金融资源错配对企业绩效的影响研究

发布时间：2018-01-01 00:02

本文关键词：金融资源错配对企业绩效的影响研究　出处：《安徽大学》2017年硕士论文　论文类型：学位论文

【摘要】：我国自1992年建立市场经济体系以来,在经济增长上取得的成就举世瞩目,但经济飞速发展的同时也暴露出了许多问题。我国经济在经历了长期的高速增长后,经济发展进入新常态。随着我国深化体制机制改革,市场化程度的不断加深,经济体制改革进入攻坚期和深水区,十八届三中全会在《中共中央关于全面深化改革若干重大问题的决定》中提出了一个新的重大理论论断——使市场在资源配置中起"决定性"作用。优化资源配置、提高资源的利用效率是深化改革、转变经济发展方式的重要途径。金融是现代经济的核心,金融资源是市场经济中最活跃的生产要素,在经济发展过程中发挥着重要作用。由于我国大型国有商业银行为主导的金融体系和政府干预下的非市场化金融资源配置手段,导致我国存在非常严重的金融资源错配现象。金融资源错配将会严重影响企业绩效水平,对经济增长产生明显的减损效应。而研究金融资源错配对企业绩效的影响能够更有针对性的解决企业转型升级中所面临的问题。本文将理论分析、现实分析和实证分析相结合,研究金融资源错配对企业绩效的影响。首先,介绍了本文的研究背景与意义、方法与内容等,并对前人已有的研究文献进行梳理。其次,介绍了金融资源错配的理论基础,重点分析了金融资源错配的内涵界定、产生的原因、测度方法和金融资源错配对企业绩效的影响机制、传导过程和影响途径,为实证分析奠定理论基础。再次,分析金融资源错配对企业绩效影响的中国现实,结合当前经济形势对我国金融资源错配的主要表现形式和成因以及金融资源错配对企业绩效的影响进行分析。然后,选取样本和变量指标构建多元线性回归模型,利用我国沪深A股上市公司2000-2015年企业层面的数据进行实证分析,运用固定效应模型对全样本面板数据进行回归,分析金融资源错配与我国上市公司企业绩效的相关关系,并对样本进行分组处理,按照国有企业和民营企业分组研究不同所有制性质的上市公司金融资源错配对企业绩效的影响是否存在差异。对我国金融资源错配的现实分析发现,我国金融资源错配主要有三种表现形式,金融资源在金融部门与实体经济部门之间错配、金融资源在国有企业与民营企业之间错配、金融资源在产能过剩行业与新兴产业之间错配。具体表现为金融资源在金融部门、国有企业、产能过剩行业配置过度,在实体经济部门、民营企业、新兴产业配置不足。一方面,金融资源过度配置到金融部门、国有企业、产能过剩行业,导致这些部门企业金融资源过剩,容易产生过度投资,导致资源浪费,投资效率较低,最终影响企业绩效水平;另一方面,金融资源对实体经济部门、民营企业、新兴产业配置不足,不能很好的支持这些部门企业发展,导致这些高效率企业融资难、融资贵,难以实现发展,最终影响企业绩效水平。对金融资源错配与企业绩效的关系进行实证分析,研究结果表明:第一,金融资源错配与企业绩效之间存在显著的负相关关系,即上市公司面临的金融资源错配程度越高,企业绩效水平越低。第二,将上市公司中国有企业和民营企业进行对比,国有企业和民营企业面临的金融资源错配与企业绩效之间均是负相关,但金融资源错配对国有企业绩效水平的影响程度更大,相同的金融资源错配程度,国有企业绩效水平更低。最后,根据研究结果,政府主导的金融资源配置与国有商业银行对金融资源的运用导致了严重的金融资源错配,抑制了我国上市公司企业绩效的提升,对我国经济增长具有减损效应。本文针对目前存在的金融资源错配问题和企业如何消除由金融资源错配导致企业绩效降低的问题,从政府、银行、企业和货币政策调控角度提出几点思考和建议。
[Abstract]:Since 1992 China has set up a system of market economy, in economic growth achievements, but the rapid economic development has also exposed many problems. China's economy has experienced rapid growth in the long term, economic development has entered a new norm. With the deepening of China's reform of system and mechanism, the market being deepen economic system reform has entered a crucial stage and the deep water area in the third Plenary Session of the 18th CPC Central Committee, the CPC Central Committee decided on "on deepening reform of the overall number of major issues in put forward a new major theoretical argument, make the market play a decisive role in the allocation of resources, optimize the allocation of resources, improve resource utilization efficiency is important to deepen reform, way to change the mode of economic development. Finance is the core of modern economy, financial resource is the most active factor of production in the market economy, play in the process of economic development An important role. Because the non market financial system and government intervention in China's large state-owned commercial banks dominated the means of the allocation of financial resources, resulting in China's existing financial resources mismatch phenomenon is very serious. The financial resources mismatch will seriously affect the performance of enterprises, the economic growth has obvious effect and impairment effect. Study on financial resources mismatch on enterprise performance can be more targeted to solve the enterprise transformation facing upgrade problem. This paper combines the theoretical analysis and practical analysis and empirical analysis combining effects of financial resources mismatch on the performance of enterprises. Firstly, introduces the research background and significance, methods and contents, and research the literature of previous reviews. Secondly, introduces the basic theory of financial resources mismatch, focuses on the analysis of the connotation of financial resources mismatch definition, causes, measures The influence mechanism and method of financial resources mismatch on the performance of enterprises, the transmission process and influence, lay the theoretical foundation for the empirical analysis. Thirdly, the