亏损上市公司外部扭亏方式影响因素的实证研究

发布时间：2018-01-04 13:05

本文关键词：亏损上市公司外部扭亏方式影响因素的实证研究　出处：《沈阳工业大学》2017年硕士论文　论文类型：学位论文

【摘要】：由于2008年以来全球范围内金融危机的影响以及我国经济发展速度整体放缓,企业亏损现象愈发频繁。据统计,2011-2014年分别有168家、236家、233家和265家上市公司出现亏损。诸多知名企业、行业领头羊公司也开始出现业绩下滑甚至亏损,如2014年京东商城与搜狐网络分别亏损50亿元和10亿元。上市公司亏损对公司股价造成负面影响,如果连续亏损将面临退市的风险,扭亏迫在眉睫,这使得关于亏损企业扭亏的研究成为当前紧迫和重要的议题。亏损企业究竟会选择何种方式进行扭亏,不同扭亏方式的选择受哪些因素影响,论文对上市公司外部扭亏方式影响因素进行研究,期望能够为这一领域的研究提供实践依据。论文采用理论分析和实证分析相结合的方法。理论分析部分对内部和外部扭亏方式进行界定的基础上,阐述了当公司处于亏损状态时,由于软预算约束,公司除了通过内部治理改善亏损现状,还会借助外部力量进行扭亏,其中非流动资产处置、债务重组和政府补助是企业较常见的外部扭亏方式。考虑到非流动资产处置的对象较多,影响因素不确定,因此本文在实证分析部分集中研究债务重组和政府补助两种外部扭亏方式的影响因素。研究样本为2012-2014年456家扭亏为盈上市公司,通过对扭亏方式现状的统计分析以及二项Logistic回归和多元线性回归方法进行检验。实证结果表明:1)扭亏为盈的上市公司基本上都至少使用一种内部扭亏方式,外部扭亏方式中非流动资产处置最频繁,其次是政府补助和债务重组;2)经营性负债水平与债务重组正相关,对于国有控股的扭亏上市公司而言,这种正相关关系更加强烈,且政治关联在经营性负债水平与债务重组的关系中起正向调节作用;3)建立政治关联有助于亏损公司获得政府补助,且与政府补助力度正相关,对于非国有扭亏上市公司而言,地区财政富余程度在企业政治关联和政府补贴力度的影响中起正向调节作用。鉴于以上结论,论文提出建议包括:亏损上市公司应积极利用商业信用,作为经营性债务资金来源的补充。我国还应进一步加强完善公司内部与外部治理机制、破产及相关法律制度、银行债权治理模式等。对于进行债务重组和政府补助行为的亏损上市公司,债权人和政府要考虑亏损的上市公司是否有实力在未来扭转亏损局面,必要时出台相关的法律法规。
[Abstract]:Because of the impact of the global financial crisis since 2008 and the overall slowdown of the economic development of our country, the phenomenon of enterprise losses has become more and more frequent. According to statistics, there were 168 enterprises in 2011-2014 respectively. 236 companies, 233 and 265, are losing money. A number of well-known companies, industry leaders, are also starting to see performance decline or even losses. For example, in 2014 JingDong Mall and Sohu Network lost 5 billion yuan and 1 billion yuan respectively. The loss of listed companies has a negative impact on the share price of the company. If the continuous losses will face the risk of delisting, it is urgent to turn losses. This makes the research on the turnaround of loss-making enterprises become an urgent and important issue at present. The loss-making enterprises will choose what way to turn their losses and what factors will affect the choice of different ways of turning losses. This paper studies the influencing factors of the external turnaround of listed companies. It is expected to provide a practical basis for the research in this field. This paper adopts the method of combining theoretical analysis and empirical analysis. The theoretical analysis part defines the internal and external ways of turning losses on the basis of. When the company is in a state of loss, due to soft budget constraints, in addition to internal governance to improve the current situation of losses, but also with external forces to turn losses, including the disposal of non-current assets. Debt restructuring and government subsidies are more common ways for enterprises to turn their losses. Considering that there are more objects to dispose of illiquid assets, the influencing factors are uncertain. Therefore, this paper focuses on the impact factors of debt restructuring and government subsidy in the empirical analysis. The sample is 456 listed companies in 2012-2014. Based on the statistical analysis of the current situation of turnaround and the binomial Logistic regression and multivariate linear regression, the empirical results show that: 1). Listed companies that turn losses into profits basically use at least one internal turnround. The disposal of non-current assets is the most frequent, followed by government subsidies and debt restructuring; 2) the level of operating debt is positively related to debt restructuring, and the positive correlation is stronger for state-owned holding listed companies. And the political relationship plays a positive role in the relationship between the level of operating debt and debt restructuring; 3) establishing political connections helps loss-making companies to obtain government subsidies, and is positively related to the intensity of government subsidies, for non-state-owned listed companies to turn losses. The degree of regional fiscal surplus plays a positive role in the influence of corporate political connection and government subsidy. In view of the above conclusions, the paper puts forward some suggestions: loss listed companies should actively use commercial credit. As a supplementary source of operating debt funds, China should further strengthen and improve the internal and external corporate governance mechanism, bankruptcy and related legal systems. For the debt restructuring and government subsidy behavior of the loss-making listed companies creditors and the government should consider whether the loss of listed companies have the strength in the future to reverse the situation. Introduce relevant laws and regulations when necessary.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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