债券融资对公司经营绩效和投资的影响

发布时间：2018-01-26 20:12

本文关键词： 资本结构公司债券经营绩效投资效率　出处：《复旦大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着中国债券市场的日趋发展和公司债券融资行为的日益流行,债券对公司经营行为的影响也越来越明显。中国学者们多有发现中国的银行贷款和权益融资未对公司行为进行有效约束,在这种情况下,研究债券对经营绩效和投资的影响显得十分必要。中国公司债券市场的发展历程较短,还有许多不完善之处,需要借鉴其他国家如日本和美国在这一领域的发展经验。随后,本文通过对比债券、银行贷款和增发三种融资形式对公司行为影响的差异对课题进行研究。首先,运用主成分分析法得到公司综合经营指标,然后选取资产债券率和资产贷款利率等指标作为解释变量对综合绩效指标进行回归。结果表明中国长期借款对公司综合绩效有负面影响,资产债券率在较高水平时对综合绩效有正面影响。其次,运用财务指标构建期望投资模型得到残差项,将残差作为非效率投资模型的被解释变量,将债券融资和增发相关指标和其他控制变量作为自变量进行回归。结果表明债券融资能够缓和非效率投资现象,而增发融资的公司非效率投资现象较为明显。最后本文在研究结论的基础上给出了改变股权融资偏好现象、加大债券创新力度等相关的政策建议。
[Abstract]:With the development of China's bond market and the increasing popularity of corporate bond financing behavior. The impact of bonds on corporate behavior is becoming more and more obvious. Chinese scholars often find that bank loans and equity financing in China are not effective constraints on corporate behavior, in this case. It is necessary to study the impact of bonds on business performance and investment. The development of Chinese corporate bond market is relatively short, and there are many imperfections. Need to learn from other countries such as Japan and the United States in this area of development experience. Bank loans and additional issuance of three forms of financing on the impact of corporate behavior differences are studied. First of all, the use of principal component analysis to obtain the comprehensive business indicators. Then select asset bond ratio and asset loan interest rate as explanatory variables to return to the comprehensive performance indicators. The results show that long-term borrowing in China has a negative impact on the overall performance of the company. Asset bond ratio has a positive impact on the comprehensive performance at a higher level. Secondly, using financial indicators to build an expected investment model to get the residual, the residual is regarded as the explanatory variable of the inefficient investment model. Bond financing and additional issuance related indicators and other control variables as independent variables regression. The results show that bond financing can alleviate the phenomenon of inefficient investment. On the basis of the research conclusions, this paper gives some policy suggestions such as changing the preference of equity financing and increasing the innovation of bonds.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.5;F275

【相似文献】