我国制造业企业债务结构与企业绩效的相关性研究

发布时间：2018-04-23 17:18

本文选题：债务期限结构 + 债务工具结构　；参考：《新疆财经大学》2012年硕士论文

【摘要】：MM理论诞生以来，如何优化资本结构提高公司治理水平成为学者们研究的重点。根据MM理论和财务杠杆原理，可以知道，增加负债是提高企业价值的有效手段，同时也可以约束管理层降低代理成本，最终起到提升企业绩效的作用，国内外的大量经验数据都证明了这一点。然而学者们在研究资本结构时倾向于研究股权融资，对债权融资以及债务结构的研究不足。本文在探讨债务结构和企业绩效的关系时，将债务结构分为债务期限结构和债务工具结构，分别研究期限结构和工具结构对企业绩效的影响。本文以2008-2010年制造业上市公司的数据为研究样本，，对债务结构和企业绩效的关系进行理论分析和实证研究。全文共由四章构成。第一章是引言，主要介绍选题背景、思路、创新点以及文献综述。第二章是理论基础，分别介绍了代理理论、MM理论、信息传递理论、财务杠杆理论和控制权理论。第三章首先对债务结构和企业绩效的关系进行理论分析，然后对我国制造业上市企业的债务结构进行了分析，并对债务结构现状产生的原因给予的说明和解释。第四章是研究假设和实证分析，首先在文献综述的基础上提出了五个假设，选取了变量并对主要的变量进行描述性统计分析和相关性分析，最后建立了模型，代入数据进行回归分析，得出了这样的结果：企业绩效分别和资产负债率、短期负债资产率、银行借款和商业信用借款呈现负相关的相关关系，并且对得出的结论给出了解释和说明。第五章是本文的结论和建议，对本文的结论进行总结，并且给出政策性建议，以及本文研究的不足。
[Abstract]:Since the birth of MM theory, how to optimize the capital structure and improve the level of corporate governance has become the focus of scholars. According to MM theory and financial leverage theory, we can know that increasing debt is an effective means to improve the value of enterprises, but also can constrain management to reduce agency costs, and ultimately play a role in improving enterprise performance. A large number of empirical data at home and abroad have proved this point. However, scholars tend to study equity financing, debt financing and debt structure. In this paper, the relationship between debt structure and enterprise performance is discussed. The debt structure is divided into debt maturity structure and debt instrument structure, and the effects of maturity structure and instrument structure on enterprise performance are studied respectively. Based on the data of listed manufacturing companies from 2008 to 2010, this paper makes a theoretical and empirical study on the relationship between debt structure and firm performance. The full text consists of four chapters. The first chapter is the introduction, which mainly introduces the background, ideas, innovation and literature review. The second chapter is the theoretical basis, introducing the agency theory of MM theory, information transfer theory, financial leverage theory and control theory. In the third chapter, the relationship between debt structure and enterprise performance is analyzed theoretically, then the debt structure of listed manufacturing enterprises in China is analyzed, and the reasons for the present situation of debt structure are explained and explained. The fourth chapter is the research hypothesis and empirical analysis. Firstly, five hypotheses are put forward based on the literature review, the variables are selected, and the main variables are analyzed by descriptive statistics and correlation analysis. Finally, the model is established. The regression analysis shows that the enterprise performance is negatively correlated with the asset-liability ratio, short-term debt asset ratio, bank loan and commercial credit loan. The conclusion is explained and explained. The fifth chapter is the conclusion and suggestion of this paper, the conclusion is summarized, and the policy suggestions are given, as well as the deficiency of this paper.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F406.72;F832.51;F224

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