基于中小板上市公司董事会特征与债务融资成本的相关性研究

发布时间：2018-02-02 16:59

本文关键词： 中小企业板董事会特征债务融资成本　出处：《天津财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：企业的发展壮大离不开资金,中小企业更是如此。近年来,我国中小企业高速发展,涉及行业广泛,在活跃国民经济、增加就业机会、创新知识技术、扩大国内出口等方面起到了无法估量的作用。然而中小企业因其企业规模小,资信水平低、成立时间短,经营风险大等不利因素影响,导致其在融资方面遇到了重重阻碍,面对融资需求巨大的中小企业,如何提高其融资效率已成为了各界关注的焦点。随着债务融资方式的积极效应开始凸现,已经有越来越多的公司开始把目光投放到了债务融资上。在进行债务融资决策中,公司最关注的便是融资的成本,一旦成本过高,就会在一定程度上降低公司的融资效率,进而妨碍公司规模的扩大和业绩的提高,这对公司来讲是非常不利的。所以,研究如何降低公司的债务融资成本具有很重要的现实意义。董事会作为公司中的一个核心决策机构,其地位的重要性不言而喻。有研究表明,董事会的结构、行为等特点都会对公司的债务融资的成本产生影响。我国中小企业板上市公司代表着发展比较成熟的中小企业,研究中小板上市公司的董事会特征与债务融资成本的关系,从改善公司董事会治理的角度对中小企业提出建议,使其提高债务融资效率,迄今为止鲜有研究涉及此内容。本文选取了中小企业板上市公司2010年-2012年的相关数据,从董事会着手,选用董事会规模、年度董事会会议次数、董事持股比例、独立董事比例以及董事长总经理两职合一情况五个变量作为董事会特征,研究其与债务融资成本的关系。运用多元线性回归模型进行实证后发现,独立董事比例、董事持股比例与债务融资成本并不存在显著的相关关系。董事会规模与债务融资成本负相关,年度董事会会议次数、两职合一情况与债务融资成本正相关。最后,依据研究的结论,从改善董事会治理角度提出了相应的建议。
[Abstract]:In recent years, our small and medium-sized enterprises have developed at a high speed, involving a wide range of industries, in the process of enlivening the national economy, increasing employment opportunities, and innovating knowledge and technology. The expansion of domestic exports has played an incalculable role. However, small and medium-sized enterprises have encountered numerous obstacles in financing because of their small scale, low credit level, short establishment time, and large operating risks. In the face of the huge financing demand of SMEs, how to improve their financing efficiency has become the focus of attention. More and more companies have begun to focus on debt financing. In making debt financing decisions, companies are most concerned about the cost of financing. Once the cost is too high, the financing efficiency of the company will be reduced to a certain extent. Which in turn hinders the expansion of the size of the company and the improvement of its performance, which is very unfavorable to the company. It is of great practical significance to study how to reduce the cost of debt financing. The importance of the board of directors as a core decision-making body in the company is self-evident. Some studies have shown that the structure of the board of directors. Behavior and other characteristics will have an impact on the cost of debt financing. Chinese SME board listed companies represent the development of relatively mature small and medium-sized enterprises, the relationship between the characteristics of the board of directors and debt financing costs of small and medium-sized board listed companies is studied. From the point of view of improving the governance of the company's board of directors, this paper puts forward some suggestions to improve the efficiency of debt financing for SMEs. So far, few studies have been done on this subject. This paper selects the relevant data of listed companies on SME board from 2010 to 2012. Starting from the board of directors, five variables are selected as the characteristics of the board, such as the size of the board of directors, the number of annual board meetings, the proportion of directors holding shares, the proportion of independent directors and the integration of two positions of chairman and general manager. The relationship between debt financing cost and debt financing cost is studied. By using multiple linear regression model, it is found that the proportion of independent directors is the proportion of independent directors. There is no significant correlation between the proportion of directors holding shares and the cost of debt financing. There is a negative correlation between the size of the board and the cost of debt financing, the number of annual board meetings, the combination of two positions and the cost of debt financing. According to the conclusion of the study, the paper puts forward the corresponding suggestions from the angle of improving the governance of the board of directors.
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F271;F832.51

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