内蒙古上市公司融资结构对公司绩效的影响

发布时间：2018-04-13 01:11

本文选题：内蒙古上市公司 + 融资结构　；参考：《西北民族大学》2017年硕士论文

【摘要】：对于上市公司来说,融资结构是其发展的基础,决定着公司融资能力等各方面的实际效果。因此,融资结构和公司绩效两者之间的关系越来越受到学术界的广泛研究。一个地区上市公司的任何一种融资模式不仅会对区域资本市场造成影响,还会对区域内上市公司的一系列经营管理行为产生影响。上市公司在行业中的特殊性决定了其载体作用,也成为了推动整个行业和区域经济发展的助推器。内蒙古上市公司作为当地各行业的骨干企业,对当地经济发展起到了带动作用,同时也为区域内经济发展提供了强有力的保障。基于此,笔者仔细探究了内蒙古上市公司融资结构对企业绩效的影响,以期可以帮助内蒙古上市公司根据自身情况选择最佳的融资结构,以提高内蒙古上市公司在资本市场的融资能力,同时也对当地后备上市公司提供一定启示作用。本文首先提出研究的背景及意义,继而简述了国内外学者对融资结构与公司绩效的研究成果,试图在回顾国内外现有文献的基础上,找出可能尚未解决的问题作为本文的创新点。接着,通过现状分析,梳理出内蒙古上市公司2004—2015年的融资结构与公司绩效的现状情况,并得出如下结论:内蒙古上市公司现有的融资结构不合理,表现为股权融资所占比例过大,而此融资结构,在微观方面将致使资金无法高效运转,无法更有效地提升公司运营业绩,也无法更好地施展财务的杠杆作用。从宏观层面而言,无法落实国家宏观经济调控政策,将阻碍金融体系的正常运转,亦不利于证券市场的健康发展。因此,内蒙古上市公司在进行融资选择时,应依据实际情况,结合融资规模进行融资选择,而不是一味偏好股权融资。在了解内蒙古上市公司融资结构和公司绩效现状的基础上,本文利用SPSS19.0和Eviews6.0软件,运用因子分析法和回归分析法进行了实证研究。筛选出内蒙古2004—2015年15家上市公司的财务数据作为研究样本。首先将影响公司绩效的四个指标进行因子分析,提取出衡量公司绩效的公因子,作为最终回归分析的被解释变量。继而采用效应面板模型进行回归分析,获得以下结论:其一,股权结构将会对公司绩效产生一定的消极影响。经由实证分析可知,控股股东所持有的股份份额将和企业绩效呈现显著的负相关关系,而流通股比例无显著影响,只表现出微弱的负作用。第二,从债权结构来看,资产负债率、银行借款率与公司绩效呈显著的负相关关系。第三,应付债券率与短期负债均对公司绩效起到显著的正向作用。第四,公司成长能力的提升有助于绩效水平的增加。最后,结合现状分析和实证分析结果,从企业内部途径和企业外部途径这两方面入手,提出了具体的对策建议。
[Abstract]:For listed companies, the financing structure is the basis of their development, which determines the actual effect of various aspects such as the financing ability of the company.Therefore, the relationship between financing structure and corporate performance is more and more widely studied in academia.Any kind of financing mode of a regional listed company will not only affect the regional capital market, but also have an impact on a series of management behaviors of the regional listed company.The particularity of the listed company in the industry determines its carrier role and becomes the booster to promote the development of the whole industry and regional economy.The listed companies in Inner Mongolia, as the backbone enterprises in various local industries, have played a leading role in the development of local economy, and have also provided a strong guarantee for the economic development in the region.Based on this, the author carefully explores the impact of financing structure of listed companies in Inner Mongolia on corporate performance, in order to help the listed companies in Inner Mongolia choose the best financing structure according to their own conditions.In order to improve the financing ability of Inner Mongolia listed companies in the capital market, it also provides some enlightenment to the local reserve listed companies.This paper first puts forward the background and significance of the research, then briefly describes the research results of domestic and foreign scholars on financing structure and corporate performance, and tries to review the existing literature at home and abroad.Find out the problem that may not be solved as the innovation of this paper.Then, through the analysis of the present situation, the paper analyzes the current situation of the financing structure and corporate performance of listed companies in Inner Mongolia from 2004 to 2015, and draws the following conclusions: the existing financing structure of listed companies in Inner Mongolia is unreasonable.The result is that the proportion of equity financing is too large, and this financing structure, in the micro aspect, will result in the capital can not operate efficiently, can not improve the company's operating performance more effectively, nor can it play a better role in financial leverage.From the macro level, the failure to implement the national macroeconomic regulation and control policies will hinder the normal operation of the financial system and will not be conducive to the healthy development of the securities market.Therefore, the listed companies in Inner Mongolia should choose financing according to the actual situation, combined with the scale of financing, rather than blindly prefer equity financing.On the basis of understanding the current situation of financing structure and corporate performance of listed companies in Inner Mongolia, this paper makes an empirical study by using SPSS19.0 and Eviews6.0 software, using factor analysis and regression analysis.The financial data of 15 listed companies in Inner Mongolia from 2004 to 2015 were selected as the research samples.Firstly, four factors affecting corporate performance are analyzed, and the common factors which measure corporate performance are extracted as the explanatory variables of the final regression analysis.Then the effect panel model is used for regression analysis to obtain the following conclusions: first, equity structure will have a certain negative impact on corporate performance.The empirical analysis shows that the share of the controlling shareholder has a significant negative correlation with the enterprise performance, while the proportion of circulating shares has no significant effect, only showing a weak negative effect.Second, from the perspective of creditor's rights structure, asset-liability ratio, bank borrowing rate and corporate performance have a significant negative correlation.Third, bond payable and short-term liabilities play a significant positive role in corporate performance.Fourth, the promotion of the company's ability to grow helps to increase the level of performance.Finally, based on the analysis of the present situation and the results of the empirical analysis, this paper puts forward the concrete countermeasures and suggestions from the two aspects of the internal approach and the external approach of the enterprise.
【学位授予单位】：西北民族大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】