债务期限结构对公司绩效影响的研究

发布时间：2018-03-05 08:56

本文选题：债务期限结构　切入点：公司绩效　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：公司获取资金的渠道有很多,其中一个重要方面是债务融资,一直以来,对公司债务融资的研究都是财务研究的重要内容。自MM定理在二十世纪五十年代诞生以来,公司负债融资决策理论在持续不断发展,同时大量文献研究围绕这一主题展开。但现有大部分相关文献都着眼于负债总额,也就是说,学者们将公司负债视为同质的,在此基础上分析公司在融资时所选择的债务和权益分配比例。将关注点聚焦到债务融资后,十分有必要对公司债务结构进行详细具体的研究。债务结构有很多分类方式,其中最常规的是按照债务期限结构对债务内部结构进行划分,所以,公司应当慎重选择合适的债务期限结构。无论是国外研究还是国内研究,对这一问题均未形成统一的结论。尤其在当下的转轨经济背景下,我国上市公司的债务期限结构存在什么特征,以及对业绩有何影响是一个值得深究的问题。本文选择我国A股上市公司为研究样本,研究债务期限结构对公司绩效的影响效应。在此基础上,引入所有权属性这一变量,进一步探讨这种影响效应是否会受到所有权属性的影响以及影响程度的大小。本文以2013—2015年为时间窗,最终筛选出符合要求的701家上市公司为研究样本,进一步以所有权属性的维度,将701家上市公司分为国有上市公司和非国有上市公司两类,分析在不同所有权性质下的影响效应。最后,选择托宾Q值作为替代变量来衡量公司绩效这一指标,对上述实证研究结论进行稳定性检验。结果发现:(1)我国上市公司的债务期限结构对公司绩效产生正向的影响效应;(2)对两个子样本进行对比考察,当只考虑国有上市公司时,债务期限结构对公司绩效具有显著的正向影响效应,而当只考虑非国有上市公司时,债务期限结构对公司绩效没有明显的影响效果。随后的稳健性检验结果表明,无论将研究样本设定为701家上市公司还是国有上市公司和非国有上市公司,债务期限结构对托宾Q值均不产生影响。以实证研究结论和我国具体经济制度背景为依据,本文提出如下关于债务期限结构决策的建议:(1)拓宽公司的融资渠道;(2)强化负债制约机制;(3)适当控制对国有上市公司的扶持程度,转而向非国有上市公司倾斜,最终期望达到两类上市公司间的均衡状态;(4)加强银行约束力,优化银行监管方式,缓和银行与公司间的关系;(5)完善法律体制,维护债权人权益。期望在优化债务期限结构方面能够起到一定的借鉴意义。
[Abstract]:There are many ways for companies to obtain funds, one of which is debt financing. All along, the research on corporate debt financing is an important part of financial research. The theory of corporate debt financing decision is developing continuously, and a large number of literatures are focused on this subject. However, most of the existing literatures focus on the total amount of debt, that is to say, the scholars regard corporate liabilities as homogeneous. After focusing on debt financing, it is necessary to make a detailed and specific study on the debt structure of the company. There are many ways to classify the debt structure. The most common is to divide the internal structure of debt according to the debt maturity structure. Therefore, companies should carefully choose the appropriate debt maturity structure. There is no unified conclusion on this issue. Especially in the context of the current transition economy, what are the characteristics of the debt maturity structure of listed companies in China? This paper studies the effect of debt maturity structure on corporate performance by selecting A-share listed companies in China as a sample to study the effect of debt maturity structure on corporate performance. On this basis, this paper introduces the variable of ownership attribute. In this paper, we take 2013-2015 as the time window to select 701 listed companies that meet the requirements. According to the dimension of ownership, 701 listed companies are divided into state-owned listed companies and non-state-owned listed companies. Using Tobin Q as an alternative variable to measure corporate performance, The results show that: 1) the debt maturity structure of listed companies in China has a positive effect on corporate performance. Debt maturity structure has a significant positive effect on corporate performance, but when only non-state-owned listed companies are considered, debt maturity structure has no significant effect on corporate performance. No matter the study sample is set at 701 listed companies, state-owned listed companies and non-state-owned listed companies, the debt maturity structure has no effect on Tobin's Q value. This paper puts forward the following suggestions on the decision of debt maturity structure: 1) to broaden the financing channels of the company. (2) to strengthen the debt restriction mechanism and to properly control the degree of support to the state-owned listed companies, and turn to the non-state-owned listed companies. Finally, we hope to achieve a balanced state between the two types of listed companies. (4) strengthen the binding power of banks, optimize the mode of bank supervision, and ease the relationship between banks and companies. (5) perfect the legal system. It is expected that the creditors' rights and interests can be used for reference in optimizing the debt maturity structure.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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