中国创业板上市公司融资行为异化形成机理及治理研究

发布时间：2018-04-22 16:15

本文选题：融资行为异化 + 融资顺序　；参考：《山东财经大学》2014年硕士论文

【摘要】：企业融资是当今财务管理研究中的重要命题。企业融资行为可定义为企业在有融资需求情况下，在自身融资偏好与外部环境共同影响下的自发选择行为，企业通过选择不同融资渠道筹集资金，最终确保自身持续运营与发展。因此，融资活动是企业资本运动的起点。从宏观层面看，，众多公司的融资行为势必影响资本市场的健康发展。因此，对企业融资活动的研究也是探讨宏观经济命题的微观基础。本文主要采用规范研究与实证研究相结合的方式，就中国创业板上市公司的融资行为异化问题展开分析。本文将“广义的融资行为异化”定义为一切偏离公司价值最大化的融资行为，并创新性的提出了“融资偏好实现度”来衡量融资行为异化的程度。与此同时，本文通过定性模型的实证检验，认为“狭义的融资行为异化”在创业板市场上具体表现为以下两个特征：一方面是融资结构异化，表现为股权融资占绝对优势、“零长期”负债现象突出、短期负债比重高等方面；另一方面是融资顺序异化，表现为上市公司融资顺序依次为股权融资、债权融资（短期）、内源融资，这与优序融资理论的融资顺序恰好相反。随后，本文从宏观法律制度层面，以及中观资本市场建设方面，还有微观公司管理者以及非理性投资者行为等角度探寻融资行为异化的形成机理并找出相关对策。我们研究企业融资活动的终极目标是建立符合中国特色的融资理论指导体系。但这个体系并非一蹴而就，而是通过动态调整、不断优化得到的。在该目标实现之前，我们必须对上市公司在本国体制环境下的融资行为有充分了解。这就需要我们借鉴西方经典理论与方法，并且结合当前中国资本市场制度背景，开展我国上市公司融资行为的相关研究。
[Abstract]:Enterprise financing is an important proposition in the research of financial management. The enterprise financing behavior can be defined as the spontaneous choice behavior of the enterprise under the influence of its own financing preference and external environment under the condition of the financing demand, and the enterprise can raise funds by choosing different financing channels. Ultimately ensure its continuous operation and development. Therefore, the financing activity is the starting point of the enterprise capital movement. From the macro level, the financing behavior of many companies is bound to affect the healthy development of the capital market. Therefore, the study of enterprise financing activity is also the micro-foundation of the macro-economic proposition. This paper analyzes the alienation of financing behavior of listed companies in China's gem by combining normative research with empirical research. This paper defines "financing behavior alienation in a broad sense" as any financing behavior that deviates from the maximization of corporate value, and creatively puts forward the "degree of realization of financing preference" to measure the degree of alienation of financing behavior. At the same time, through the empirical test of qualitative model, this paper thinks that the "narrow financing behavior alienation" in the gem market is characterized by the following two characteristics: on the one hand, the financing structure is alienated, which is manifested by the absolute superiority of equity financing. The phenomenon of "zero long term" debt is prominent, and the proportion of short-term debt is high. On the other hand, the dissimilation of financing sequence is listed companies' financing order is equity financing, debt financing (short-term financing, endogenous financing, etc.) This is exactly the opposite of the financing order of superior order financing theory. Then, this paper explores the formation mechanism of financing behavior alienation from the macro legal system level, as well as the construction of the meso capital market, as well as the micro corporate managers and irrational investors' behavior, and finds out the relevant countermeasures. The ultimate goal of our research is to establish a guidance system of financing theory with Chinese characteristics. But the system is not achieved overnight, but through dynamic adjustment, continuous optimization. Before this goal can be achieved, we must have a full understanding of the financing behavior of listed companies in the domestic institutional environment. This requires us to draw lessons from the western classical theories and methods, and combine the current background of China's capital market system to carry out the relevant research on the financing behavior of listed companies in China.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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