制造业上市企业融资租赁的财务绩效研究

发布时间：2018-06-06 06:56

本文选题：制造业上市企业 + 融资租赁　；参考：《华东交通大学》2017年硕士论文

【摘要】：近年来,我国面临着经济压力大、产能过剩、就业压力大等众多问题,而制造业作为我国经济发展的中流砥柱,对于国家经济的发展起到了至关重要的作用,同时,在出台了一系列优惠政策的背景下,我国逐渐从“制造大国”开始向“制造强国”转型。然而随着企业不断发展壮大,普遍出现了“融资难、融资贵”的现象,导致企业的生产经营因现金流的短缺而出现种种困境。因此,上市企业有必要寻求一种新途径、新方法解决这一难题。融资租赁以其独创的“融资”与“融物”相结合的方式,在国际融资方式选择上位居第二。因为其创新型的融资方式广泛被国外企业所认知,因此在我国,越来越多的企业开始渐渐学习并采用这种方式。为了检测融资租赁在我国企业的运用中是否有效,所以挑选出了我国制造业上市企业作为研究对象,并对其融资租赁的财务绩效加以研究。本文从我国沪深A股主板制造业上市企业的视角出发,采用多元线性回归实证研究方法对企业融资租赁财务绩效情况进行探讨和分析。本文首先通过总结归纳国内外相对成熟的融资租赁理论,从中提炼出与融资租赁财务绩效相关的关键性因素;然后,以2011-2015年我国沪深A股主板制造业上市企业的融资租赁情况作为样本数据,经过研究假设设计、变量设计、模型设计、样本筛选、样本统计分析与样本的多元线性回归分析等实证分析步骤得出融资租赁对企业负债比率与筹集活动现金流量呈现显著相关性,而对企业财务费用与净资产收益率不呈现显著相关性的结论;最后,根据实证研究的结果并分别站在承租企业与政府的角度,为解决企业融资困难问题、积极发挥融资租赁巨大作用提出建议,为我国更多的制造业上市企业采用融资租赁方式进行融资提供更多理论支持。
[Abstract]:In recent years, China is facing many problems, such as great economic pressure, overcapacity and high employment pressure. As the mainstay of our economic development, manufacturing industry plays a vital role in the development of the national economy. At the same time, under the background of a series of preferential policies, China has gradually begun to "manufacture" from the "manufacturing country". However, with the continuous development and expansion of enterprises, the phenomenon of "difficult financing and high financing" is common, which leads to various difficulties in the production and operation of enterprises because of the shortage of cash flow. Therefore, it is necessary for the listed enterprises to seek a new way to solve the problem. In our country, more and more enterprises are beginning to learn and adopt this way. In order to test whether the financing lease is effective in the use of the enterprises in our country, we choose our country, because the innovative financing mode is widely recognized by foreign enterprises. So in China, more and more enterprises begin to learn and adopt this way. The listed enterprises of the manufacturing industry are the research objects and the financial performance of their financial leasing is studied. From the perspective of the listed enterprises of the Shanghai and Shenzhen A stock market, this paper discusses and analyzes the financial performance of the enterprise financing lease by using the multiple linear regression empirical research method. The relatively mature theory of financing lease has extracted the key factors related to financial lease financial performance, and then, taking the financing lease of the listed companies in the Shanghai and Shenzhen A stock market for 2011-2015 years as the sample data, the research hypothesis design, variable design, model design, sample screening, sample statistical analysis and samples are carried out. The multiple linear regression analysis and other empirical analysis steps draw a conclusion that the financing lease has a significant correlation with the corporate debt ratio and the raising of the cash flow rate, but does not have a significant correlation to the enterprise financial costs and the net asset returns. Finally, according to the results of the empirical research and stand in the perspective of the renting enterprise and the government, In order to solve the problem of financing difficulties and give full play to the huge role of financial leasing, some suggestions have been put forward to provide more theoretical support for the financing lease of more manufacturing enterprises in China.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F832.49;F406.72

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