基于宏观经济波动的经营负债与企业价值关系研究
发布时间：2018-12-16 01:27
【摘要】：经营负债是企业在购买商品或接受劳务时取得的自发性融资,是企业重要的融资方式。宏观经济的周期波动特征是现实经济运行状况的真实反应,微观企业行为与企业产出必然受到宏观经济环境的影响。同时作为能动的主体,微观企业面对宏观经济波动不只是被动的承受者,而且可通过有效利用各种资源来应对经济波动带来的冲击。那么,宏观经济的起伏波动是否会对企业的经营负债行为、企业价值产生影响?在不同的经济形势下经营负债能否有效发挥其公司治理效应?企业能否通过经营负债决策来应对经济波动对信贷融资带来的冲击,从而提升企业价值呢?本文以这上述问题为基本导向,重点探讨了宏观经济波动对于微观企业经营负债行为与企业价值的影响及宏观经济波动背景下经营负债与企业价值的关系。首先根据替代性融资理论、凯恩斯主义经济周期理论、负债相机治理理论和财务柔性理论提出了宏观经济波动影响企业经营负债行为与企业价值以及宏观经济波动下企业经营负债和企业价值关系的分析框架。然后,利用我国2004-2014年A股上市公司的数据为样本,围绕上述基本问题进行实证检验。本文研究发现,与经济景气时期相比,企业在经济不景气时期对经营负债的运用更加积极；宏观经济的向上波动有助与企业价值的提升；相对于经济景气时期,经营负债对企业价值的提升作用在经济不景气时期更强；经济不景气时期,剩余经营负债能力强的公司较剩余经营负债能力弱的公司具有更高的企业价值。基于上述研究结果,本文提出了灵活运用不同融资途径,扩展企业融资渠道；加强对宏观经济形式的研判,存储适当的负债财务柔性能力和拓宽利益相关者参与公司治理的渠道,加强利益相关者共同治理以及建立完善的商业信用体系和偿债保障机制等方面的几点建议。
[Abstract]:Operating debt is the spontaneous financing that enterprises obtain when they buy goods or receive labor services, and it is an important financing way of enterprises. The characteristic of periodic fluctuation of macro economy is the real reaction of the actual economic running condition. The microcosmic enterprise behavior and enterprise output must be influenced by the macroeconomic environment. At the same time, as a dynamic subject, micro-enterprises are not only passive recipients of macroeconomic fluctuations, but also can effectively use all kinds of resources to cope with the impact brought by economic fluctuations. So, whether the fluctuation and fluctuation of macro-economy will affect the enterprise's operating liability behavior and enterprise's value? Under the different economic situation, can the corporate governance effect be effectively brought into play by the operating liabilities? Can enterprises cope with the impact of economic fluctuations on credit financing through the decision of operating liabilities, thereby enhancing the value of enterprises? Based on the above mentioned problems, this paper focuses on the influence of macroeconomic fluctuation on the microcosmic enterprise operating liability behavior and enterprise value, and the relationship between operating liability and enterprise value under the background of macroeconomic fluctuation. First of all, according to the alternative financing theory, Keynesian business cycle theory, The theory of governance of debt camera and the theory of financial flexibility put forward the analytical framework of the relationship between the behavior of enterprise operating liability and enterprise value and the relationship between enterprise operating liability and enterprise value under macroeconomic fluctuation. Then, using the data of A-share listed companies from 2004 to 2014 as a sample, the empirical test is carried out around the above basic questions. This paper finds that, compared with the economic boom period, enterprises are more active in the use of operating liabilities during the economic recession, and the upward fluctuation of the macro economy helps to enhance the value of the enterprises. Compared with the economic boom period, the role of operating liabilities to enhance the value of enterprises is stronger in the economic recession; During the economic recession, the companies with strong residual operating liabilities have higher enterprise value than those with weak residual operating liabilities. Based on the above research results, this paper proposes flexible use of different financing channels to expand corporate financing channels; Strengthen the study of macroeconomic forms, store appropriate financial flexibility of liabilities and broaden the channels for stakeholder participation in corporate governance, Some suggestions on strengthening the common governance of stakeholders and establishing a perfect commercial credit system and debt-service guarantee mechanism.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275
，
本文编号：2381630
[Abstract]:Operating debt is the spontaneous financing that enterprises obtain when they buy goods or receive labor services, and it is an important financing way of enterprises. The characteristic of periodic fluctuation of macro economy is the real reaction of the actual economic running condition. The microcosmic enterprise behavior and enterprise output must be influenced by the macroeconomic environment. At the same time, as a dynamic subject, micro-enterprises are not only passive recipients of macroeconomic fluctuations, but also can effectively use all kinds of resources to cope with the impact brought by economic fluctuations. So, whether the fluctuation and fluctuation of macro-economy will affect the enterprise's operating liability behavior and enterprise's value? Under the different economic situation, can the corporate governance effect be effectively brought into play by the operating liabilities? Can enterprises cope with the impact of economic fluctuations on credit financing through the decision of operating liabilities, thereby enhancing the value of enterprises? Based on the above mentioned problems, this paper focuses on the influence of macroeconomic fluctuation on the microcosmic enterprise operating liability behavior and enterprise value, and the relationship between operating liability and enterprise value under the background of macroeconomic fluctuation. First of all, according to the alternative financing theory, Keynesian business cycle theory, The theory of governance of debt camera and the theory of financial flexibility put forward the analytical framework of the relationship between the behavior of enterprise operating liability and enterprise value and the relationship between enterprise operating liability and enterprise value under macroeconomic fluctuation. Then, using the data of A-share listed companies from 2004 to 2014 as a sample, the empirical test is carried out around the above basic questions. This paper finds that, compared with the economic boom period, enterprises are more active in the use of operating liabilities during the economic recession, and the upward fluctuation of the macro economy helps to enhance the value of the enterprises. Compared with the economic boom period, the role of operating liabilities to enhance the value of enterprises is stronger in the economic recession; During the economic recession, the companies with strong residual operating liabilities have higher enterprise value than those with weak residual operating liabilities. Based on the above research results, this paper proposes flexible use of different financing channels to expand corporate financing channels; Strengthen the study of macroeconomic forms, store appropriate financial flexibility of liabilities and broaden the channels for stakeholder participation in corporate governance, Some suggestions on strengthening the common governance of stakeholders and establishing a perfect commercial credit system and debt-service guarantee mechanism.
【学位授予单位】：湖南大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275
，
本文编号：2381630
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