我国电子制造业上市公司债务期限结构与企业绩效的实证研究
发布时间：2019-03-14 18:20
【摘要】：企业的经营发展离不开资金,而企业的资金来源主要靠债务融资。债务融资是企业重要的财务决策之一。企业进行债务融资时,面临着对债务内部结构进行选择,如债务期限的长短、债务具体来源,债务主体的选择等等。而债务期限长短即债务期限结构的选择很重要,是企业必须面临的重要债务融资决策之一。债务期限结构理论实践研究方面,国外的相关研究较早,不仅在理论方面,还是在实证研究方面都形成了比较完善的体系。国内对债务期限结构的研究较晚,实证研究就更滞后了。研究主要围绕债务期限结构的影响因素。同时基于我国特殊的经济制度,我国的资本市场发展不均衡,导致了我国偏好股权融资,债务融资比例较低、融资结构不合理等一系列的问题。债务融资不仅不能有效的提高企业绩效,反而对企业绩效产生了负面作用。 这种背景下,本文主要通过2010-2012年的电子制造业上市公司的平面数据,研究了其债务期限结构与企业绩效的关系,通过模型,得出结论,使大家意识到债务融资、债务结构的重要性。对于完善公司融资决策,提高企业绩效有较重大的意义。 本文主要分为五个部分：第一部分：绪论部分,主要阐述了论文的研究背景和意义、研究的主要内容、研究采用的方法及论文的创新。第二部分：理论分析部分,主要介绍相关概念和债务期限结构、企业绩效相关理论,为之后的实证研究部分奠定了基础。最后还介绍了一下电子制造业上市公司的融资现状。第三部分：实证研究分析。第四部分：结果分析,并在理论和研究结果的基础上提出对策建议。 本文以电子制造业2010-2012年的相关数据作为样本,研究了债务期限结构与企业绩效的关系。得出如下结论：电子制造业上市公司资产负债率、债务期限结构与企业绩效负相关。
[Abstract]:The management and development of enterprises can not be separated from funds, and the source of capital of enterprises mainly depends on debt financing. Debt financing is one of the important financial decisions of enterprises. When enterprises carry on debt financing, they are faced with choosing the internal structure of debt, such as the length of debt maturity, the specific source of debt, the choice of main body of debt and so on. The choice of debt maturity structure is very important, and it is one of the important debt financing decisions that enterprises must face. In the aspect of theoretical practice of debt maturity structure, the related research abroad has formed a relatively perfect system not only in theory, but also in empirical research. The domestic research on debt maturity structure is late, and the empirical research lags behind. The research focuses on the influencing factors of debt maturity structure. At the same time, based on the special economic system of our country, the development of our capital market is unbalanced, which leads to a series of problems, such as preference for equity financing, low debt financing ratio, unreasonable financing structure and so on. Debt financing not only can not effectively improve corporate performance, but also has a negative effect on corporate performance. Under this background, this paper mainly studies the relationship between debt maturity structure and enterprise performance through the plane data of electronic manufacturing listed companies from 2010 to 2012, and draws a conclusion through the model to make everyone realize the debt financing. The importance of debt structure. It is of great significance to perfect the financing decision of the company and improve the performance of the enterprise. This paper is divided into five parts: the first part: the introduction part, mainly describes the research background and significance, the main content of the research, the methods used in the study and the innovation of the paper. The second part: the theoretical analysis part, mainly introduces the related concepts and debt maturity structure, firm performance related theory, which lays the foundation for the later empirical research part. Finally, it introduces the financing status of listed companies in electronic manufacturing industry. The third part: empirical research analysis. The fourth part: the result analysis, and on the basis of the theory and research results, put forward the countermeasures and suggestions. In this paper, the relationship between debt maturity structure and corporate performance is studied by using the related data of electronic manufacturing industry from 2010 to 2012. The conclusions are as follows: the ratio of assets to liabilities, debt maturity structure and corporate performance are negatively related to the listed companies in electronic manufacturing industry.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.63
[Abstract]:The management and development of enterprises can not be separated from funds, and the source of capital of enterprises mainly depends on debt financing. Debt financing is one of the important financial decisions of enterprises. When enterprises carry on debt financing, they are faced with choosing the internal structure of debt, such as the length of debt maturity, the specific source of debt, the choice of main body of debt and so on. The choice of debt maturity structure is very important, and it is one of the important debt financing decisions that enterprises must face. In the aspect of theoretical practice of debt maturity structure, the related research abroad has formed a relatively perfect system not only in theory, but also in empirical research. The domestic research on debt maturity structure is late, and the empirical research lags behind. The research focuses on the influencing factors of debt maturity structure. At the same time, based on the special economic system of our country, the development of our capital market is unbalanced, which leads to a series of problems, such as preference for equity financing, low debt financing ratio, unreasonable financing structure and so on. Debt financing not only can not effectively improve corporate performance, but also has a negative effect on corporate performance. Under this background, this paper mainly studies the relationship between debt maturity structure and enterprise performance through the plane data of electronic manufacturing listed companies from 2010 to 2012, and draws a conclusion through the model to make everyone realize the debt financing. The importance of debt structure. It is of great significance to perfect the financing decision of the company and improve the performance of the enterprise. This paper is divided into five parts: the first part: the introduction part, mainly describes the research background and significance, the main content of the research, the methods used in the study and the innovation of the paper. The second part: the theoretical analysis part, mainly introduces the related concepts and debt maturity structure, firm performance related theory, which lays the foundation for the later empirical research part. Finally, it introduces the financing status of listed companies in electronic manufacturing industry. The third part: empirical research analysis. The fourth part: the result analysis, and on the basis of the theory and research results, put forward the countermeasures and suggestions. In this paper, the relationship between debt maturity structure and corporate performance is studied by using the related data of electronic manufacturing industry from 2010 to 2012. The conclusions are as follows: the ratio of assets to liabilities, debt maturity structure and corporate performance are negatively related to the listed companies in electronic manufacturing industry.
【学位授予单位】：南京理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.63
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