我国上市公司债务融资效率的测度研究——重新编制的资产负债表、利润表

发布时间：2018-02-15 14:53

本文关键词： 债务融资效率金融资产融资负债　出处：《会计之友》2017年19期 　论文类型：期刊论文

【摘要】：融资效率是决定企业采用何种融资方式的关键因素。文章基于我国企业资产、负债和经营活动金融特征日趋显著的背景,对标准资产负债表、利润表进行重新编制,构造出由企业债务融资收益、成本及杠杆三要素组成的债务融资效率测度模型,并对我国A股上市公司2015年度的债务融资效率进行实证测度。研究发现:从所处地区看,中部地区上市公司债务融资效率最高,东部、西部次之,东北最低;从所属行业看,制造业上市公司债务融资效率最低,第三产业最佳;从上市板块看,主板上市公司债务融资效率最低,中小板次之,创业板最佳;从所有制看,国有控股企业债务融资效率的表现明显不如民营控股企业。研究结论对企业采用何种融资方式的决策具有指导意义。
[Abstract]:The financing efficiency is the key factor to determine the financing method adopted by enterprises. Based on the background of the increasingly prominent financial characteristics of assets, liabilities and business activities of enterprises in China, the paper recompiles the standard balance sheet and profit statement. This paper constructs a debt financing efficiency measurement model, which consists of three elements of corporate debt financing income, cost and leverage, and measures the debt financing efficiency of Chinese A-share listed companies in 2015. The debt financing efficiency of listed companies in the central region is the highest, followed by the east, the west and the lowest in the Northeast; from the perspective of their industries, the listed manufacturing companies have the lowest debt financing efficiency, and the tertiary industry is the best; from the perspective of the listed sector, The debt financing efficiency of listed companies on the main board is the lowest, followed by the small and medium-sized boards, and the gem is the best. The debt financing efficiency of state-owned holding enterprises is obviously lower than that of private holding enterprises.
【作者单位】：安阳师范学院商学院;
【基金】：河南省教育厅人文社会科学研究项目(2017-ZZJH-006)
【分类号】：F275;F832.51

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