生命周期视角下批零企业债务融资与财务绩效的关系研究

发布时间：2018-04-28 19:17

本文选题：企业生命周期 + 债务融资　；参考：《湘潭大学》2017年硕士论文

【摘要】：企业生命周期的概念是始于仿生学之中,目前已经有越来越多的学者开始关注其在财务管理领域的应用。虽然国外的很多学者在此领域做出了较多的贡献,但在我国应用的范围还不够广泛。论文以批发零售上市公司为研究对象,以企业生命周期理论、MM理论等为理论基础,采用文献研究、实证分析相结合的研究方法,对企业生命周期视角下债务融资与财务绩效的关系进行研究。首先,筛选出95家批发零售上市公司,再采用增长率分类法将批发零售业的生命周期分为:成长期27家、成熟期24家、衰退期44家。其次,选取因变量:总资产收益率;自变量:资产负债率、短期负债率、长期负债率;控制变量:总资产的对数、总资产增长率、全部资产现金回收率,并且借助SPSS软件对2010-2015年我国批发零售上市公司570个样本数据进行统计分析。VIF多重共线性检验结果显示,各变量指标之间不存在严重的多重共线性问题,排除变量间共线性问题对实证结果影响。研究结论:(1)批发零售上市公司的负债比率、负债期限和财务绩效在生命周期的不同阶段具有显著差异;(2)批发零售上市公司在生命周期的不同阶段,资产负债率与财务绩效负相关,资产负债率的增加会导致财务绩效的减少;(3)在成长期和衰退期,短期负债与财务绩效正相关,长期负债率与财务绩效负相关;在成熟期,短期负债率与财务绩效负相关,长期负债率与财务绩效正相关。根据理论与实践分析,提出建议:根据企业实际情况,确定适度债务融资比重;合理配置短期负债与长期负债的比例,增加长期负债的比重;积极拓宽债务融资渠道,鼓励多种方式融资。论文的研究内容具有一定的意义,既可以丰富相关理论,也为批发零售上市公司的融资策略提供建议。
[Abstract]:The concept of enterprise life cycle begins in bionics. At present, more and more scholars have begun to pay attention to its application in the field of financial management. Although many foreign scholars have made more contributions in this field, the scope of application in our country is not wide enough. This paper takes the wholesale and retail listed companies as the research object, takes the enterprise life cycle theory and MM theory as the theoretical foundation, adopts the literature research, the empirical analysis unifies the research method. This paper studies the relationship between debt financing and financial performance from the perspective of enterprise life cycle. First, 95 wholesale and retail listed companies were selected, and then the life cycle of wholesale and retail industry was divided into three categories: 27 in growth period, 24 in mature period and 44 in recession period. Secondly, select dependent variables: total asset return rate; independent variable: asset-liability ratio, short-term debt ratio, long-term debt ratio; control variable: total asset logarithm, total asset growth rate, total asset cash recovery, With the help of SPSS software, 570 sample data of China's wholesale and retail listed companies from 2010 to 2015 are analyzed. The results show that there is no serious multiple collinearity problem among the variables. The effect of co-linearity between variables on the empirical results. Conclusion: 1) the debt ratio, debt maturity and financial performance of wholesale and retail listed companies are significantly different in different stages of the life cycle. 2) Wholesale and retail listed companies are in different stages of the life cycle. The asset-liability ratio is negatively correlated with financial performance, and the increase of asset-liability ratio will lead to the decrease of financial performance. (3) in the growth period and recession period, there is a positive correlation between short-term liabilities and financial performance, a negative correlation between long-term debt ratio and financial performance, and a negative correlation between long-term debt ratio and financial performance in the mature period. The short-term debt ratio is negatively correlated with financial performance, and long-term debt ratio is positively correlated with financial performance. According to the analysis of theory and practice, this paper puts forward some suggestions: according to the actual situation of enterprises, to determine the proportion of moderate debt financing, to allocate the proportion of short-term and long-term liabilities reasonably, to increase the proportion of long-term liabilities, and to actively broaden the channels of debt financing. Encourage a variety of ways to raise funds. The research content of this paper has some significance, which can enrich the relevant theories and provide suggestions for the financing strategy of wholesale and retail listed companies.
【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F715.5;F721

【参考文献】