A公司债务融资时机选择案例研究

发布时间：2018-01-14 23:01

本文关键词：A公司债务融资时机选择案例研究　出处：《吉林财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：融资是每个企业在发展壮大的过程中不得不经历的财务活动,它对企业的生存和发展都起着决定性的作用。近年来,新的融资方式层出不穷,企业可以根据自身的需要选择不同的融资方式,而不同比例的融资方式组合都会形成不同的资金结构,不同的资金结构又会给企业带来不同程度的经营风险。一直以来我国企业都在传统的金融学理论指导之下进行融资决策活动,但随着资本市场的渐渐成熟,企业管理者和业界学者发现,市场上出现的一系列“异象”并不能用传统的金融学理论来解释。研究发现,传统的金融学理论都默认企业管理者和市场投资者是绝对理性的,市场是完全有效的,但是这一前提假设并不合理,有悖于现实生活,过于绝对。近年来,国内外相关学者开始意识到应该从管理者和投资者非理性、市场非完全有效的前提出发,来研究企业的融资行为,研究的方向也开始从“理论上如何做决策”向“实际是如何做决策的”转变。同时,由于债务融资发展起步较晚,作为后起之秀,相关的研究文献与股权融资相比还有待补充和完善,因此本文选取A公司作为研究对象,把市场时机的选择和把握作为切入点,以理论和案例相结合的方式,试图找出企业在进行债务融资时应如何有效的把握市场时机,为企业降低融资成本,实现效益最大化提供一定的建议。研究的结果表明:1.A公司的债务融资行为确实具有市场时机选择特征,市场环境对企业债务融资决策的影响效果主要取决于利率和股票市场行情双重因素,当市场利率较低时选择实行债务融资,当市场利率较高时,不实行债务融资。同时,当股票市场行情低迷时可以考虑实行债务融资,当股票市场行情回升时,应减少债务融资比例。2.国家对企业融资的监管政策和相关的产业政策同样影响着对企业债务融资时机的选择。当国家对债券市场以及自身产业持鼓励政策时,企业愿意选择债券融资,反之则不然。3.企业管理者的决策能力与债务融资时机的选择具有一定的关联性。特别是企业管理者的风险容忍度的高低直接影响了融资决策,进而对整个企业的融资结构产生一定的影响。
[Abstract]:Financing is the financial activity that every enterprise has to go through in the process of development and expansion, which plays a decisive role in the survival and development of enterprises. In recent years, new financing methods emerge in endlessly. Enterprises can choose different financing methods according to their own needs, and different proportion of the combination of financing methods will form different capital structure. Different capital structure will bring different degrees of business risks to enterprises. Chinese enterprises have been under the guidance of the traditional financial theory to make financing decisions, but with the capital market gradually mature. Business managers and industry scholars have found that a series of "anomalies" in the market cannot be explained by traditional financial theories. The traditional finance theory all acquires that the enterprise manager and the market investor are absolutely rational, the market is completely effective, but this premise assumption is not reasonable, is contrary to the real life, is too absolute in recent years. Scholars at home and abroad began to realize that we should study the financing behavior of enterprises from the premise that managers and investors are irrational and the market is not completely effective. The direction of research has also begun to change from "how to make a decision in theory" to "how to make a decision in practice". At the same time, the development of debt financing started relatively late, as a rising star. The relevant research literature needs to be supplemented and perfected compared with equity financing, so this paper selects A company as the research object, taking the choice and grasp of market opportunity as the starting point, and combining theory with case. This paper tries to find out how to effectively grasp the market opportunity and reduce the financing cost for enterprises in debt financing. The research results show that the debt financing behavior of the company has the characteristics of market timing. The effect of market environment on corporate debt financing decision mainly depends on the double factors of interest rate and stock market price. When market interest rate is low, debt financing is chosen, and when market interest rate is higher. Debt financing is not practised. At the same time, debt financing can be considered when the stock market is depressed, and when the stock market recovers. The proportion of debt financing should be reduced. National regulatory policies on corporate finance and related industrial policies also affect the timing of corporate debt financing. When the country has incentives for the bond market and its own industries. . Companies are willing to choose bond financing. Otherwise, there is a certain correlation between the decision ability of enterprise managers and the choice of debt financing timing. Especially, the risk tolerance of enterprise managers directly affects the financing decisions. In turn, the financing structure of the whole enterprise has a certain impact.
【学位授予单位】：吉林财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F299.233.42

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