上市公司债券融资与企业绩效的实证研究

发布时间：2018-01-07 01:21

本文关键词：上市公司债券融资与企业绩效的实证研究　出处：《山西财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：近些年，我国市场经济发展迅速，上市公司获取资金的渠道愈发多元化，在资本结构方面也越来越适应经济市场的发展。一直以来，债券和股票市场是资本市场的两个重要组成部分，两者也是上市公司直接融资的有效手段。自1958年莫迪利亚尼和米勒提出了著名的MM定理，融资越来越被广大学者重视。但是目前中国的公司债券市场起步较晚，依旧存在规模小，流动性不足等问题，同时，关于中国上市公司债券融资和企业绩效的互动关系的研究却没有引起国内外学者的重视。通过本文的研究，可以有效解决我国上市公司融资渠道单一、融资结构失衡等问题,也可以解决公司发行债券是否是一种恰当的融资方式，以及能否提高企业绩效的问题。本文以发行债券的上市公司为研究对象，选取了近3年深市沪市发行债券的上市公司315家，通过文献查阅、因子分析和回归分析等方法，对中国上市公司债券融资与企业绩效的关系进行了理论和实证分析，希望能对目前的研究有所帮助。最大的创新之处在于，在理论部分，紧密地与我国债券市场的现状相联系，从我国的债券融资资本结构开始研究；在实证部分，选取的指标是最新的，更具有代表性，，也较为全面，并且将因子分析和回归分析二者结合进行实证分析。本文共分为六章。第一章为绪论，对本文研究的背景、意义、内容与方法以及创新之处进行了简单的介绍，并归纳分析了国内外学者的研究成果。第二章是关于债券融资的理论基础，介绍了债券融资的内涵和基本理论，然后分别于股权融资理论和银行贷款理论进行比较，并且指出我国目前债券融资的问题。第三章是关于企业绩效评价的相关理论，介绍了企业绩效评价的内涵和测量的方法。第四章介绍了上市公司债券融资和企业绩效的关系。第五章主要对两者关系进行实证分析，并选取2010-2012年上市公司的财务数据作为样本，建立模型，进行分析，得出结论：我国上市公司债券融资并没有企业绩效产生积极作用，债券融资与企业绩效之间呈现倒U型关系，但是在什么范围内正相关，在什么范围内负相关，还没有得到结论。最后一章提出政策性建议，来促进我国债券市场的发展。
[Abstract]:In recent years, with the rapid development of the market economy in our country, the channels of obtaining funds for listed companies are becoming more and more diversified, and the capital structure is becoming more and more suitable for the development of the economic market. Bond and stock market are two important parts of capital market, and they are also effective means of direct financing of listed companies. Since 1958, Modigliani and Hans Muller have put forward the famous MM theorem. Financing has been paid more and more attention by scholars. However, the current corporate bond market in China started relatively late, there are still a small scale, liquidity and other problems, at the same time. The research on the interactive relationship between bond financing and corporate performance of listed companies in China has not attracted the attention of domestic and foreign scholars. Through the research of this paper, we can effectively solve the single financing channel of listed companies in China. The imbalance of financing structure can also solve the problem of whether issuing bonds is an appropriate way of financing and whether it can improve the performance of enterprises. This paper takes the listed companies issuing bonds as the research object, selects 315 listed companies that issued bonds in the Shanghai Stock Exchange in recent three years, through literature review, factor analysis and regression analysis and other methods. This paper makes a theoretical and empirical analysis of the relationship between bond financing and corporate performance of listed companies in China, hoping to be helpful to the current research. The biggest innovation lies in the theoretical part. Closely related to the current situation of China's bond market, from the bond financing capital structure of China began to study; In the empirical part, the selected indicators are the latest, more representative and more comprehensive, and the factor analysis and regression analysis are combined for empirical analysis. This paper is divided into six chapters. The first chapter is the introduction, the background, significance, content, methods and innovations of this study are briefly introduced. The second chapter is about the theoretical basis of bond financing, and introduces the connotation and basic theory of bond financing. Then it compares the equity financing theory with the bank loan theory, and points out the current problems of bond financing in China. Chapter three is about the related theory of enterprise performance evaluation. Chapter 4th introduces the relationship between corporate bond financing and corporate performance. Chapter 5th mainly analyzes the relationship between the two. And select the financial data of listed companies in 2010-2012 as a sample, establish a model, analysis, draw a conclusion: bond financing of listed companies in China does not have a positive impact on corporate performance. Bond financing and corporate performance show an inverted U-shaped relationship, but in what range of positive correlation, in what range of negative correlation, has not yet reached a conclusion. The last chapter puts forward policy recommendations. To promote the development of China's bond market.
【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】：F832.51;F275

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