我国上市公司财务弹性及其对公司业绩的影响

发布时间：2018-06-23 15:46

本文选题：长期目标杠杆水平 + 财务弹性　；参考：《华中科技大学》2012年硕士论文

【摘要】：在全球经济一体化的时代，公司面临着前所未有的挑战，现金流短缺、错失投资良机、资金链断裂等问题时刻考验着公司的经营能力，管理者必须为公司的发展积蓄能量——有计划的保留尚未使用的借债能力，这种能力即为财务弹性。它是公司财务决策过程中重要的参考因素，也是公司资本结构理论研究的盲区，并逐步成为学术研究的热点问题。财务弹性一方面可以缓解企业的融资困境，帮助公司顺利的进入资本市场进行融资；另一方面可以改善企业的投资状况，保证公司不因资金短缺而放弃有价值的投资机会，确保公司择优投资的能力，为公司创造更多的价值。本文系统的回顾了国内外关于公司资本结构、财务弹性与公司治理结构的相关文献，借鉴了国外学者最新的研究成果，选取了我国沪深两市非金融类上市公司2007～2011年的相关样本数据，采用固定效应模型，对公司财务弹性的状况、其主要来源，以及其对公司绩效的影响进行研究。主要的研究结论为：（1）公司的目标杠杆水平与行业杠杆中间值、市帐率、资产有形率、盈利能力和公司规模有着紧密的关系。具体而言，行业杠杆中间值、盈利能力与长期杠杆水平所呈现出的正相关关系，为权衡理论论调提供了有力的支持。同时，公司的市帐率、资产有形率、公司规模与长期杠杆水平之间的负相关关系则证明了融资优序理论的合理性。（2）我国上市公司对财务弹性的重视程度较高，具有财务弹性的上市公司所占比例为35%。但是，各行业间的财务弹性水平有着较大的差异，其中，制造业的财务弹性最高，农、林、牧、渔业的财务弹性相对较低。（3）通过研究公司财务杠杆中债务的净变化，发现财务弹性的主要来源是公司未使用的债务能力。（4）财务弹性对公司的财务业绩和市场业绩有着较强的解释力度，并对公司业绩的提升有显著的影响。同时，，从公司治理结构层次上看，目前我国的董事会规模与独立董事比例对公司整体业绩水平的影响不显著。
[Abstract]:In the era of global economic integration, the company is faced with unprecedented challenges, cash flow shortage, missed investment opportunities, capital chain break and other problems are testing the business ability of the company. Managers must accumulate energy for the development of the company-the ability to plan to retain unused borrowing capacity, which is called financial flexibility. It is not only an important reference factor in the process of corporate financial decision, but also a blind spot in the study of corporate capital structure theory, and has gradually become a hot issue in academic research. On the one hand, financial flexibility can alleviate the financing difficulties of enterprises and help companies to smoothly enter the capital market for financing; on the other hand, it can improve the investment situation of enterprises and ensure that companies do not give up valuable investment opportunities because of lack of funds. To ensure the ability of the company to choose the best investment, to create more value for the company. This paper systematically reviews the domestic and foreign literature on corporate capital structure, financial elasticity and corporate governance structure, and draws lessons from the latest research results of foreign scholars. This paper selects the sample data of non-financial listed companies in Shanghai and Shenzhen stock markets from 2007 to 2011, and uses the fixed effect model to study the financial elasticity, its main sources and its impact on corporate performance. The main conclusions are as follows: (1) there is a close relationship between the target leverage level of the company and the intermediate value of the industry leverage, the market book rate, the asset tangible ratio, the profitability and the size of the company. In particular, the positive correlation between the intermediate value of industry leverage, profitability and long-term leverage level provides a strong support for weighing the theoretical arguments. At the same time, the negative correlation between the market book ratio, the tangible ratio of assets, the size of the company and the level of long-term leverage proves the rationality of the financing priority theory. (2) the listed companies in our country attach great importance to the financial elasticity. The proportion of listed companies with financial flexibility is 35%. However, there are great differences in the level of financial elasticity among different industries. Among them, the financial elasticity of manufacturing industry is the highest, and the financial elasticity of agriculture, forestry, animal husbandry and fisheries is relatively low. (3) by studying the net change of debt in corporate financial leverage, It is found that the main source of financial elasticity is the unused debt capacity of the company. (4) Financial elasticity has a strong explanatory force on the financial performance and market performance of the company and has a significant impact on the improvement of the company's performance. At the same time, from the level of corporate governance structure, the scale of the board of directors and the proportion of independent directors have no significant impact on the overall performance of the company.
【学位授予单位】：华中科技大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51

【参考文献】