融资约束的影响因素及其与企业价值的相关性研究

发布时间：2018-04-24 11:26

本文选题：融资约束 + 企业价值　；参考：《南昌大学》2017年硕士论文

【摘要】：由于现实的资本市场并不完美,我国的企业投资者面对着信息不对称、委托代理等诸多问题,使得企业外部融资成本与内部融资成本之间存在悬殊的差异,因而导致了融资约束问题的出现。企业价值具有整齐划一、市场导向、突出收益的特征,是企业的时间、风险以及发展的价值体现。本质上,企业价值不固定在揭示企业前期和当下的经营状况,更表明对未来的一种预期。本研究从融资环境和企业融资约束的角度切入,着眼于二者对企业价值的影响于机制研究。通过对国内外研究文献进行梳理,界定融资约束与价值的概念,进一步总结二者的度量与评估方法,为论文的模型构建奠定理论基础。综合考查可以反映上市企业融资约束的指标,选取流动比率、资产负债率、企业规模、净资产收益率为解释变量。运用Logistic回归方法,选取融资约束为解释变量对公司价值进行实证分析,综合考虑资产负债率、企业规模、净资产增长率、销售毛利率、每股收益作为控制变量,本文选取上市公司的数据,对模型进行参数估计和检验,实证融资约束对上市公司融资能力与约束的影响。同时,参考借鉴国内外对企业价值的评价理论与方法,构建有关融资约束与企业价值两者间的面板回归模型,用以研究融资约束对企业价值的影响。结合实证分析结果及国内外相关领域研究成果,从缓解融资约束和提升公司价值两方面提出政策性建议。
[Abstract]:Because the real capital market is not perfect, the enterprise investors in our country are faced with many problems, such as information asymmetry, principal-agent and so on, which make the difference between the external financing cost and the internal financing cost. This leads to the emergence of financing constraints. The value of enterprise is uniform, market-oriented, and prominent in income, which is the embodiment of time, risk and development of enterprise. In essence, the enterprise value is not fixed in revealing the business situation in the early stage and in the present, and it also indicates a kind of expectation for the future. From the perspective of financing environment and corporate financing constraints, this study focuses on the influence of the two on the mechanism of enterprise value. Through combing the domestic and foreign research literature, define the concept of financing constraints and value, and further summarize the measurement and evaluation methods of the two, and lay a theoretical foundation for the model construction of the paper. The comprehensive examination can reflect the index of financing constraints of listed enterprises, and select liquidity ratio, asset-liability ratio, enterprise size and net asset return rate as explanatory variables. Using Logistic regression method, select financing constraints as explanatory variables to analyze the value of the company, considering the asset-liability ratio, enterprise size, net asset growth rate, gross sales margin, earnings per share as control variables. In this paper, the data of listed companies are selected to estimate and test the parameters of the model, and the effect of financing constraints on the financing ability and constraints of listed companies is demonstrated. At the same time, referring to the theories and methods of enterprise value evaluation at home and abroad, the paper constructs a panel regression model between financing constraint and enterprise value to study the influence of financing constraint on enterprise value. Based on the results of empirical analysis and related research results at home and abroad, this paper puts forward policy recommendations from two aspects: easing the financial constraints and enhancing the value of the company.
【学位授予单位】：南昌大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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