水电燃气上市公司债务结构与企业价值相关性研究

发布时间：2018-05-25 01:06

本文选题：债务结构 + 企业价值　；参考：《河南大学》2015年硕士论文

【摘要】：资本结构在财务管理方面一直是国内外研究的重点,合理的资本结构有降低企业筹资成本、提升企业价值的作用。企业在资本市场进行融资的过程中,往往通过股权融资和债务融资两种方式进行资金筹集,以期起到推进公司发展、提升企业价值的作用。但在目前对资本结构的研究中,企业偏好股权融资,而学者们更是具有股权融资倾向,对债务融资结构的研究比较少。此外,学者们在对债务融资结构进行研究时,往往并未将企业的债务结构做出详细的划分,只是以负债为基础研究资本结构与企业价值的关系,很少涉及自身的债务结构。然而,债务结构作为资本结构的重要组成部分,对企业的发展起着至关重要的影响,因此对企业债务结构的研究不容忽视。电力热力、燃气和水生产及供应业(以下简称“水电燃气行业”)是国家经济发展的支柱产业,为国家的稳定发展提供了基础保障。水电燃气行业债务结构的合理与否更是直接关系着我国经济的稳定发展,因此,对水电燃气行业上市公司债务结构与企业价值的研究有利于企业资源的合理配置,更有利于企业经营目标的实现。所以本文以水电燃气行业上市公司为研究对象,以提升企业价值为目的,将债务结构划分为债务总体结构、债务期限结构和债务类型结构,分别研究这三种不同的债务结构对企业价值的影响。试图通过对企业债务结构与企业价值相关性的研究,寻找能够使企业价值最大化的最优债务结构。本文在内容上分为四个方面:首先,从债务总体结构、债务期限结构和债务类型结构三个方面对国内外文献进行综述,分析了债务结构的研究现状,在此基础上对债务结构和企业价值的概念进行了界定。其次,从理论角度着手,对MM理论、代理理论、信号传递理论及权衡理论进行了详细的说明与分析。再次,本文以水电燃气行业为角度,分析了水电燃气行业上市公司债务结构的现状和特点。最后,本文从债务总体结构、债务期限结构和债务类型结构三个方面分别建立了实证模型,对水电燃气行业债务结构与企业价值的关系做了实证研究,并结合水电燃气行业上市公司的具体情况对所得到的回归结果进行了分析。通过以上系统的理论分析和严谨的实证检验,本文得到以下结论:(1)水电燃气上市公司债务总体结构与企业价值呈非线性的倒“U“型关系。(2)水电燃气上市公司债务期限结构与企业价值正相关。(3)水电燃气上市公司债务类型结构中商业负债率和与企业价值负相关,银行负债率与企业价值之间不存在显著的相关性。针对以上结论,本文从优化债务总体结构、合理规划债务期限、完善相关制度和减少政府干预四个方面提出了具体改进建议。
[Abstract]:Capital structure has always been the focus of domestic and international research on financial management. Reasonable capital structure can reduce the cost of financing and enhance the value of enterprises. In the process of capital market financing, enterprises often raise funds through equity financing and debt financing, in order to promote the development of the company and enhance the value of the enterprise. However, in the current research on capital structure, enterprises prefer equity financing, and scholars have the tendency of equity financing, and the research on debt financing structure is less. In addition, in the study of debt financing structure, scholars often do not make a detailed division of the debt structure of enterprises, only on the basis of debt to study the relationship between capital structure and enterprise value, rarely involving their own debt structure. However, as an important part of capital structure, debt structure plays an important role in the development of enterprises, so the research on debt structure of enterprises can not be ignored. Electricity, heat, gas and water production and supply industry (hereinafter referred to as "water and electricity gas industry") is the pillar industry of national economic development, which provides the basic guarantee for the country's stable development. Whether the debt structure of water and power gas industry is reasonable or not is directly related to the stable development of our country's economy. Therefore, the study on debt structure and enterprise value of listed companies in water and power gas industry is beneficial to the rational allocation of enterprise resources. More conducive to the realization of business objectives. Therefore, this paper takes the listed companies of water and electricity gas industry as the research object, in order to enhance the value of the enterprise, the debt structure is divided into the overall debt structure, debt maturity structure and debt type structure. The effects of these three different debt structures on the value of enterprises are studied respectively. This paper attempts to find the optimal debt structure which can maximize the enterprise value through the study of the correlation between the enterprise debt structure and the enterprise value. The content of this paper is divided into four aspects: first, from the debt structure, debt maturity structure and debt type structure three aspects of domestic and foreign literature review, analysis of debt structure research status quo. On this basis, the concept of debt structure and enterprise value is defined. Secondly, from the theoretical point of view, the MM theory, agent theory, signal transfer theory and trade-off theory are explained and analyzed in detail. Thirdly, this paper analyzes the current situation and characteristics of debt structure of listed companies in hydropower gas industry. Finally, this paper establishes the empirical model from three aspects: the total debt structure, the debt maturity structure and the debt type structure, and makes an empirical study on the relationship between the debt structure and the enterprise value in the water and power gas industry. Combined with the specific situation of the listed companies in the water and power gas industry, the regression results are analyzed. Through the above systematic theoretical analysis and rigorous empirical test, In this paper, we get the following conclusion: 1) the debt structure of the listed companies of water and electricity gas has a nonlinear "U" relationship with the value of the enterprises.) the debt maturity structure of the listed companies of water and electricity gas is positively related to the value of the enterprises. In the structure of corporate debt type, the ratio of commercial debt and the value of enterprise are negatively correlated. There is no significant correlation between bank debt ratio and enterprise value. In view of the above conclusions, this paper puts forward concrete suggestions for improvement from four aspects: optimizing the overall structure of debt, rationally planning debt maturity, perfecting relevant system and reducing government intervention.
【学位授予单位】：河南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F275;F299.24

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