中小板上市公司融资结构对经营绩效影响的实证研究

发布时间：2018-05-03 04:11

本文选题：中小板上市公司 + 融资结构　；参考：《南京航空航天大学》2013年硕士论文

【摘要】：中小企业是我国经济发展的重要组成部分，由于种种原因，中小企业自身存在诸多发展问题和挑战，尤其是在融资方面，融资渠道不畅一直是中小企业发展的瓶颈。中小板块的设立从一定程度上缓解了中小企业融资难的问题，引起中小板上市公司融资结构的变化，从而影响公司的经营绩效。虽然国内外学者从不同视角不同行业对融资结构与经营绩效之间的关系进行了大量的研究，但是对于中小板上市公司融资结构如何影响经营绩效、影响程度大小等方面的研究却比较少。因此，本文以深圳中小板上市公司为研究对象具有重要的意义。本文从债务融资率、股权融资率和内部融资率三个不同的角度来研究融资结构对经营绩效的影响，选取借款融资率、商业信用融资率、债券融资率、股权融资率和内部融资率5个指标作为融资结构指标；在财务数据中选取总资产报酬率、净资产收益率、每股收益、主营业务利润率和投入资本回报率5个指标，运用熵权法，将计算得出的综合值作为经营绩效指标。以中小板上市公司2009-2011三年的数据作为样本数据，，构建融资结构与经营绩效二者关系的模型进行实证研究。实证结果表明：我国中小板上市公司债务融资率与经营绩效存在负相关关系，股权融资率、内部融资率与经营绩效存在正相关关系。究其原因，主要是因为我国中小板上市公司存在与优序融资理论相悖的融资顺序，偏好股权融资；公司债务融资内部结构不合理，公司偏重短期融资；企业债券市场滞后，借款融资成为公司债务融资的主要资金来源，我国特殊的银企关系使得银行借款对经营绩效起不到应有的监督和约束作用，其他商业机构对公司经营更是起不到相应的约束作用。最后，针对上述问题，本文提出了相关建议，以期有助于我国中小板上市公司进一步改善融资结构问题，提升公司经营绩效，推进我国资本市场的发展。
[Abstract]:Small and medium-sized enterprises (SMEs) are an important part of the economic development of our country. For various reasons, SMEs have many problems and challenges in their own development. Especially in the aspect of financing, the difficulty of financing channels has always been the bottleneck of the development of small and medium-sized enterprises. The establishment of small and medium-sized plates alleviates the financing difficulties of small and medium-sized enterprises to a certain extent, and causes the change of financing structure of small and medium-sized board listed companies, thus affecting the management performance of the companies. Although scholars at home and abroad have done a great deal of research on the relationship between financing structure and business performance from different perspectives and different industries, but how the financing structure of small and medium-sized board listed companies affect business performance. However, the degree of influence and other aspects of research is relatively small. Therefore, this article takes the Shenzhen small and medium-sized board listed company as the research object has the important significance. This paper studies the impact of financing structure on business performance from three different angles: debt financing ratio, equity financing rate and internal financing rate, and selects loan financing rate, commercial credit financing rate, bond financing rate, and so on. Five indexes, equity financing rate and internal financing rate, are selected as financing structure index, total return on assets, rate of return on net assets, earnings per share, profit margin of main business and return on investment capital are selected in financial data, and entropy weight method is used. The calculated comprehensive value is taken as the operating performance index. Taking the data of small and medium-sized listed companies in 2009-2011 as the sample data, this paper constructs a model of the relationship between financing structure and operating performance for empirical research. The empirical results show that there is a negative correlation between debt financing rate and operating performance, while there is a positive correlation between equity financing rate, internal financing rate and operating performance. The main reasons are that the listed companies of small and medium-sized boards in our country have the financing order contrary to the priority financing theory and prefer equity financing; the internal structure of corporate debt financing is unreasonable and the company is biased towards short-term financing; the corporate bond market is lagging behind. Loan financing has become the main source of funds for corporate debt financing. The special relationship between banks and enterprises in China makes bank borrowings not play a proper role in supervision and restraint of business performance. Other business organizations to the company is not able to play a corresponding role in the constraints. Finally, in view of the above problems, this paper puts forward some relevant suggestions, in order to help our small and medium-sized board listed companies to further improve the financing structure, improve corporate performance, and promote the development of China's capital market.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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