analysis of financial resources mismatch on enterprise performance impact China reality, combined with the impact of the current economic situation of China's financial resources mismatch of the main manifestations and causes as well as the financial resources mismatch of enterprises the performance is analyzed. Then, select to construct multiple linear regression model sample and variable index, using China's Shanghai and Shenzhen A shares of Listed Companies in 2000-2015 enterprise level data for empirical analysis using fixed effects regression model for the full sample of panel data, correlation analysis of financial resources mismatch and Chinese Listed Companies' business performance. And for grouping samples, according to the financial resources of the wrong pair of state-owned enterprise and private enterprise groups of different ownership of listed companies Influence of enterprise performance difference. Analysis of the reality of China's financial resources mismatch found that China's financial resources mismatch there are three main forms of financial resources between the financial sector and the real economy mismatch of financial resources in the state-owned enterprises and private enterprises between the mismatch of financial resources between excess industry with the emerging industry mismatch in the production. The specific performance of financial resources in the financial sector, state-owned enterprises, private sector allocation over overcapacity in the real economy, enterprises, emerging industries configuration problems. On the one hand, the allocation of financial resources over to the financial sector, state-owned enterprises, industry overcapacity, leading enterprise financial resources in these sectors to excess, prone to excessive investment, resulting in a waste of resources, low investment efficiency, and ultimately affect the performance of enterprises; on the other hand, the financial resources of the private sector to the real economy, enterprise, new Xing industry allocation, not very good support for the development of these sectors leading to these enterprises, high efficiency enterprises financing difficulties, financing expensive, difficult to achieve development, and ultimately affect the performance of enterprises. The empirical analysis on the relation between financial resources mismatch and corporate performance. The results show that: first, there is a significant negative correlation between financial resources mismatch and enterprise performance, namely the financial resources mismatch degree of listed companies is high, enterprise performance level is low. Second, the listed companies have China enterprises and private enterprises are compared between the performance of financial resources mismatch and enterprises are facing the state-owned enterprises and private enterprises are negatively correlated, but the degree of influence of financial resources mismatch on the performance level of state owned enterprises greater financial resources mismatch of the same, the performance of state-owned enterprises is lower. Finally, according to the research results, the government led financial resources Use the configuration with the State-owned Commercial Bank of financial resources led to the financial resources mismatch serious, inhibited the performance of Listed Companies in our country enterprise promotion, has negative effects on China's economic growth. According to the financial resources mismatch and enterprises at present how to eliminate the mismatch of resources caused by the financial performance of enterprises to reduce the problem from the government, banks, and put forward some thoughts and suggestions of enterprise and monetary policy point of view.

【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832;F275

【参考文献】