装备制造业上市公司融资结构影响因素研究

发布时间：2017-12-30 18:05

本文关键词：装备制造业上市公司融资结构影响因素研究　出处：《云南大学》2015年硕士论文　论文类型：学位论文

【摘要】：装备制造业是我国工业的核心和基础,它也是我国国际竞争力的核心所在。作为我国重点发展的核心产业,装备制造业为我国各行各业的正常运行提供了生产所必需的技术装备,同时也极大地支持了其他产业技术进步和创新。我国资本市场正在不断地改革与完善,装备制造业上市公司的融资偏好与融资结构也随之改变。因此,对于这样一个融资需求很大的大型产业来说,探究它的融资结构有利于发现我国装备制造业融资结构的特点和规律性特征。并且,针对融资结构的影响因素,可以提出相应改善装备制造业融资结构的政策和建议。这样一方面不但可以优化企业融资结构,另一方面还能有利于企业的经营管理和提升装备制造业的竞争优势。本文根据国内外融资结构的理论成果,结合我国装备制造业的特点,以深、沪两市A股市场具有代表性的39家装备制造业上市公司作为研究对象,并把39家装备制造业上市公司分成了经营较好和经营欠佳的两类,对两类装备制造业上市公司的融资结构展开了分析。首先,在界定融资结构等相关概念的基础之上,运用描述性统计分析方法对其融资结构的变化历程和特点进行了分析,得出我国装备制造业上市公司的融资偏好顺序发生了一定的变化。紧接着从上市公司盈利能力、偿债能力、发展能力、营运能力和股利政策五个方面出发,运用主成分分析法和多元线性回归分析法,发现了这五种反映企业运营状况的指标对企业融资结构影响的变动关系。最后,以提高装备制造业的融资能力和优化其融资结构为目的,提出了相应的政策和建议。目前,提升装备制造业的融资能力以及优化它的融资结构已经势在必行。科学地分析装备制造业的融资结构,不但可以帮助企业改善经营,提升其经济效益,更重要的是,还能提升我国的综合国力。
[Abstract]:Equipment manufacturing industry is the core and foundation of our industry, it is also the core of our international competitiveness. The equipment manufacturing industry provides the necessary technical equipment for the normal operation of various industries in our country, at the same time, it also greatly supports the technological progress and innovation of other industries. China's capital market is constantly reforming and perfecting. The financing preference and financing structure of the listed companies in the equipment manufacturing industry have also changed. Therefore, for such a large industry with large financing needs. Exploring its financing structure will help to find the characteristics and regularity of the financing structure of China's equipment manufacturing industry. We can put forward the corresponding policies and suggestions to improve the financing structure of equipment manufacturing industry, on the one hand, we can not only optimize the financing structure of enterprises. On the other hand, it can also benefit the management of enterprises and enhance the competitive advantage of equipment manufacturing industry. According to the theoretical results of financing structure at home and abroad, combined with the characteristics of China's equipment manufacturing industry, this paper takes 39 listed equipment manufacturing companies in Shanghai and Shanghai as the research objects. And 39 equipment manufacturing listed companies are divided into two categories of good management and poor management, the financing structure of the two categories of equipment manufacturing listed companies are analyzed. First of all. Based on the definition of financing structure and other related concepts, the paper uses descriptive statistical analysis method to analyze the changing process and characteristics of its financing structure. It is concluded that the order of financing preference of listed companies in China's equipment manufacturing industry has changed to a certain extent. Then, it starts from five aspects of listed companies' profitability, solvency, development capacity, operating capacity and dividend policy. By using principal component analysis and multivariate linear regression analysis, we find the change relationship between the five indicators reflecting the operation of the enterprise on the corporate financing structure. Finally. In order to improve the financing ability of equipment manufacturing industry and optimize its financing structure, the corresponding policies and suggestions are put forward. At present, it is imperative to improve the financing ability and optimize the financing structure of the equipment manufacturing industry. Scientific analysis of the financing structure of the equipment manufacturing industry can not only help enterprises to improve their operation and enhance their economic benefits. More importantly, it can also enhance the overall national strength of our country.
【学位授予单位】：云南大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F406.7;F426.4;F224

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