基于产融结合的我国能源企业财务绩效研究

发布时间：2018-11-08 15:08

【摘要】：产融结合逐渐成为我国经济体制改革发展中的前进方向。理论和实证研究表明:产融结合有利于降低交易费用,消除信息不对称,降低融资约束,实现交易效率和投资效率的提升等。但是,现阶段我国的产融结合进程依然处于初级发展阶段,关于进行产融结合的企业财务绩效方面的研究非常少。因此,本文以能源企业作为研究对象,研究产融结合对能源企业财务绩效的影响。本文通过对产融结合的研究现状、相关理论、动因、模式和具体形式进行梳理,并对我国能源企业进行产融结合的具体形式,产融结合进程变化、产融结合对能源企业财务绩效的影响机理等进行了分析。认为能源企业中进行产融结合的企业数量增大,产融结合的具体形式开始呈现多样化,但是由于大部分能源企业只是近几年才开始进行产融结合,因此并未形成一定的金融规模。同时,通过机理和描述性分析认为产融结合会对能源企业的财务绩效产生影响。随后,实证研究部分,采用因子分析法计算能源企业的财务绩效综合指标值,运用多元回归模型研究产融结合是否会对能源企业财务绩效产生影响;并对能源企业产融结合程度与财务绩效的相关性进行了分析;运用描述性统计和配对样本T检验对产融结合5年以上和不足5年的能源企业在财务绩效、财务费用率和经营成果方面进行了分析;运用独立样本T检验分析了能源企业参控股金融机构单一和参控股金融机构多样化下的财务绩效差异。得到相应的实证结论,并结合理论实证分析,为能源企业未来的产融结合进程提出了建议。
[Abstract]:The combination of production and finance has gradually become the forward direction of the reform and development of our country's economic system. Theoretical and empirical studies show that the combination of industry and finance can reduce transaction costs, eliminate information asymmetry, reduce financing constraints, and achieve the efficiency of transaction and investment. However, at this stage, the process of industrial and financial integration is still in the primary stage of development, and there is very little research on the financial performance of enterprises. Therefore, this paper takes the energy enterprises as the research object to study the impact of the combination of production and finance on the financial performance of energy enterprises. In this paper, the current research situation, related theory, motivation, mode and specific form of the combination of production and finance are combed, and the specific forms of the combination of production and finance, the process of the combination of industry and finance are changed. The influence mechanism of industry-finance combination on the financial performance of energy enterprises is analyzed. It is believed that the number of enterprises that combine production and finance in energy enterprises has increased, and the specific forms of combination of production and finance have begun to be diversified. However, since most energy enterprises have only started to combine production and finance in recent years, Therefore, it has not formed a certain financial scale. At the same time, through the mechanism and descriptive analysis, it is concluded that the combination of production and finance will have an impact on the financial performance of energy enterprises. Then, in the part of empirical research, factor analysis method is used to calculate the comprehensive index value of energy enterprise's financial performance, and the multiple regression model is used to study whether the combination of production and finance will have an impact on the financial performance of energy enterprises. The correlation between financial performance and the degree of combination of production and finance in energy enterprises is analyzed. Using descriptive statistics and paired sample T test, the financial performance, financial expense rate and operating results of energy enterprises with production and finance combination of more than 5 years and less than 5 years were analyzed. Using independent sample T test, this paper analyzes the difference of financial performance between single financial institution and diversified financial institution of energy enterprise. The corresponding empirical conclusions are obtained and combined with theoretical empirical analysis to provide suggestions for the future process of industrial and financial integration of energy enterprises.
【学位授予单位】：西安石油大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F406.7;F426.2

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