我国制造业上市公司债务结构对企业成长性影响的研究

发布时间：2018-02-23 18:01

本文关键词： 制造业债务结构企业成长性因子分析法　出处：《湖南师范大学》2014年硕士论文　论文类型：学位论文

【摘要】：制造业是国民经济的基础性产业,是整个国民经济发展的基础和命脉,其发展的好坏直接影响到我国国民经济的全局。而制造业在发展过程中,债务融资是提供所需要的资金来源渠道之一,是否保持合理的债务结构直接影响到企业的发展和成长机会。因此,制造业上市公司应该非常重视债务结构的优化。本文以制造业上市公司为切入点,研究债务结构对企业成长性的影响,不仅对制造业上市公司选择融资方式具有参考价值,而且也有助于制造业上市公司自身的发展与成长。本文以2010-2012年我国制造业上市公司为研究对象,实证分析了债务结构对企业成长性的影响。其中,对于企业成长性的衡量,首先选取10个反映企业成长性的财务指标,然后采用因子分析法提取5个公因子,最后通过公因子的方差贡献率加权平均计算获得衡量企业成长性的综合指数；然后分别从债务结构的三个维度负债总水平、债务期限结构、债务来源结构对企业成长性综合指数进行回归分析。实证结果表明：负债总水平与企业成长性呈负相关关系；债务期限结构与企业成长性呈负相关关系；债务来源结构中的商业信用比例与企业成长性存在正相关,银行借款比例则呈负相关关系。最后,在实证结论的基础上提出了优化制造业上市公司债务融资结构和提高企业成长的对策建议。
[Abstract]:Manufacturing industry is the basic industry of national economy and the basis and lifeline of the development of the whole national economy. The quality of its development directly affects the overall situation of our national economy. Debt financing is one of the necessary sources of financing, and the maintenance of a reasonable debt structure has a direct impact on the development and growth opportunities of an enterprise. The listed companies in manufacturing industry should attach great importance to the optimization of debt structure. This paper studies the impact of debt structure on the growth of enterprises by taking the listed companies in manufacturing industry as the starting point, which not only has reference value for listed companies in manufacturing industries to choose financing methods, And also contribute to the development and growth of listed manufacturing companies themselves. This paper takes the listed manufacturing companies in China from 2010 to 2012 as the research object, and empirically analyzes the impact of debt structure on the growth of enterprises. For the measurement of enterprise growth, 10 financial indicators reflecting the growth of enterprises are first selected. Then five common factors are extracted by factor analysis method, and then the comprehensive index of enterprise growth is obtained by calculating the weighted average of variance contribution rate of common factors, and then the total debt level is obtained from the three dimensions of debt structure. The regression analysis of debt maturity structure, debt source structure and enterprise growth index shows that the total debt level is negatively related to firm growth, debt maturity structure is negatively related to firm growth, debt maturity structure is negatively related to firm growth, and debt maturity structure is negatively related to firm growth. The proportion of commercial credit in debt source structure is positively related to the growth of enterprises, while the proportion of bank loans is negatively correlated. Based on the empirical results, the paper puts forward some countermeasures and suggestions to optimize the debt financing structure of listed manufacturing companies and to improve the growth of enterprises.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.72;F272

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