale of bond financing is positively related to business performance. 4) the scale and performance of bank credit and commercial credit financing are positively related to each other. Finally, this paper proposes a reasonable reduction of bank credit financing. A series of suggestions to improve the credit financing structure such as controlling the scale of commercial credit financing and strengthening bond financing are put forward in order to promote the improvement of the management performance of the agribusiness listed companies.
【学位授予单位】：福建农林大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F324;F302.6;F832.43

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