基于金融发展视角的我国上市公司债务融资研究

发布时间：2018-03-20 09:17

本文选题：金融发展　切入点：债务融资　出处：《山东大学》2014年硕士论文　论文类型：学位论文

【摘要】：由于我国现阶段经济发展水平不高,资本市场发展不够完善,金融制度尚有缺陷,多数企业在进行融资决策时,主观上存在着重股权、轻债权等非理性行为,客观上面临着债务融资不足的现象。企业的融资方式直接影响着企业融资结构,进而对企业绩效、长远发展产生重要影响。在我国经济转轨的特殊时期,伴随着我国金融市场的逐步完善,上市公司需要重新思考股权融资和债务融资的深刻含义,调整资本结构中债务融资的结构安排,而不应一味地追求股权融资。通过本文的分析,上市公司应能够看清自身所处的金融发展环境,清楚认识到我国的金融发展对上市公司债务融资的具体影响,并以此为参考来制定合理的资本结构。本文的研究是基于我国企业重股权、轻债权行为导致的企业债务融资水平偏低的现实背景,以1998-2012年我国金融发展和上市公司财务数据为样本,通过金融发展规模、金融发展结构和金融发展效率三要素构建金融发展指标,并添加企业可抵押资产、企业成长性和企业盈利能力三个控制变量,建立时间序列模型,运用时间序列的单位根检验和Johansen协整检验方法,实证分析金融发展对我国企业债务融资的影响,并试图回答金融发展是否能够缓解我国企业重股权融资、轻债务融资的非理性融资现象,进而提高我国企业债务融资的水平,优化我国上市公司的资本结构。实证结果表明：在长期,我国金融发展规模、金融发展结构和金融发展效率对上市公司债务融资均有不同程度的促进作用。其中,金融发展结构对企业债务融资的贡献度最大,金融发展效率、金融发展规模依次次之。基于上述实证研究,文章最后从扩大金融发展规模、发展多元化的金融机构、提升金融体系的资本运作效率等方面提出了优化我国金融体系、促进企业债务融资的建议。
[Abstract]:Because the level of economic development is not high, the development of capital market is not perfect, and the financial system is still defective, most enterprises have some irrational behaviors, such as attaching importance to stock right and neglecting creditor's rights, when they make financing decisions. Objectively speaking, it is facing the phenomenon of insufficient debt financing. The financing mode of enterprises directly affects the financing structure of enterprises, and then has an important impact on the performance and long-term development of enterprises. In the special period of economic transition in China, With the gradual improvement of China's financial market, listed companies need to rethink the profound implications of equity financing and debt financing, and adjust the structural arrangements of debt financing in the capital structure. Through the analysis of this paper, listed companies should be able to see clearly their own financial development environment, and clearly understand the specific impact of financial development on debt financing of listed companies. And take this as the reference to formulate the reasonable capital structure. The research of this paper is based on the realistic background of the low level of corporate debt financing caused by enterprises' emphasis on equity rather than creditor's rights, taking the financial development and financial data of listed companies from 1998 to 2012 as samples, through the scale of financial development. Financial development structure and financial development efficiency are three factors to construct financial development index, and add three control variables of enterprise mortgage assets, enterprise growth and enterprise profitability, and establish time series model. Using the method of unit root test and Johansen cointegration test of time series, this paper empirically analyzes the influence of financial development on debt financing of Chinese enterprises, and tries to answer whether financial development can alleviate the heavy equity financing of Chinese enterprises. The irrational financing phenomenon of light debt financing improves the level of debt financing of Chinese enterprises and optimizes the capital structure of listed companies in China. The empirical results show that: in the long run, the scale of financial development, the structure of financial development and the efficiency of financial development have different effects on debt financing of listed companies. The contribution of financial development structure to enterprise debt financing is the largest, the efficiency of financial development and the scale of financial development follow in turn. Based on the above empirical research, the paper finally expands the scale of financial development and develops diversified financial institutions. To improve the efficiency of capital operation of financial system, this paper puts forward some suggestions on how to optimize our financial system and promote enterprise debt financing.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F832.51;F275

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