电力行业上市公司债务融资方式的影响因素研究

发布时间：2018-01-01 18:12

本文关键词：电力行业上市公司债务融资方式的影响因素研究　出处：《北京交通大学》2017年硕士论文　论文类型：学位论文

【摘要】：电力行业是我国的重要支柱行业,受行业特点约束杠杆率长期居高不下,研究债务融资方式的影响因素对改善电力企业的融资结构、降低企业杠杆率以顺应供给侧结构性改革趋势具有重要的现实意义。本文在文献研究的基础上,以银行贷款和企业债券这两种债务融资方式为对象,分析电力行业债务融资方式的现状及存在的问题。结合资本结构和信息不对称等理论,在既有文献分析的基础上,根据电力行业的经营特点筛选出不同债务融资方式的影响因素,实证分析不同债务融资方式的影响因素。论文以电力行业67家上市公司2011年到2015年的数据作为面板数据,运用多元线性回归模型分析不同因素对融资方式选择的影响。结果表明,银行贷款中的长期借款受公司规模、盈利能力、偿债能力、资产抵押价值和代理成本的显著性影响,其中资产抵押价值对企业选择银行贷款方式的影响最大。企业债券受公司信用质量、盈利能力、公司规模和投资机会显著性影响,其中公司信用质量和公司投资机会对企业选择债券融资方式的决策影响最大。研究发现,电力企业倾向选择长期借款作为最主要的债务融资方式的原因是高资产抵押价值和政府监督产生的代理成本。电力企业可通过减少银行依赖度、发展债券市场和降低代理成本改善融资结构。
[Abstract]:Power industry is an important pillar industry in our country. The leverage ratio is high for a long time under the constraints of industry characteristics. This paper studies the influence factors of debt financing mode on improving the financing structure of power enterprises. It is of great practical significance to reduce the leverage ratio of enterprises to conform to the trend of supply-side structural reform. On the basis of literature study, this paper takes bank loans and corporate bonds as the object of debt financing. Based on the theory of capital structure and information asymmetry, the paper analyzes the current situation and existing problems of debt financing in electric power industry, based on the analysis of existing literature. According to the operating characteristics of the power industry, the influence factors of different debt financing methods are selected. Empirical analysis of the impact of different debt financing methods. The paper takes the data of 67 listed companies in power industry from 2011 to 2015 as panel data. The effects of different factors on the choice of financing methods are analyzed by using multiple linear regression models. The results show that the long-term loans in bank loans are affected by the size of the company, profitability and solvency. The significant influence of asset mortgage value and agency cost, in which the value of asset mortgage has the greatest impact on the choice of bank loan mode. Corporate bonds are subject to corporate credit quality, profitability. Corporate size and investment opportunities have a significant impact, among which corporate credit quality and investment opportunities have the greatest impact on corporate choice of bond financing. Power enterprises tend to choose long-term borrowing as the main way of debt financing because of high asset mortgage value and agency cost caused by government supervision. Power enterprises can reduce the dependence of banks. Develop bond market and reduce agency cost to improve financing structure.
【学位授予单位】：北京交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.61;F406.7;F832.51

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