中国煤炭企业信贷融资困境与效率研究

发布时间：2018-01-01 18:44

本文关键词：中国煤炭企业信贷融资困境与效率研究　出处：《中国地质大学（北京）》2014年博士论文　论文类型：学位论文

【摘要】：在新的发展形势下，转型升级、整合重组、技术改造使得煤炭企业的融资需求尤为迫切。十八届三中全会提出加快资源税改革、推动环境保护费改税等举措，给煤炭企业发展预期造成一定压力。由于煤矿产能过剩及进口煤冲击等原因，煤炭企业面临周期性拐点，业绩下滑，信用环境恶化，给银行带来较大困扰。部分银行采取了收缩、退出的授信政策，使身处困境的煤炭企业雪上加霜。在此背景下，为解决银行和煤炭企业面临的信贷融资困境，本文采用多种实证分析方法，从银企双视角对煤炭企业信贷融资的困境和效率进行了剖析，，以期对改善煤炭企业信贷融资问题提供一定的理论及实践参考。首先，本文选取煤炭规模以上企业、上市企业、银行授信样本企业等大量财务数据，通过计量统计方法对煤炭企业融资结构特征及信贷融资特征进行了深入分析，发现煤炭企业已经基本形成与优序融资理论相符的内源融资、债权融资、股权融资的融资顺序。其次，结合煤炭企业信贷融资的表现特征，本文从煤炭企业和银行双视角对比分析信贷融资困境，发现信贷配给现象在该领域较为典型，规模歧视和所有制歧视普遍存在。当前，煤炭企业与银行之间存在严重的信息不对称，尤其近两年煤炭企业市场下行的过程中，逆向选择和道德风险问题较为常见，加剧了银行信贷风险；煤炭企业面临主要困境是资金需求难以满足和融资效率低下。然后，本文选取了熵值法、DEA方法，以及主成分分析和因子分析法等方法，对煤炭企业信贷融资效率进行实证分析，通过统计指标特征和不同分析方法结果的比对，发现采用主成分分析和因子分析方法得出的结论可以更加全面地反映实际情况，为今后类似研究提供了方法选择上的参考。实证发现，煤炭企业的整体发展水平、企业固定资产及股本占比与信贷融资效率呈现出显著的正相关关系。最后，本文分别从煤炭企业、银行以及政府的角度，以实现银企共赢为目的，提出了解决煤炭企业信贷融资困境的策略建议。
[Abstract]:In the new situation of development, transformation and upgrading, integration and restructuring, technological transformation of the coal enterprise financing needs urgent. In the third Plenary Session of the 18th CPC Central Committee put the resource tax reform, tax reform to promote environmental protection and other initiatives, to cause some pressure on the development of coal enterprises in coal mine. The expected excess capacity and the impact of imported coal and other reasons, the coal enterprises are facing cycle the inflection point, the decline in performance, credit deterioration of the environment, bring great distress to the bank. Some banks to take the credit contraction, exit policy, the coal enterprises are in trouble one disaster after another. In this context, in order to solve the credit financing difficulty facing banks and coal enterprises, this paper uses empirical analysis method, analyzed from the two banks from the perspective of the credit financing plight of coal enterprises and efficiency, in order to improve the credit financing problems of coal enterprises to provide theoretical and practical references Test.
First of all, this paper selects coal above scale enterprises, listed companies, enterprises and other large sample bank credit financial data are analyzed by the statistical methods of coal enterprise financing structure and financing characteristics, found that coal enterprises has been basically formed and endogenous financing, with the pecking order theory of debt financing, equity financing, financing order secondly, combined with the features of coal enterprise credit financing, this paper analyzes the financing plight of coal enterprises and banks from the dual perspective of comparison, found the credit rationing phenomenon in the field of typical, scale discrimination and ownership discrimination exists. At present, there are serious information asymmetry between coal enterprises and banks, especially the last two years of coal enterprises the market down, the more common adverse selection and moral hazard problems, exacerbated the risk of bank credit; the coal enterprises are facing The main difficulty is difficult to meet the demand for funds and financing efficiency is low. Then, this paper selects the entropy method, DEA method and principal component analysis and factor analysis method, the efficiency of the coal enterprises credit financing empirical analysis, by comparing the results of statistical indicators and characteristics of different methods, it was found that by using the method of principal component analysis and the factor analysis conclusion can more fully reflect the actual situation, the choice of method provides a reference for future similar study. The empirical study indicates that the coal enterprise's overall development level, positive correlation between enterprise fixed assets and equity ratio and the efficiency of credit financing showed. Finally, this paper from the coal enterprises, banks and government the point of view, to achieve win-win situation between banks for the purpose, and proposes some suggestions for solving the dilemma of coal enterprises credit financing.

【学位授予单位】：中国地质大学（北京）
【学位级别】：博士
【学位授予年份】：2014
【分类号】：F426.21;F832.4

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