企业战略差异度、企业绩效波动与债务成本

发布时间：2018-03-22 14:02

本文选题：战略差异度　切入点：债务成本　出处：《广东财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：2015年习近平主席要中央会议明确提出供给侧改革‖的理念,这对于企业而言,既是机会,又是挑战。而在中国,债务融资成为企业融资首要的融资方式。企业如何在此次改革中利用自身的战略,降低债务成本成为当今企业值得深思的课题。本文以2009-2014年沪深两市A股上市公司为研究对象,运用多元回归模型,深入探讨了战略差异与债务成本两者的关系。研究表明:(1)企业的战略差异越大,债务成本越高;(2)企业的战略差异越大,其企业绩效波动越明显,债务成本也越高;(3)相比于没有产业支持的企业,有产业支持的企业的战略差异与债务成本的正相关关系越强。本文的可能的创新之处共有三点:第一,本文更深入研究了战略差异度对债务成本的影响。第二,本文丰富了战略差异的经济后果和债务成本的影响因素的研究。第三,本文首次用实证检验了企业战略度对债务成本两条影响路径,一条路径以企业绩效波动作为中介变量如何影响两者关系,另一条路径以是否获得国家的产业政策作为调节变量如何影响两者关系。本文的实践意义在于,本文的研究结论不仅能够为相关部门进一步完善我国上市公司债务融资市场提供理论支持,而且为上市公司进行战略选择时提供了参考与借鉴。
[Abstract]:In 2015, President Xi Jinping asked the Central Committee to explicitly put forward the concept of supply-side reform, which is both an opportunity and a challenge for enterprises. Debt financing has become the most important financing method for enterprises. How to make use of their own strategy to reduce debt cost has become a topic worth pondering in enterprises. This paper takes the A-share listed companies of Shanghai and Shenzhen stock markets in 2009-2014 as the research object. The relationship between the strategic difference and the debt cost is discussed by using the multiple regression model. The research shows that the greater the strategic difference is, the higher the debt cost is, and the bigger the strategic difference is, the more obvious the fluctuation of enterprise performance is. The higher the cost of debt is, the stronger the positive correlation between the difference of strategy and the cost of debt is compared with that of enterprises without industry support. There are three possible innovations in this paper: first, This paper further studies the influence of strategic difference on debt cost. Secondly, this paper enriches the study of the economic consequences of strategic differences and the influence factors of debt cost. This paper, for the first time, tests the relationship between firm strategy degree and debt cost, one of which is how firm performance volatility is used as an intermediary variable to influence the relationship between the two factors. The other way is how to influence the relationship between the two by taking whether to obtain the industrial policy of the country as a regulating variable. The practical significance of this paper lies in:. The conclusions of this paper can not only provide theoretical support for the relevant departments to further improve the debt financing market of listed companies in China, but also provide reference and reference for listed companies in their strategic choices.
【学位授予单位】：广东财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F272

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