电力上市公司负债融资的财务治理效应研究

发布时间：2018-11-26 20:18

【摘要】：自1958年MM理论创立以来,学术界一直广泛研究企业资本结构。但学者们倾向于股权融资的研究，对于负债融资的研究较少。通过负债融资，股权的成本能够得到降低，负债融资可以使经营者的行为得到约束和激励，负债融资会使得企业经营业绩显著提高，并能够向外部投资者显示企业的真实价值。目前国内对于融资问题的研究样本并没有区分行业，大多数研究者的研究样本为所有的上市公司。电力行业是国家发展的支柱性产业，电力行业因其定位的特殊性更容易进行负债融资，但是本文实证结果表明，电力上市公司负债融资的财务治理效应并不明显，在此基础上，本文通过相关理论及数据研究，对电力上市公司负债融资提出了一些建议，以期促进电力上市公司的更好发展。文章论述分为四个步骤，首先,论文介绍了研究电力上市公司负债融资财务治理效应的背景和意义,陈述并简要评价了国内外研究动态。其次,本文论述财务治理理论和负债融资理论。再次，选取2009—2013年度54家电力上市公司为研究样本，实证研究电力上市公司负债融资的财务治理效应。最后，针对电力上市公司的负债融资所存在的问题，提出改革建议。本文的主要研究方法有三种，一是规范分析与实证分析相结合，通过规范研究，阐述电力上市公司负债融资的相关理论，分析电力上市公司负债融资存在的问题并提出解决对策，通过实证研究，实证分析电力上市公司负债融资的财务治理效应；二是定性分析与定量分析相结合，在实证分析中，结合图表进行定量分析，并在此基础上进行定性分析，找出电力上市公司负债融资存在的问题以及解决对策；三是归纳法，归纳国内外的研究理论以及电力上市公司负债融资存在的问题、解决对策。通过实证分析,笔者认为,债务期限结构和债务来源结构都没有有效发挥财务治理效应。电力上市公司负债融资财务治理效应弱化的原因主要有三点：银行监管乏力，缺少对电力上市公司的有效监督；公司破产机制不健全，不能实现资源的合理配置；债券发行门槛高等原因造成的债券市场发展滞后。要解决这个问题，需要加大银行改革力度，，加强银行的监管功能；完善破产程序，强化破产机制；促进债券市场发展，使得融资方式多元化；优化融资结构，保持合理的资产负债率。
[Abstract]:Since the establishment of MM theory in 1958, academic circles have been extensively studying the capital structure of enterprises. However, scholars tend to study equity financing, and less research on debt financing. Through debt financing, the cost of equity can be reduced, and debt financing can restrict and motivate the behavior of managers. Debt financing can significantly improve the performance of enterprises, and can show the real value of enterprises to external investors. At present, the domestic research sample of financing problem does not distinguish industries, most of the research samples are listed companies. Electric power industry is the pillar industry of national development. It is easier for electric power industry to carry out debt financing because of its particularity. However, the empirical results of this paper show that the financial governance effect of debt financing of listed power companies is not obvious, and on this basis, Through the research of relevant theory and data, this paper puts forward some suggestions on debt financing of power listed companies in order to promote the better development of power listed companies. This paper is divided into four steps. Firstly, the paper introduces the background and significance of the research on the financial governance effect of debt financing of listed power companies, and briefly evaluates the research trends at home and abroad. Secondly, this paper discusses the theory of financial governance and debt financing theory. Thirdly, 54 listed power companies in 2009-2013 are selected as the sample to study the financial governance effect of debt financing of power listed companies. Finally, in view of the problems of debt financing of listed power companies, some reform suggestions are put forward. There are three main research methods in this paper, one is the combination of normative analysis and empirical analysis, through normative research, the related theory of debt financing of listed power companies is expounded. This paper analyzes the problems existing in debt financing of electric power listed companies and puts forward some countermeasures. Through empirical research, the financial governance effect of debt financing of listed power companies is empirically analyzed. The second is the combination of qualitative analysis and quantitative analysis. In the empirical analysis, the quantitative analysis is combined with charts, and on this basis qualitative analysis is carried out to find out the problems existing in debt financing of power listed companies and the countermeasures to solve them. Third, inductive method, induces domestic and foreign research theories and the existing problems of debt financing of electric power listed companies, and resolves the countermeasures. Through empirical analysis, the author thinks that the debt maturity structure and the debt source structure have not played the financial governance effect effectively. There are three main reasons for the weakening of financial governance effect of debt financing of listed power companies: weak bank supervision, lack of effective supervision over listed companies, imperfect bankruptcy mechanism, unable to achieve rational allocation of resources; The bond market lags behind due to the high threshold of bond issuance. In order to solve this problem, it is necessary to strengthen the bank reform, strengthen the supervision function of the bank, perfect the bankruptcy procedure, strengthen the bankruptcy mechanism, promote the development of the bond market and make the financing way diversified. Optimize the financing structure and maintain a reasonable ratio of assets and liabilities.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61;F275

【参考文献】