衍生品运用对企业融资效应影响的实证研究

发布时间：2018-01-21 00:57

本文关键词： 衍生品融资结构融资成本　出处：《浙江工商大学》2013年硕士论文　论文类型：学位论文

【摘要】：衍生品作为企业投资、筹资等财务管理的新工具,具有稳定市场、提高金融体系整体效率、对冲企业风险、防范和化解财务危机的作用。但是,衍生品自身的杠杆性和复杂性也会带来负面影响,其不合理运用反而会加大企业风险,造成巨额亏损。因此,企业运用衍生品进行套期保值能否真正起到预期的风险规避作用?是否产生了积极的财务效应?这些都值得探索和研究。基于此,许多学者开始了对衍生品的研究。关于企业运用衍生品的探讨目前还主要集中在衍生品运用的动机和衍生品运用对企业价值的影响这两个方面,对于衍生品运用与企业财务效应、相关利益者之间关系的研究需要进一步关注。本文以企业融资理论为基础,包括权衡理论、代理理论、融资优序理论和信号传递理论等相关理论,基于衍生品运用的套期保值目的,详细分析了衍生品运用对融资效应影响的内在机理,本文的研究具有一定的创新性和实践操作性。本文选取2007-2011年沪深两市涉及衍生品运用的行业的上市公司为研究样本,采用回归分析模型,利用STATA统计软件,实证检验了上市公司运用衍生品进行套期保值对企业融资效应的影响。本文研究结论如下：(1)衍生品的运用与企业负债水平呈显著正相关关系。运用衍生品的上市公司,其负债水平更高,且汇率衍生品的运用比商品衍生品的运用对上市公司负债水平影响更大。(2)衍生品的运用与企业债务期限结构呈显著负相关关系。运用衍生品的上市公司更倾向于选择短期债务融资方式,且运用汇率衍生品的公司比运用商品衍生品的公司短期债务比重更大。(3)衍生品的运用与企业外部资本成本呈负相关关系。运用衍生品的上市公司,其外部资本成本低于未运用衍生品的公司。(4)衍生品运用对权益融资成本的影响大于债务融资成本。相对于债务融资成本,衍生品的运用对权益融资成本的降低作用更显著,且商品衍生品的运用对权益融资成本的降低作用大于汇率衍生品的运用。最后本文认为,企业在现实经营活动中应该将股权融资、债权融资与衍生品联合运用,根据自身融资需求合理选择衍生品,并加大衍生品信息披露程度吸引外部投资者,从而降低融资成本和融资难度。
[Abstract]:Derivatives, as a new tool of financial management, such as investment and financing, have the function of stabilizing the market, improving the overall efficiency of the financial system, hedging the risks of enterprises, and preventing and resolving the financial crisis. The leverage and complexity of derivatives themselves will also bring negative impact, its unreasonable use will increase the risk of enterprises, resulting in huge losses. Can companies use derivatives to hedge really play the role of risk aversion? Have there been positive financial effects? These are worth exploring and studying. Based on this, many scholars have begun to study the derivatives. The discussion on the use of derivatives by enterprises is mainly focused on the motivation of the use of derivatives and the impact of the use of derivatives on the value of the enterprise. The research on the relationship between the use of derivatives and corporate financial effects needs further attention. This paper is based on the theory of corporate financing, including trade-off theory, agency theory. Based on the hedging purpose of derivatives, this paper analyzes in detail the internal mechanism of the influence of derivatives on the financing effect based on the related theories such as financing priority theory and signal transmission theory. The research in this paper is innovative and practical. This paper selects the listed companies involved in derivatives in Shanghai and Shenzhen stock markets from 2007 to 2011 as the research samples, adopts regression analysis model, and uses STATA statistical software. This paper empirically examines the effect of derivatives hedging on the financing effect of listed companies. The conclusions of this study are as follows: 1). There is a significant positive correlation between the use of derivatives and the level of corporate debt. Its debt levels are higher. Moreover, the use of exchange rate derivatives has a greater impact on the debt level of listed companies than the use of commodity derivatives. There is a significant negative correlation between the use of derivatives and the maturity structure of corporate debt. Listed companies using derivatives tend to choose short-term debt financing. And the use of exchange rate derivatives companies than the use of commodity derivatives company short-term debt ratio is larger.) the use of derivatives and the use of external capital costs of enterprises is negatively related. The use of derivatives of listed companies. The cost of external capital is lower than that of unused derivatives.) the influence of derivative application on equity financing cost is greater than that of debt financing cost, as compared with debt financing cost. The use of derivatives plays a more significant role in reducing the cost of equity financing, and the use of commodity derivatives is more effective than the use of exchange rate derivatives in reducing the cost of equity financing. Finally, this paper argues that enterprises should use equity financing, debt financing and derivatives in real business activities, and choose derivatives according to their own financing needs. And increase the degree of derivative information disclosure to attract external investors, thereby reducing financing costs and financing difficulties.
【学位授予单位】：浙江工商大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F224

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