城市市场化程度对上市公司负债融资行为的影响研究

发布时间：2018-04-25 23:22

本文选题：市场化程度 + 负债融资　；参考：《湖南农业大学》2012年硕士论文

【摘要】：上市公司的发展离不开融资和投资行为,融资是起点。纵观国内外研究文献,对于融资研究的出发点各不相同,而随着市场化进程在我国的不断深入,市场化因素对融资的影响日益显著,因此本文选择从地区市场化的角度来分析其对负债融资的影响程度。文章在对负债融资和市场化相关理论进行论述的前提下,选取全部A股上市公司2000年至2010年11年的数据进行实证分析,并得出以下结论：不同地区上市公司的负债融资规模存在显著性差异,其中以市场化总指标和其内部结构因素中的中介组织发育程度和法律制度完善程度指标对负债融资的相关性影响最为显著；内部结构因素中要素市场的发育程度指标对融资可获性产生积极作用,其余四个二级指标与负债融资呈负相关；控制变量对负债融资也产生影响,其中以企业规模及净现金流量对其影响最为显著。依据回归结论,文章提出了优化负债融资的相关政策建议：亟需从国家、地区和企业三方面提高市场化水平,同时,促进市场内部制度和法律制度的完善,以扩大融资规模。
[Abstract]:Listed companies can not develop without financing and investment behavior, financing is the starting point. Throughout the domestic and foreign research literature, the starting point of financing research is different, and with the deepening of market-oriented process in China, the impact of market-oriented factors on financing is becoming more and more significant. Therefore, this paper chooses to analyze its impact on debt financing from the angle of regional marketization. On the premise of discussing the related theories of debt financing and marketization, this paper selects all A-share listed companies' data from 2000 to 2010 for empirical analysis, and draws the following conclusions: There are significant differences in debt financing scale of listed companies in different regions, among which, the correlation of debt financing is most significantly affected by the total marketization index and the development degree of intermediary organizations and the degree of perfection of legal system among the internal structural factors. The growth degree of factor market plays a positive role in financing availability, while the other four secondary indicators are negatively correlated with debt financing, and the control variables also have an impact on debt financing. Among them, enterprise size and net cash flow have the most significant influence on it. Based on the conclusion of regression, the paper puts forward some relevant policy suggestions for optimizing debt financing: it is urgent to improve the marketization level from three aspects of country, region and enterprise, at the same time, to promote the perfection of market internal system and legal system in order to expand the scale of financing.
【学位授予单位】：湖南农业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

【参考文献】