中小板上市公司成长性与融资结构关系研究

发布时间：2018-01-01 20:42

本文关键词：中小板上市公司成长性与融资结构关系研究　出处：《东北财经大学》2013年硕士论文　论文类型：学位论文

【摘要】：随着经济的不断发展,人们对于企业的关注不再仅仅停留在盈利能力上,而是开始越来越关注企业的成长性。企业的成长性是指企业在持续经营中,通过不断优化企业内外部资源配置效率,实现规模增长与效益提高,获得企业价值持续增长的能力。高成长企业对于宏观经济的发展及其资本市场的完善具有重要的推动作用。但企业要实现持续健康的成长,离不开资金的支持。企业的融资结构是指企业在筹集资金时,由不同渠道取得的资金之间的构成及其比例关系。融资问题是现代公司理财的核心内容之一,也是成长性企业发展的关键。因此处于高速成长阶段的企业如何利用有限的资源优化其融资结构,以获得可持续的增长显得尤为重要。与其他板块的企业相比,我国中小板上市的企业大多具有较高的成长性,但由于大多为中小企业,规模较小,很难得到金融机构的资金支持,其资金短缺问题较为严重,因此其融资问题一直受到广泛的关注。正是基于这方面的考虑,本文对中小板上市企业的成长性与融资结构关系进行了相关研究。国内外学者对于成长性与融资结构的关系进行了很多的研究,大多认为成长性是影响融资结构的一项重要因素。但由于我国的中小板市场属于新兴的资本市场,发展并不完善和成熟,国外的研究结论是否适用还有待验证。同时,研究融资结构与成长性的关系,可以进一步地指导处于不同成长阶段的企业更好地进行融资决策,以实现企业的良性发展。因此,从理论和现实角度看,研究成长性与融资结构的关系都具有重要的意义。本文采用了理论研究与实证研究相结合的方法,对代理成本理论、信号传递理论、公司战略财务理论进行了阐述和分析,同时在分析我国中小板上市公司现状的基础上,对其成长性与融资结构的关系进行了实证研究。在实证部分中,以我国中小板上市公司2009-2011年的数据为研究样本,运用因子分析法构建了一个综合的成长性评价指标,然后利用回归分析来分别检验企业的成长性与债务水平及债务期限结构的关系。其中,构建的成长性评价指标是通过对总资产增长率,资本性支出增长率,主营业务收入增长率,单位资产主营业务利润增长率,单位资产营业利润增长率,托宾Q值六个指标进行因子分析并提取主因子计算得出。实证结果表明,企业的成长性与债务水平存在显著的负相关关系,成长性越高的企业,其债务水平越低。这与本文的假设及理论分析相一致。控制变量中,企业规模,资产担保价值与债务水平存在显著的正相关关系,盈利能力及非债务税盾与债务水平之间呈显著的负相关关系。而成长性与债务期限结构的回归分析结果呈负相关,但并不显著,说明成长性企业并不明显的倾向于使用短期债务,这与本文的假设并不一致。本文作者认为这与我国债券市场发展并不完善,尤其是中小企业债务融资渠道并不通畅有关,企业并不能完全根据自身需要选择融资方式。最后,本文从金融市场的发展及企业自身等多个方面提出了相关的建议,并总结了本文存在的局限性及对未来研究方向的展望。
[Abstract]:With the continuous development of economy, people for the attention of the enterprise is no longer merely in profitability, but start to pay more attention to the growth of the enterprise. The enterprise growth is in continuous operation, through optimizing the allocation efficiency of internal and external resources, to achieve the scale of growth and improve the ability to obtain benefits, the enterprise value growth. Has an important role for the development of high growth enterprises to improve the macroeconomic and capital market. But the enterprise to achieve sustained and healthy growth, cannot do without the support of funds. The financing structure of the enterprise refers to the enterprise in raising funds, and the ratio between funds from different channels. The relationship between the financing problems is one of the core content of modern corporate finance, but also the key to the growth of enterprise development. So how to use the limited resources in the high-speed growth stage of the enterprise Optimize the financing structure, to achieve sustainable growth is particularly important. Compared with other sectors of the enterprises, the growth of China's small board listed companies are mostly high, but mostly for small and medium-sized enterprises, small scale, difficult to get the financial support of financial institutions, the shortage of funds is more serious, so the financing the problem has attracted extensive attention. It is based on this consideration, the relationship between the growth and the financing structure of the SME board listed companies was studied.
The domestic and foreign scholars have conducted a lot of research on the relationship between growth and financing structure, most of that growth is an important factor to influence the financing structure. But due to the small and medium-sized board market of our country belongs to the emerging capital market development is not perfect and mature, the conclusions of the study abroad is yet to be verified. At the same time, the relationship between study on the financing structure and growth, can guide the enterprises in the different growth stages for better financing decision, in order to achieve the healthy development of enterprises. Therefore, from theoretical and practical point of view, has important significance to study the relationship between growth and financing structure.
This paper adopts the method of combining theoretical research and empirical research, the agency cost theory, signaling theory, expounds and analyzes the theory of corporate financial strategy, based on the analysis of current situation of our listed companies on the SME board, the relationship between the growth and financing structure makes an empirical study on the empirical part. In China, the SME board listed companies 2009-2011 data as the research sample, using the factor analysis method to build a comprehensive growth evaluation index, and then use regression analysis to test the relationship between growth and debt level and debt maturity structure of enterprises respectively. Among them, the growth of evaluation index is constructed by growth rate the total assets, capital expenditure growth rate, the growth rate of main business income, assets operating profit growth rate, assets operating profit growth rate, Q value of the six indicators into Tobin Factor analysis and principal factor is calculated. The empirical results show that there is a significant negative correlation between the growth of enterprises and the level of debt, high growth enterprises, its debt level is lower. This is consistent with the assumptions and theoretical analysis in this paper. The control variables, the scale of enterprises, there is a positive correlation between significant collateral value of assets and debt levels, a significant negative correlation between profitability and non debt tax shields and debt levels. The growth of the debt maturity structure and the results of regression analysis showed a negative correlation, but not significant, indicating a tendency toward growth of enterprises is not obvious in the use of short-term debt, and the assumption of this article is not the same. The author thinks that the development of China's bond market is not perfect, especially the SME debt financing channel is not smooth, enterprises can not completely according to their own needs to choose the financing party Finally, from the aspects of financial market development and enterprises themselves, this paper puts forward some related suggestions, and summarizes the limitations of this article and prospects for future research directions.

【学位授予单位】：东北财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

【参考文献】