制造业上市公司债务融资对公司绩效影响的实证研究

发布时间：2018-03-20 01:22

本文选题：制造业上市公司　切入点：债务融资　出处：《沈阳理工大学》2014年硕士论文　论文类型：学位论文

【摘要】：制造业是我国国民经济的支柱，对我国经济的发展起着主导作用，与人民的日常生活密切相关。我国对债务融资的研究起步比较晚，且大多数的研究都集中于股权融资，未重视债权人的利益以及他们在公司治理中的作用。因此本文将研究的重点确认为制造业上市公司债务融资对公司绩效的影响。并认为本文的研究对制造业上市公司如何确定债务总量、分配债务期限，选择债务融资方式，形成最佳的融资结构，具有重要的参考价值。本文选取2008年-2012年在深沪交易所上市的A股制造业上市公司为研究样本，从国泰安数据库获得其年报数据，并运用SPSS19.0进行实证分析。实证研究结论为：制造业上市公司债务整体水平与公司绩效呈负的相关关系；短期债务与公司绩效呈负的相关关系，，长期债务与公司绩效呈负的相关关系；银行借款与公司绩效呈负的相关关系，商业信用与公司绩效呈正的相关关系。本文在结构上的安排为，第一章为绪论部分。这部分概括介绍了论文的研究背景及现实意义、国内外研究现状和研究的理论依据，主要包括MM理论、代理成本理论、不对称信息理论、控制权理论和期限匹配假说，并简要概述了本文的研究思路及方法和本文的创新点等问题。第二章是对制造业上市公司公司绩效与债务融资的基本理论概述。界定了公司绩效、债务融资、制造业等基本概念，并通过样本数据分析了制造业上市公司债务融资现状和公司绩效现状。第三章是对制造业上市公司债务融资对公司绩效影响的理论分析。本文从债务整体水平、债务期限结构和债务来源三个层面分析了制造业上市公司债务融资对公司绩效的影响。第四章是本文的实证部分，首先依据第三章提出研究假设，并根据假设选取样本和变量指标，构建多元线性回归模型，然后进行相关性分析和回归分析。第五章概括总结本文的理论研究与实证研究，并指出本文研究的局限性。
[Abstract]:The manufacturing industry is the pillar of our national economy, which plays a leading role in the development of our economy and is closely related to the daily life of the people. The research on debt financing in China started relatively late, and most of the studies focused on equity financing. Therefore, the focus of this study is the impact of debt financing on corporate performance of listed manufacturing companies. How does the company determine the total amount of debt, It has important reference value to allocate debt maturity, select debt financing method and form the best financing structure. This paper selects the A share manufacturing listed companies listed on the Shenzhen and Shanghai Stock Exchange from 2008 to 2012 as the research samples and obtains the annual report data from Cathay Pacific database. The empirical results are as follows: the overall debt level of listed manufacturing companies is negatively correlated with corporate performance, and short-term debt is negatively correlated with corporate performance. There is a negative correlation between long-term debt and corporate performance, a negative correlation between bank loans and corporate performance, and a positive correlation between commercial credit and corporate performance. The structure of this paper is arranged as follows: the first chapter is the introduction part. This part introduces the research background and practical significance of the paper, the domestic and foreign research status and the theoretical basis of the research, mainly including MM theory, agency cost theory, Asymmetric information theory, control theory and term matching hypothesis, The second chapter summarizes the basic theory of corporate performance and debt financing of manufacturing listed companies, defines corporate performance, debt financing, and so on. Basic concepts such as manufacturing, The third chapter is the theoretical analysis of the impact of debt financing on corporate performance of manufacturing listed companies. This paper analyzes the impact of debt financing on corporate performance from three aspects of debt maturity structure and debt source. Chapter 4th is the empirical part of this paper. According to the hypothesis, the multivariate linear regression model is constructed, and then the correlation analysis and regression analysis are carried out. Chapter 5th summarizes the theoretical and empirical research, and points out the limitations of this study.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F425

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