我国上市公司债务期限结构与公司绩效关系实证研究

发布时间：2018-03-16 12:37

本文选题：债务期限结构　切入点：公司绩效　出处：《西南财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：债务融资分析主要包括债务总量和债务结构两个方面,目前多数研究集中于债务总量研究,关于经营杠杆的研究已经达到了相当的深度,但是就相关研究可知长、短期债务的作用不同,债务期限结构通过适当分配企业的长短期债务,来对企业的信息不对称、代理成本、税收等因素产生不同作用。债务期限结构作为债务结构研究的一个重要部分,对企业合理制定融资战略,提高绩效和公司治理水平有显著的帮助。目前国内债务期限结构的研究起步不久,研究领域主要集中于债务期限结构的影响因素上,因此本文决定将视角放于研究债务期限结构与公司绩效的关系的研究。希望通过对中国上市公司债务期限结构的实证研究,得出债务期限结构是否对公司绩效造成影响,影响的方向如何,以及探索其作用方式。借此希望能够引起上市公司对债务期限结构策略的重视,为其合理的制定债务期限结构提供有益的建议,从而帮助上市公司改善公司治理现状,提升绩效。本文首先对目前债务期限结构的研究现状进行理论总结,经总结得出目前国内外关于债务期限结构的研究主要分为四大理论,包括代理成本理论、信号传递假说、期限匹配理论以及税收假说,本文的实证研究以这四大理论为基础,通过不同角度分析了债务期限结构与公司绩效的关系。其次,对我国上市公司债务融资现状进行了分析,分析得出我国上市公司比起国外的债务结构主要有以下特点,债务水平总体偏低,债务期限较短,银行借贷占贷款的绝大多数。根据以上结果,结合我国现状,分析了这些特点产生的制度背景,以及为我国如何改善债务融资的现状给出了适当建议。然后,文章选取了我国697家非金融类上市公司从2005年至2010年连续五年的数据作为研究样本,采用了因子分析,主成分分析法构建了企业的综合绩效指标,并建立了债务期限结构与企业综合绩效指标间的关系模型。研究结论表明,我国上市公司短期债务比率达65%,总体偏高,债务利用水平较低。上市公司债务期限结构和公司绩效间存在显著的互动关系,企业的债务期限结构与公司绩效正相关,与委托代理理论的结论不一致。另外,文章研究结果还发现,债务期限结构对绩效的影响在行业间存在差异并且资产期限结构与债务期限结构正相关,验证了期限匹配理论；公司规模与债务期限结构显著正相关,验证了代理成本假说；信启、不对称与债务结构负相关,验证了信号传递假说；清算风险与债务期限结构显著正相关,与清算风险假说一致。最后,本文根据实证结果,结合我国上市公司的现实融资环境分析了结果产生的原因,提供了上市企业如何优化债务期限结构和政策方面的建议,力图为上市公司优化融资决策,完善我国资本市场提供有益帮助。
[Abstract]:The analysis of debt financing mainly includes two aspects: total debt and debt structure. At present, most of the studies focus on the total debt, and the research on management leverage has reached a considerable depth. The function of short-term debt is different. The debt maturity structure, by properly allocating the long-term and short-term debt of the enterprise, is asymmetric to the information of the enterprise, and the agency cost. As an important part of debt structure research, the debt maturity structure, as an important part of debt structure research, makes a reasonable financing strategy for enterprises. Improving performance and corporate governance is of great help. At present, the research on debt maturity structure in China has started soon, and the research field is mainly focused on the influencing factors of debt maturity structure. Therefore, this paper decides to study the relationship between debt maturity structure and corporate performance. It is hoped that through the empirical study of debt maturity structure of listed companies in China, we can find out whether debt maturity structure has an impact on corporate performance. The direction of the impact, and explore its way of action. In order to attract the attention of listed companies to debt maturity structure strategy, and provide useful suggestions for their reasonable formulation of debt maturity structure, In order to help listed companies to improve corporate governance, improve performance. Firstly, this paper summarizes the current research situation of debt maturity structure, and concludes that the research on debt maturity structure at home and abroad is divided into four main theories, including agency cost theory, signaling hypothesis. Term matching theory and tax hypothesis. Based on these four theories, this paper analyzes the relationship between debt maturity structure and corporate performance from different angles. Secondly, it analyzes the current situation of debt financing of listed companies in China. The analysis shows that the debt structure of listed companies in our country is mainly characterized by the following characteristics: the debt level is on the low side, the debt maturity is relatively short, and the bank loans account for the vast majority of loans. According to the above results, combined with the present situation in China, This paper analyzes the institutional background of these characteristics, and gives some suggestions on how to improve the present situation of debt financing in China. This paper selects the data of 697 non-financial listed companies from 2005 to 2010 as the research sample, and constructs the comprehensive performance index by factor analysis and principal component analysis. The relationship model between debt maturity structure and enterprise comprehensive performance index is established. The results show that the short-term debt ratio of listed companies in China is 65, which is on the high side. The debt utilization level is low. There is a significant interaction between debt maturity structure and corporate performance of listed companies. The debt maturity structure of enterprises is positively related to corporate performance, but inconsistent with the conclusion of principal-agent theory. The results also show that the influence of debt maturity structure on performance is different among industries, and asset maturity structure is positively correlated with debt maturity structure, which verifies the term matching theory, and firm size is significantly positively correlated with debt maturity structure. The hypothesis of agency cost is verified; the asymmetry is negatively correlated with the debt structure; the signaling hypothesis is verified; and the liquidation risk is significantly positively correlated with the debt maturity structure, which is consistent with the liquidation risk hypothesis. Finally, according to the empirical results, combined with the actual financing environment of listed companies in China, this paper analyzes the causes of the results, and provides some suggestions on how to optimize the debt maturity structure and policies of listed companies. Try to provide beneficial help for the listed company to optimize the financing decision and perfect the capital market of our country.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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