广东省制造企业债务融资与绩效相关性研究

发布时间：2018-03-24 11:04

本文选题：广东省　切入点：制造业　出处：《五邑大学》2014年硕士论文

【摘要】：制造业是国民经济发展的重要组成部分,它对我国经济增长起着重要的作用。广东省是全国领先的制造业大省之一,省政府也陆续出台了一系列政策来优化制造业的产业结构。2012年,广东省的制造业法人单位数为287010个,其固定资产投资为4923.94亿。制造业的发展对广东整个经济状况有很大影响。近些年来,尤其是2008年经济危机后,广东省制造业面临着诸如通货膨胀、人民币升值以及产业转型等巨大的压力。因此,需要优化资本结构以及加强企业的经营管理。融资对制造业上市公司至关重要,而债务融资作为融资渠道的一部分,也起着很重要的作用。学者们已做了很多的关于企业的资本结构和制造业上市公司绩效相关性的研究,然而,债务融资同制造业上市公司绩效相关性的研究相对来说仍比较少。本文对国内外学者们对资本结构与公司绩效相关性的研究成果进行了综合论述。通过采用理论与实证研究相结合的方法,对选取的42个广东省制造业上市公司2008-2012年五年的财务数据为样本进行了研究。采川描述性统计的方法,对所选取的五年的样本数据进行初步的统计分析。通过对变量的平均数值、最大数值、最小数值以及方差的描述分析,概括出样本变量的主要特征,然后通过采用主成分分析的方法,对企业绩效进行评价。结合制造业上市公司的具体情况和相关的文献,提出了相关的研究假说。以企业的绩效为被解释变量,资产负债率,银行借款率,企业的商业信用率以及应付债券率为解释变量,利用多元回归分析的方法来检验被解释变量和解释变量之间的关系。研究表明： 1.广东省制造行业上市公司债务融资以短期负债为主,其在债务融资中占主导地位。银行借款和商业信用是企业外源融资的主要渠道。 2.企业的债务融资并没有因为避税而使得资金的使川效率更高,进而提高公司绩效,企业的资产负债率同公司绩效呈负相关关系。 3.债务的期限结构研究表明企业的短期债务率及长期债务率均同公司绩效呈负相关的关系。 4.债务的来源结构的研究结果表明了银行借款占债务融资的比例同公司绩效负相关；商业信用融资占债务融资的比例同公司绩效呈正相关。
[Abstract]:Manufacturing is an important part of national economic development and plays an important role in China's economic growth. Guangdong Province is one of the leading manufacturing provinces in the country. The provincial government has also introduced a series of policies to optimize the industrial structure of manufacturing. In 2012, the number of manufacturing corporations in Guangdong Province was 28,7010. Its fixed asset investment is 492.394 billion. The development of the manufacturing industry has a great impact on the overall economic situation in Guangdong. In recent years, especially after the 2008 economic crisis, the manufacturing industry in Guangdong Province is facing such inflation. Therefore, there is a need to optimize the capital structure and strengthen the management of enterprises. Financing is essential to listed companies in manufacturing industries, and debt financing is part of the financing channels. Scholars have done a lot of research on the correlation between the capital structure of enterprises and the performance of listed manufacturing companies, however, the research on the correlation between debt financing and the performance of listed manufacturing companies is relatively few. This paper makes a comprehensive discussion on the research results of the correlation between capital structure and corporate performance by domestic and foreign scholars. The financial data of 42 listed manufacturing companies in Guangdong Province for five years from 2008 to 2012 were studied. Through the analysis of the average value, the maximum value, the minimum value and the variance of the variables, the main characteristics of the sample variables are summarized. Then by using the principal component analysis method to evaluate the performance of enterprises, combined with the specific situation of listed manufacturing companies and related literature, put forward the relevant research hypothesis, take the performance of enterprises as the explanatory variable, asset-liability ratio, The bank borrowing ratio, business credit ratio and bond payable rate are the explanatory variables. The relationship between the explained variables and the explanatory variables is tested by the method of multiple regression analysis. 1. The debt financing of listed companies in Guangdong manufacturing industry is mainly short term debt, which dominates the debt financing. Bank loans and commercial credit are the main channels of external financing for enterprises. 2.The debt financing of enterprises does not make the funds more efficient because of tax avoidance, and then improve the corporate performance. The asset-liability ratio of enterprises is negatively related to corporate performance. 3. The study of debt maturity structure shows that the short-term debt ratio and the long-term debt ratio are negatively correlated with corporate performance. 4. The results show that the proportion of bank loans to debt financing is negatively related to corporate performance, while the proportion of commercial credit financing to debt financing is positively correlated with corporate performance.
【学位授予单位】：五邑大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F425;F224

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