债务融资结构对创业板上市公司成长性的影响研究

发布时间：2018-06-03 14:07

本文选题：创业板 + 上市公司　；参考：《深圳大学》2017年硕士论文

【摘要】：创业板上市公司多是高成长、高风险、高回报、蕴含增长期权价值的中小型初创高新技术公司,其最大的亮点是公司未来无限的发展潜力,其区别于其他主板市场的主要就在于其高成长性。同时,创业板上市公司的高速成长离不开资金的支持,能否成功融资、融资结构是否合理关系其生存、发展和成长。因此,如何比较客观和准确的评价创业板上市公司的成长性,以及债务融资结构对创业板上市公司成长性的影响,是本文的主要出发点和需要解决的主要问题。本文首先阐明了选题背景和研究意义,其次对有关公司成长性和债务融资结构对公司成长性的影响方面的国内外文献进行了回顾和梳理,了解了相关文献在该领域的研究现状、主要成果和理论。然后,在相关理论研究的支撑下,对创业板上市公司成长性和债务融资结构对创业板上市公司成长性的影响进行实证分析,并针对分析结果提出可行性建议。本文选取2011年12月31日前上市的255家上市公司的2011---2015年的数据为研究样本,采用综合评价法来构建创业板上市公司成长性评价体系,主要从盈利能力、偿债能力、运营能立、发展能力和创新能力五个方面提炼了16个指标。在计量方法上进行了大胆的尝试和积极的探索,运用多指标面板数据因子分析的分层模型分析法测度评价创业板上市公司成长性,运用门限面板模型分析法研究债务融资结构对创业板上市公司成长性的影响。通过实证研究,本文得出如下结论:(1)创业板上市公司的成长性整体上比较趋于集中,离散程度并不是很大,成长性在两极端的公司很少;整体成长性好的公司数量要少于成长性差的公司,整体成长性仍有待提高。(2)负债水平对创业板上市公司成长性起积极正向作用,且负债水平小于0.0771时回归系数大于负债水平大于0.0771时的回归系数,正向影响更大;短期负债占比对创业板上市公司成长性起积极正向作用,短期负债占比小于0.5444时回归系数大于短期负债占比大于0.5444时的回归系数,正向作用更大;商业信用占比对创业板上市公司成长性起积极正向作用,商业信用占比小于0.6127时回归系数大于商业信用占比大于0.6127时的回归系数,正向作用更大。(3)高成长性公司的负债水平显著高于低成长性公司的负债水平,高成长性公司的短期负债水平显著低于低成长性公司的短期负债水平,高成长性公司的商业信用水平与低成长性公司的商业信用水平无显著性差别。得出上述实证结论的可能的原因是:创业板上市公司整体负债水平过低,且流动负债水平均值却高达0.877,使得创业板上市公司的负债融资只能用于日常运营,无法用于投资优质长期项目而限制了其快速成长,致使创业板整体成长性水平较弱。因此,相关部门应出台政策或优惠条件,解决创业板上市公司融资难,尤其是对其成长有相当影响的长期资金的融通问题。
[Abstract]:Most of the listed companies on the gem are high growth, high risk, high return, and high value of growth options. Their biggest bright spot is the company's unlimited development potential in the future. The main difference between the main board and other markets is its high growth. At the same time, the rapid growth of gem companies can not be separated from the support of funds, the success of financing, and whether the financing structure is reasonable relates to its survival, development and growth. Therefore, how to compare the objective and accurate evaluation of the growth of gem listed companies, and the impact of debt financing structure on the growth of gem listed companies is the main starting point and the main problem to be solved in this paper. Firstly, this paper clarifies the background and significance of the research, and then reviews and combs the domestic and foreign literature on the influence of corporate growth and debt financing structure on corporate growth, and finds out the current research situation of the related literature in this field. Main achievements and theories Then, under the support of relevant theoretical research, this paper makes an empirical analysis on the effect of growth of gem listed companies and debt financing structure on the growth of gem listed companies, and puts forward some feasible suggestions for the analysis results. In this paper, 255 listed companies listed before December 31, 2011 are selected as the research samples, and the comprehensive evaluation method is used to construct the growth evaluation system of gem listed companies, mainly from profitability, solvency, operating ability. Sixteen indicators were refined in five aspects: development capacity and innovation ability. In the measurement method has carried on the bold attempt and the positive exploration, uses the multi-index panel data factor analysis stratification model analysis method to measure and evaluate the growth of the gem listed companies. The effect of debt financing structure on growth of gem listed companies is studied by using threshold panel model. Through the empirical research, this paper draws the following conclusions: 1) the growth of gem listed companies tends to be concentrated on the whole, the discrete degree is not very large, the growth is very few in the two extremes; The number of companies with good overall growth is less than that of companies with poor growth, and the overall growth still needs to be improved.) the debt level plays a positive role in the growth of listed companies on the gem. The regression coefficient of debt level less than 0.0771 is greater than that of debt level > 0.0771.The short term debt ratio plays a positive role in the growth of gem listed companies. When the proportion of short-term debt is less than 0.5444, the regression coefficient is larger than that when short-term debt is greater than 0.5444.The positive effect of the proportion of commercial credit on the growth of listed companies on the gem is more positive than that when the proportion of short-term debt is greater than 0.5444.The proportion of commercial credit plays a positive role in the growth of listed companies on the gem. The proportion of commercial credit is less than 0.6127 and the regression coefficient is larger than that of commercial credit, and the positive effect is greater than that of commercial credit, and the debt level of high growth company is significantly higher than that of low growth company. The level of short-term debt of high growth companies is significantly lower than that of low growth companies, but there is no significant difference between high growth companies and low growth companies. The possible reason for the above empirical conclusion is that the overall debt level of gem listed companies is too low, and the average of current debt water is as high as 0.877, which makes the debt financing of gem listed companies can only be used in daily operation. The inability to invest in high quality long-term projects limits its rapid growth and makes the growth level of the gem as a whole weak. Therefore, the relevant departments should issue policies or preferential conditions to solve the financing difficulties of gem listed companies, especially the long-term financing problem which has a considerable impact on their growth.
【学位授予单位】：深圳大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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