财务杠杆、债务期限结构与企业投资相关关系的研究

发布时间：2018-01-30 12:21

本文关键词： 财务杠杆企业投资流动性风险债务期限结构　出处：《重庆工商大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业的投资是现代财务理论的一个重要研究领域。目前中国市场与发达国家市场的区别至少在不少方面导致中国企业的杠杆、债务期限结构以及企业投资之间关系与发达国家企业不同。而理论研究主要集中在债务期限结构和企业投资之间的关系。近些年来，理论界学者们逐步意识到之前的研究大都忽略了考虑财务杠杆的内生性影响，从而使之成为又一个亟待完善的领域。本文选取2003-2012年在沪深A股上市的981家公司为研究对象，梳理和回顾国内外相关文献，分析引入财务杠杆因素时,债务期限结构与企业投资的关系，定性与定量分析相结合。依托代理成本理论、信号不对称理论、期限匹配理论、加速度原理型投资理论、新古典投资理论以及托宾的投资Q理论等理论基础阐述了债务期限结构与投资的关系。在研究方法方面，，采用两阶段回归方法，并在第二阶段采用广义矩估计（GMM）方法对模型进行回归。实证分析企业投资、债务期限结构与杠杆的关系，然后得出实证结果，并据此提出一系列相关建议。研究结果表明：当不考虑流动性风险因素时，缩短债务期限结构能够有效地促进企业的投资。债务期限结构对企业投资的促进作用将因为流动性风险的存在而减弱。随着流动性风险的增加，降低杠杆却能够有效地促进企业投资。另外，国有控股企业与非国有控股企业在财务工具选择方面表现出几乎完全不同的特点。在当前的债务期限结构状态下，国有控股企业倾向于通过缩短债务期限结构促进企业投资，而非国有控股企业则主要通过降低杠杆促进企业投资。债务期限结构以及杠杆与流动性风险的交互项系数证明，过多的短期负债仍然可能会使得国有控股企业陷入流动性陷阱，但国有控股企业与政府之间的特殊关系可以使得国有控股企业可以有效地减少流动性风险的威胁。
[Abstract]:The investment of enterprises is an important research field of modern financial theory. At present, the difference between Chinese market and developed country market leads to the leverage of Chinese enterprises in at least many aspects. The relationship between debt maturity structure and enterprise investment is different from that in developed countries. However, the theoretical research mainly focuses on the relationship between debt maturity structure and firm investment. Theorists have gradually realized that most of the previous studies have neglected to consider the endogenous influence of financial leverage, which makes it an urgent field to be improved. This paper selects 981 companies listed in Shanghai and Shenzhen A shares in 2003-2012 as the research object, combs and reviews the domestic and foreign related literature, and analyzes the introduction of financial leverage factor. The relationship between debt maturity structure and enterprise investment, qualitative and quantitative analysis, relying on agency cost theory, signal asymmetry theory, term matching theory, acceleration principle investment theory. On the basis of neoclassical investment theory and Tobin's investment Q theory, this paper expounds the relationship between debt maturity structure and investment. In the second stage, the generalized moment estimation (GMMM) method is used to regression the model. The empirical analysis of the relationship between corporate investment, debt maturity structure and leverage is made, and then the empirical results are obtained. Based on this, a series of related suggestions are put forward. The results show that when liquidity risk factors are not considered. Shortening the debt maturity structure can effectively promote the investment of enterprises. The promotion effect of debt maturity structure on enterprise investment will be weakened because of the existence of liquidity risk. Reducing leverage can effectively boost corporate investment. In addition, state-owned holding enterprises and non-state-owned holding enterprises in the choice of financial instruments show almost entirely different characteristics. In the current debt maturity structure state. State-owned holding enterprises tend to promote investment by shortening the debt maturity structure. While non-state-owned holding enterprises mainly through reducing leverage to promote corporate investment debt maturity structure and leverage and liquidity risk interaction coefficient proof. Too much short-term debt could still plunge state-owned holding companies into a liquidity trap. However, the special relationship between state-owned holding enterprises and government can effectively reduce the threat of liquidity risk.
【学位授予单位】：重庆工商大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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