产权性质对债务融资的影响研究

发布时间：2018-06-12 07:00

  本文选题：产权性质 + 债务成本　； 参考：《南京大学》2017年硕士论文

【摘要】：改革开放以来,相对于全球其他国家来说,我国的经济一直保持着相对稳定的中高速增长态势,不过自从2008年金融危机以来,我国的经济增长的下行压力比较大,经济的发展步入"新常态"。作为国民经济细胞的企业,企业的效益关系到国家的发展和人民生活水平的提高。企业要发展壮大,融资必不可少。在我国努力发展多层次资本市场的大背景下,我国企业的融资渠道越来越多。但是,在中国特殊的国情和背景下,作为重要融资渠道之一的债务融资,国有企业和民营企业在债务融资规模和成本上有很大的差异。但是国内外学者关于不同产权性质企业的债务融资差异的研究比较少,得出的结论也不尽相同。以大量的理论研究和文献回顾为基础,本文以沪深两市A股929家上市公司做为研究样本,采用广义最小二乘法(GLS)对2007-2015年上市公司的财务数据进行实证分析。研究不同产权性质上市公司债务融资的差异,研究发现:在其他条件不变的情况下,国有上市公司的债务成本要显著低于民营上市公司,宏观经济形势对产权性质和债务成本的关系有正向调节作用,这表明随着宏观经济形势的上行,国有企业的债务融资成本进一步降低。国有上市公司的资产负债率要显著高于民营上市公司的资产负债率,同时宏观经形势对产权性质和资产负债率的关系起到负向调节作用,说明随着宏观经济环境的上行,国有企业的资产负债率会降低。虽然在对样本的选择和变量的测量上尚有改进的空间,但是本文的研究丰富了产权性质和上司公司债务融资关系领域的研究。同时,本论文具有如下实践指导意义:(1)本论文进一步证实民营企业的信贷歧视现象依然存在;(2)国家要加快国有企业的改革;(3)要降低企业尤其是国有企业的杠杆;(4)要大力发展多层次资本市场。此外,本文将宏观经济形势与微观企业债务融资相结合,不仅拓宽了管理学的研究领域,还对企业在不同宏观经济形势下的债务融资具有重要的指导意义。
[Abstract]:Since the reform and opening up, compared with other countries in the world, China's economy has maintained a relatively stable situation of medium and high speed growth. However, since the 2008 financial crisis, the downward pressure on China's economic growth has been relatively large. The development of economy enters "new normal". As a cell of the national economy, the benefit of the enterprise relates to the development of the country and the improvement of the people's living standard. To grow and grow, financing is essential. Under the background of our country's efforts to develop multi-level capital market, there are more and more financing channels for Chinese enterprises. However, in China's special situation and background, as one of the important financing channels of debt financing, state-owned enterprises and private enterprises in debt financing scale and cost are very different. However, scholars at home and abroad on the differences in debt financing of different property rights enterprises are less, and draw different conclusions. Based on a large number of theoretical studies and literature reviews, this paper takes 929 A-share listed companies in Shanghai and Shenzhen stock markets as research samples and uses the generalized least square method (GLS) to analyze the financial data of listed companies from 2007 to 2015. This paper studies the difference of debt financing of listed companies with different property rights, and finds that the debt cost of state-owned listed companies is significantly lower than that of private listed companies under other conditions. The macro-economic situation has a positive effect on the relationship between property right and debt cost, which indicates that the debt financing cost of state-owned enterprises is further reduced with the rise of macroeconomic situation. The asset-liability ratio of the state-owned listed companies is significantly higher than that of the private listed companies. Meanwhile, the macro-economic situation plays a negative role in regulating the relationship between the property rights and the asset-liability ratio, indicating that with the rising of the macroeconomic environment, The assets and liabilities of state-owned enterprises will be reduced. Although there is room for improvement in the selection of samples and the measurement of variables, the research in this paper enriches the study of property rights and the relationship between superior company debt financing. meanwhile This paper has the following practical guiding significance: 1) this paper further confirms that the phenomenon of credit discrimination in private enterprises still exists. (2) the country should speed up the reform of state-owned enterprises (3) We should reduce the leverage of enterprises, especially state-owned enterprises. (4) We should make great efforts to reduce the leverage of enterprises, especially state-owned enterprises. Develop multi-level capital market. In addition, the combination of macro-economic situation and micro-enterprise debt financing not only broadens the research field of management, but also has an important guiding significance for the debt financing of enterprises under different macroeconomic situations.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51;F271
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本文编号：2008802