我国农业上市公司债务融资治理效应的研究

发布时间：2019-05-15 04:28

【摘要】：公司治理问题是建立现代企业制度的核心内容，资本结构是公司治理的基础，债务融资是资本结构的一个重要构成方面。现代企业理论将债务融资视为完善公司治理的一种机制。我国学者们就股权融资对公司治理的影响作了大量的研究，而忽视了债务融资对公司治理的影响，而且也没有考虑不同的债务结构对公司治理的影响也是不同的，仅将不同的债务结构看作是同质的，没有作具体的分析研究。因此，本文分别从债务总体结构，债务期限结构以及债务来源结构这三方面论述不同债务融资结构对公司治理在理论上的作用机制，对我国农业上市公司资本结构中不同的债务结构、债务来源对公司治理的实际效应进行分析，希望能为我国农业上市公司优化公司资本结构，提高公司经营绩效提供借鉴。为了全面反映公司治理效应，本文选取了沪深交易所2006-2010年间农业类上市公司的数据作为研究样本，选择了若干债务融资、财务绩效以及公司治理结构方面的指标，采用因子分析法构建了新的公司治理绩效综合指标，对债务融资和公司治理的互动关系进行了实证检验。实证结果表明：（1）农业上市公司的债务融资总体水平与公司治理表现出明显的负相关关系。（2）流动负债对公司治理有显著的负面影响，但长期负债对公司治理表现出明显的正面影响。（3）银行借款与商业信用对公司治理产生显著的负效应，这说明银行作为企业主要的债权人，非但没能缓和公司代理问题，，反而在一定程度上加重了上市公司的代理冲突；商业信用融资也没有发挥应有的效应。最后，笔者尝试对实证结果的原因进行分析，并结合我国现阶段资本市场的实际情况，提出优化我国农业上市公司债务融资治理效应的对策与建议，为农业上市公司进行债务融资时提供借鉴和帮助。
[Abstract]:The problem of corporate governance is the core content of the establishment of modern enterprise system, the capital structure is the basis of corporate governance, and debt financing is an important part of capital structure. Modern enterprise theory regards debt financing as a mechanism to improve corporate governance. Chinese scholars have done a lot of research on the impact of equity financing on corporate governance, but ignored the impact of debt financing on corporate governance, and did not consider the impact of different debt structures on corporate governance is also different. Only different debt structures are regarded as homogeneous, without specific analysis and research. Therefore, this paper discusses the theoretical mechanism of different debt financing structures to corporate governance from three aspects: the overall debt structure, the debt maturity structure and the debt source structure. This paper analyzes the different debt structures and the actual effects of debt sources on corporate governance in the capital structure of agricultural listed companies in China, hoping to provide reference for agricultural listed companies to optimize the capital structure and improve the operating performance of agricultural listed companies in China. In order to reflect the effect of corporate governance in an all-round way, this paper selects the data of agricultural listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to 2010 as research samples, and selects some indicators of debt financing, financial performance and corporate governance structure. A new comprehensive index of corporate governance performance is constructed by factor analysis, and the interactive relationship between debt financing and corporate governance is empirically tested. The empirical results show that: (1) the overall level of debt financing of agricultural listed companies is negatively correlated with corporate governance. (2) current debt has a significant negative impact on corporate governance. However, long-term debt has a significant positive impact on corporate governance. (3) Bank borrowing and commercial credit have significant negative effects on corporate governance, which shows that banks, as the main creditors of enterprises, have not only failed to alleviate the corporate agency problem. On the contrary, to a certain extent, it aggravates the agency conflict of listed companies. Commercial credit financing has not played its due effect. Finally, the author tries to analyze the causes of the empirical results, and combined with the actual situation of the capital market in China at the present stage, puts forward some countermeasures and suggestions to optimize the debt financing governance effect of agricultural listed companies in China. To provide reference and help for agricultural listed companies to carry out debt financing.
【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】：2012
【分类号】：F302.6;F832.51;F224

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