上市公司债务融资与公司绩效关系的实证研究

发布时间：2018-03-29 08:23

本文选题：债务融资结构　切入点：公司绩效　出处：《北京物资学院》2012年硕士论文

【摘要】：债务融资的综合治理效应问题一直是学术界关注的焦点。如何选择最优的债务融资结构,使企业的绩效达到最优水平是企业管理者和经济学家普遍关心的问题。我国特殊的经济体制使得民营企业和国有企业在产权结构、融资结构等方面具有很大差异。研究这两种企业类型的债务融资与公司绩效的关系,对推动我国上市公司的发展、提高公司绩效有着重要意义。国内学者关于债务融资与公司绩效关系的研究,往往把整个上市公司作为研究对象,或者是单独分析民营企业,鲜有从民营上市公司和国有上市公司的对比角度研究两者的关系。在进行绩效指标的选取上,多数采用了单一指标,只有少数采用了因子分析的方法。本文首先在分析相关理论和文献综述的基础上,对我国民营上市公司和国有上市公司的债务融资、公司绩效的现状进行描述,然后通过因子分析、回归分析研究民营上市公司和国有上市公司的债务融资结构与公司绩效之间的相关性,揭示这两种企业类型下债务融资与绩效的内在联系。论文以2008 2010年三年的民营上市公司和国有上市公司为样本,以新的绩效指标Z为被解释变量,以资产负债率、长短期负债比率、长短期有息负债率为解释变量,以公司规模、公司成长性、董事会规模为控制变量,从不同年度、不同行业类型角度进行描述性分析,并进一步剔除行业类型因素的影响,从债务融资的整体结构、期限结构、利息结构三个层次来进行债务融资与公司绩效的回归分析。本文得到的结论主要有:第一,债务融资与企业绩效负相关,我国上市公司资产负债率越高,企业绩效越低。第二,从债务融资的期限结构来看,民营上市公司和国有上市公司的流动负债比率、长期负债比率均与公司绩效负相关,其中民营上市公司的流动负债对公司绩效的消极效应比长期负债对公司绩效的消极效应明显,国有上市公司与之相反。第三,从债务融资的利息结构来看,民营上市公司和国有上市公司的短期有息负债率、长期有息负债率均与公司绩效负相关。
[Abstract]:The problem of comprehensive governance effect of debt financing has always been the focus of academic attention. How to choose the optimal debt financing structure, It is a common concern of enterprise managers and economists to achieve the optimal performance of enterprises. The special economic system of our country makes private enterprises and state-owned enterprises in the structure of property rights. The relationship between debt financing and corporate performance of these two types of enterprises is of great significance in promoting the development of listed companies in China and improving their performance. Domestic scholars on the relationship between debt financing and corporate performance, often take the whole listed company as the research object, or analyze private enterprises separately. It is rare to study the relationship between private listed companies and state-owned listed companies from the perspective of contrast. In the selection of performance indicators, most of them adopt a single index. Only a few use factor analysis methods. Firstly, based on the analysis of relevant theories and literature review, this paper describes the current situation of debt financing and corporate performance of private listed companies and state-owned listed companies in China. Then through factor analysis, regression analysis is conducted to study the correlation between debt financing structure and corporate performance of private listed companies and state-owned listed companies. This paper takes the private listed companies and the state-owned listed companies as samples, takes the new performance index Z as the explanatory variable, and takes the asset-liability ratio as the main factor, and reveals the internal relationship between debt financing and performance performance under these two types of enterprises, taking private listed companies and state-owned listed companies in 2008 and 2010 as samples, and taking Z as the explanatory variable. Long and short term debt ratio, long and short term interest-bearing debt ratio is the explanatory variable, with company size, company growth, board size as control variable, descriptive analysis is carried out from different years and different industry types. Furthermore, the regression analysis of debt financing and corporate performance is carried out from three levels: the overall structure of debt financing, the term structure and the interest structure. The main conclusions of this paper are as follows: first, debt financing is negatively related to corporate performance. The higher the asset-liability ratio of listed companies in China, the lower corporate performance. Second, from the perspective of the term structure of debt financing, The current debt ratio and long-term debt ratio of private listed companies and state-owned listed companies are negatively correlated with corporate performance. The negative effect of current liabilities on corporate performance of private listed companies is more obvious than that of long-term liabilities, while that of state-owned listed companies is the opposite. Thirdly, from the perspective of interest structure of debt financing, the negative effects of current liabilities on corporate performance of private listed companies are more obvious than those of long-term liabilities. The short-term interest-bearing debt ratio and long-term interest-bearing debt ratio of private listed companies and state-owned listed companies are negatively correlated with corporate performance.
【学位授予单位】：北京物资学院
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275

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