中小板上市公司外源融资结构对EVA的影响

发布时间：2018-03-30 07:02

本文选题：中小板上市公司　切入点：债务融资　出处：《渤海大学》2017年硕士论文

【摘要】：在大众创业、万众创新的政策倡导下我国的中小企业发展得十分迅猛,为国家经济发展提供了强大的助推力量。在就业和国民经济等方面都发挥着不可替代的作用。为了保障中小板上市公司得到健康高速发展,提高国际竞争力,资金的支撑是必不可少的。对于企业来说融资渠道有很多种,它们各自对企业绩效和价值的影响也会存在差异。外源融资是中小板上市公司取得资金进行融资的主要方式。企业的外源融资结构会对企业的成本和财务状况产生影响,这对企业的治理会起到至关重要的作用,从而影响到企业的绩效和价值。因此,本文以中小板上市公司为研究对象来探究外源融资结构对EVA的影响,这有必然现实意义和理论意义。本文在国内外学者研究的基础上,对外源融资结构对企业绩效影响的相关理论与实证研究进行回顾。选取2012-2014年中小企业上市公司为研究对象,融资方式的选择上选取具有代表性的外源融资结构为指标,分析外源融资结构对EVA(经济附加值)的影响机理。建立相关实证模型,采用多元回归分析方法检验外源融资结构对中小企业EVA的影响。得出的相关结果为:银行借款、商业信用对公司EVA产生的影响是负向的,并且显著;股权融资与EVA之间的相关性是负显著相关;股权集中度对公司EVA的影响是正向的,但是不显著;流通股对EVA影响有负向影响但是不显著。
[Abstract]:Small and medium-sized enterprises in our country have developed very rapidly under the initiative of mass entrepreneurship and numerous innovative policies. It has provided a powerful boost for national economic development. It has played an irreplaceable role in employment and national economy. In order to ensure the healthy and high-speed development of small and medium-sized listed companies and improve their international competitiveness, Capital support is essential. There are many financing channels for enterprises. The external financing is the main way for the small and medium board listed companies to obtain funds for financing. The external financing structure of the enterprises will have an impact on the cost and financial situation of the enterprises. This will play a vital role in corporate governance, thus affecting the performance and value of enterprises. Therefore, this paper takes small and medium-sized listed companies as the research object to explore the impact of external financing structure on EVA. On the basis of domestic and foreign scholars' research, this paper reviews the relevant theoretical and empirical research on the effect of exogenous financing structure on corporate performance. In the selection of financing mode, the representative external financing structure is chosen as the index, and the influence mechanism of exogenous financing structure on EVA (Economic added value) is analyzed, and the relevant empirical model is established. The effect of exogenous financing structure on EVA of small and medium-sized enterprises is tested by multiple regression analysis. The relevant results are as follows: bank loans and commercial credit have a negative effect on the EVA of the company and are significant; The correlation between equity financing and EVA is negative significant; the influence of equity concentration on EVA is positive, but not significant; the influence of tradable shares on EVA is negative but not significant.
【学位授予单位】：渤海大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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