我国制造业上市公司负债融资对公司绩效的影响研究
发布时间：2018-10-19 17:34
【摘要】：公司资本结构的研究一直是财务领域的研究热点,其中就负债融资对于公司绩效的影响的研究国内外学者做了大量工作,提出的理论可以分类为有利论、不利论和双重效应论,实证研究得出的结果也各不相同。国内的相关研究中很多仅仅考虑负债总水平对于公司绩效的作用,很少将负债的结构进行细分研究,而不同的负债类型对于公司绩效的作用机制是不一样的,因此本文将从负债的期限、来源、资金成本三个分类进行研究。此外,目前国内对我国制造业上市公司的负债与公司绩效的研究少之又少,而且不同行业的特征不同会使得负债融资对公司绩效的影响存在差异。我国制造业上市公司中是有国有背景的,一般规模较大,固定资产占总资产的比例高,投资支出大,商业信用使用频繁等,因而本文将研究的范围细化到研究制造业上市公司,探讨我国制造业上市公司负债融资和公司绩效的关系,分析不同负债类型对公司绩效的作用机制。本文的实证结果表明,我国制造业上市公司的负债融资水平与公司绩效负相关；从负债的期限来看,流动负债和非流动负债都对公司绩效产生负面影响；从负债的来源来看,银行借款与公司绩效负相关,而商业信用在一定程度上能够促进公司绩效的改善；从负债的资金成本看,无息负债有利于提高公司绩效,而有息负债却不利于提高公司绩效。产生这样的结果与我国的融资环境和制度有关,也与我国制造业上市公司的行业盈利能力和行业经营特征有关。为此,本文还提出了可以参考的政策建议。
[Abstract]:The research of corporate capital structure has always been a hot topic in the field of finance. Among them, scholars at home and abroad have done a lot of work on the impact of debt financing on corporate performance. The theories put forward can be classified as advantage theory, disadvantage theory and double effect theory. The results of empirical research are also different. Many related studies in China only consider the effect of total debt level on corporate performance, rarely subdivide the structure of debt, and different types of liabilities have different mechanisms for corporate performance. Therefore, this paper will study the term, source and cost of debt. In addition, there are few researches on the debt and corporate performance of listed manufacturing companies in China at present, and the different characteristics of different industries will make the impact of debt financing on corporate performance different. There is a state-owned background in the listed companies of manufacturing industry in our country, the scale is large in general, the proportion of fixed assets to the total assets is high, the investment expenditure is large, the commercial credit is used frequently, so the scope of the research is refined to study the listed companies in the manufacturing industry in this paper. This paper discusses the relationship between debt financing and corporate performance of listed manufacturing companies in China, and analyzes the mechanism of different debt types on corporate performance. The empirical results show that the debt financing level of listed manufacturing companies in China is negatively correlated with corporate performance; from the term of liabilities, current liabilities and non-current liabilities have a negative impact on corporate performance; from the source of liabilities, Bank borrowing is negatively correlated with corporate performance, while commercial credit can promote the improvement of corporate performance to a certain extent; from the cost of debt, interest-free liabilities are conducive to improving corporate performance, but interest-bearing liabilities are not conducive to improving corporate performance. The result is related to the financing environment and system of our country, and also to the industry profitability and industry management characteristics of listed companies in our manufacturing industry. For this reason, this article also puts forward the policy suggestion which can refer to.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F425
本文编号：2281848
[Abstract]:The research of corporate capital structure has always been a hot topic in the field of finance. Among them, scholars at home and abroad have done a lot of work on the impact of debt financing on corporate performance. The theories put forward can be classified as advantage theory, disadvantage theory and double effect theory. The results of empirical research are also different. Many related studies in China only consider the effect of total debt level on corporate performance, rarely subdivide the structure of debt, and different types of liabilities have different mechanisms for corporate performance. Therefore, this paper will study the term, source and cost of debt. In addition, there are few researches on the debt and corporate performance of listed manufacturing companies in China at present, and the different characteristics of different industries will make the impact of debt financing on corporate performance different. There is a state-owned background in the listed companies of manufacturing industry in our country, the scale is large in general, the proportion of fixed assets to the total assets is high, the investment expenditure is large, the commercial credit is used frequently, so the scope of the research is refined to study the listed companies in the manufacturing industry in this paper. This paper discusses the relationship between debt financing and corporate performance of listed manufacturing companies in China, and analyzes the mechanism of different debt types on corporate performance. The empirical results show that the debt financing level of listed manufacturing companies in China is negatively correlated with corporate performance; from the term of liabilities, current liabilities and non-current liabilities have a negative impact on corporate performance; from the source of liabilities, Bank borrowing is negatively correlated with corporate performance, while commercial credit can promote the improvement of corporate performance to a certain extent; from the cost of debt, interest-free liabilities are conducive to improving corporate performance, but interest-bearing liabilities are not conducive to improving corporate performance. The result is related to the financing environment and system of our country, and also to the industry profitability and industry management characteristics of listed companies in our manufacturing industry. For this reason, this article also puts forward the policy suggestion which can refer to.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F425
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