负债结构与公司绩效实证研究

发布时间：2018-02-25 22:26

本文关键词： 债务融资期限结构布置结构公司业绩　出处：《湖北大学》2014年硕士论文　论文类型：学位论文

【摘要】：在财务理论界,对公司资本结构的研究一直非常热门,特别是20世纪70年代以来,随着代理成本、信息不对称等理论的引入,资本结构理论研究有了更为广阔的领域。它不仅影响着企业的财务目标、筹资方式、筹资成本,而且也影响着企业的治理结构、激励结构。中国资本市场正在趋向成熟,特别是股票市场,在经济发展中受到高度的关注。然而,作为资本结构重要组成部分的债务融资,却是我国资本市场的“短腿”,明显滞后于股权融资。公司债务融资发展滞后的问题不但不利于企业自身融资渠道的拓宽和我国企业的持续健康发展,而且影响和制约着宏观金融的融资体制和资本市场的运行。因此,研究债务融资对于完善公司治理结构,提高公司绩效有着重大的意义。在现阶段,我国的债务融资比重比股权融资比重明显要低,与西方发达国家的情况相反,而且按照最优融资顺序,债务融资也应是最优的。我国的理论研究人员对国外经典的资本结构理论在中国是否有效进行了大量的分析,不同的学者有不同的结论和答案。本文在国内外学者的研究成果的基础上,以中国制造业上市公司为研究对象,重点研究了资本结构理论中的债务融资部分,分析了债务融资与公司绩效的相关性,试图在理论构建的基础上,通过理论分析与实证方法,对其进行较为科学的描述,揭示债务融资对公司绩效的作用机制,以反映中国上市公司在该方面可能存在的问题,为提升我国公司治理水平和公司绩效作一个参考。债务是企业的一项重要的资金来源,没有一家企业能够不用负债而只靠自有资本就能满足其自身的资金需求。当企业决定在用债务融入资金时,就不得不从债务的数量和债务的期限结构以及债务的来源这三个方面同时进行选择。本文选择了我国A股制造业上市公司2010-2013年的数据分3个层次进行了实证研究,即分别检验了我国制造业上市公司总体债务水平、债务的期限结构、债务的布置结构对公司业绩的影响,对实证的结果进行了分析,并在此基础上结合我国的制度背景和企业融资特点提出相关的政策建议。本文的主要结论是,我国上市公司总体债务水平与公司绩效负相关,短期负债也与公司绩效负相关,银行借款总量与公司绩效显著负相关,商业信用借款与公司绩效正相关,企业债券与企业绩效负相关,但负相关关系较弱。导致这种结果的原因主要是我国长期债务市场发展不完善,相关的法律制度和信用制度不健全,政府在企业融资时过多干扰,企业融资时融资来源严重失衡,债务期限结构严重失衡。
[Abstract]:In the field of financial theory, the research on corporate capital structure has been very popular, especially since 1970s, with the introduction of agency cost, information asymmetry and other theories. The research of capital structure theory has a broader field. It not only affects the financial target, the way of financing, the cost of financing, but also affects the structure of corporate governance and incentive structure. In particular, the stock market has received great attention in economic development. However, as an important part of capital structure, debt financing, However, it is the "short leg" of our country's capital market, which obviously lags behind the equity financing. The problem of the lagged development of corporate debt financing is not only unfavorable to the widening of the financing channels of the enterprises themselves and the sustainable and healthy development of the enterprises in our country. Therefore, the study of debt financing is of great significance to the improvement of corporate governance structure and the improvement of corporate performance. At the present stage, the proportion of debt financing in China is obviously lower than that of equity financing, contrary to the situation in western developed countries, and in accordance with the optimal financing order, Chinese theoretical researchers have made a lot of analysis on the effectiveness of foreign classical capital structure theory in China. Different scholars have different conclusions and answers. Based on the research results of domestic and foreign scholars, this paper focuses on the debt financing part of the capital structure theory, and analyzes the correlation between debt financing and corporate performance. On the basis of theoretical construction, this paper attempts to describe it scientifically through theoretical analysis and empirical methods, and to reveal the mechanism of debt financing on corporate performance, so as to reflect the possible problems of Chinese listed companies in this respect. In order to improve the level of corporate governance and corporate performance for a reference. Debt is an important source of capital for an enterprise, and no enterprise can meet its own funding needs without debt but with its own capital. We have to choose from three aspects: the amount of debt and the maturity structure of debt and the source of debt. In this paper, the data of A share manufacturing listed companies in China from 2010 to 2013 are selected for empirical research, that is, the total debt level and debt maturity structure of Chinese manufacturing listed companies are tested respectively. The influence of the arrangement structure of debt on the performance of the company is analyzed, and on the basis of this, some policy suggestions are put forward based on the institutional background of our country and the characteristics of corporate financing. The main conclusions of this paper are that the total debt level of Chinese listed companies is negatively correlated with corporate performance, short-term debt is negatively correlated with corporate performance, total bank borrowing is negatively correlated with corporate performance, and commercial credit borrowing is positively correlated with corporate performance. Corporate bonds are negatively correlated with corporate performance, but the negative correlation is weak. The main causes of this result are the imperfect development of the long-term debt market, the imperfect legal system and credit system, and the excessive interference of the government in the financing of enterprises. When the enterprise finances, the financing source is seriously unbalanced, the debt maturity structure is seriously out of balance.
【学位授予单位】：湖北大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F224;F832.51

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