战略性新兴产业上市公司债权融资效率及影响因素研究

发布时间：2018-05-14 15:29

本文选题：战略性新兴产业 + 债权融资效率　；参考：《湖南大学》2015年硕士论文

【摘要】：战略性新兴产业是当今社会经济发展的核心动力之一,加快我国战略性新兴产业发展是实现经济又好又快增长的理性选择。资金是产业发展的物质基础,战略性新兴产业的培育和发展必然离不开资金的支持。债权融资作为企业融资的主要方式,具有税盾作用,能够扩大上市公司融资渠道,优化金融资源的配置,因此研究战略性新兴产业上市公司债权融资效率及影响因素具有重要意义。本文通过梳理债权融资的相关理论,根据已有研究成果,选取能够准确反映债权融资效率的投入、中间及产出指标。通过引入两阶段链式网络DEA模型测度战略性新兴产业上市公司2011-2013年的债权融资效率,同时在此基础上,通过构建Tobit回归模型分析战略性新兴产业上市公司债权融资效率的影响因素和具体影响程度。实证结果表明,战略性新兴产业上市公司债权融资整体效率水平较低,远不能达到最优效率值;战略性新兴产业上市公司债权融资整体效率低下的主要原因并不是债权筹资无效,且五大子产业低效的主要原因各有不同;战略性新兴产业上市公司债权配置效率呈先升后降的趋势,且每年配置阶段都是无效的,其主要原因是债权资金没有得到有效的利用,存在闲置或浪费;公司规模、资本结构、公司财务管理水平、公司成长性及公司盈利能力是影响战略性新兴产业上市公司债权融资效率的重要因素。根据实证结果,本文从构建良好债权融资信用机制、降低战略性新兴产业上市公司债权融资成本、优化战略性新兴产业上市公司管理体制以及完善债券资本市场提出了提升战略性新兴产业债权融资效率的对策。
[Abstract]:Strategic emerging industry is one of the core driving forces of social and economic development. Speeding up the development of China's strategic emerging industry is a rational choice to realize good and rapid economic growth. Capital is the material basis of industrial development, and the cultivation and development of strategic emerging industries must depend on the support of funds. As the main way of enterprise financing, creditor's rights financing has the function of tax shield, which can expand the financing channels of listed companies and optimize the allocation of financial resources. Therefore, it is of great significance to study the debt financing efficiency and influencing factors of strategic emerging industry listed companies. By combing the relevant theories of creditor's rights financing, according to the existing research results, this paper selects the input, intermediate and output indicators that can accurately reflect the efficiency of creditor's rights financing. Through the introduction of two-stage chain network DEA model to measure the efficiency of debt financing of strategic emerging industry listed companies in 2011-2013, at the same time, on this basis, By constructing Tobit regression model, the paper analyzes the influencing factors and the specific influence degree of debt financing efficiency of strategic emerging industry listed companies. The empirical results show that the overall efficiency of debt financing of strategic emerging industry listed companies is low and far from reaching the optimal efficiency. The main reason for the inefficiency of debt financing of listed companies in strategic emerging industries is not the invalidity of debt financing, and the main reasons for the inefficiency of the five major industries are different. The efficiency of creditor's rights allocation of listed companies in strategic emerging industries is rising first and then decreasing, and the allocation stage is invalid every year. The main reason is that the funds of creditor's rights are not used effectively, there are idle or wasteful, the company scale, capital structure, Corporate financial management, corporate growth and corporate profitability are important factors that affect the efficiency of debt financing of listed companies in strategic emerging industries. According to the empirical results, this paper constructs a good credit financing mechanism to reduce the cost of debt financing of listed companies in strategic emerging industries. Optimizing the management system of the listed companies of strategic emerging industries and perfecting the bond capital market, this paper puts forward some countermeasures to improve the efficiency of debt financing of strategic emerging industries.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F276.44;F832.4

【参考文献】