我国建筑业上市公司融资偏好实证研究

发布时间：2018-05-19 12:32

本文选题：建筑业上市公司 + 融资偏好　；参考：《武汉理工大学》2013年硕士论文

【摘要】：随着国际经济加快一体化发展,金融问题逐渐成为构建经济型能源型的新型色社会的核心问题。其中,企业的融资问题,特别是上市公司的融资偏好问题,成为近年来学术界对于现代资本市场的探讨重点。现代融资方式主要分为外源融资与内源融资。在我国,以股权融资为支柱的外源融资已经成为上市公司的普遍融资方式,上市公司通过IPO、配股、增发等方式从二级市场中筹集资金已经成为惯有模式。相对应的是对债券融资的避让。而这些特质与西方经典融资理论的“融资优序理论”恰好相反。本文在回顾经典融资理论之后,以经典融资理论为基础,研究中国建筑业上市公司的现状及存在问题,以2010年至2012年我国沪深两市的43家建筑业上市公司在这期间所披露的财务数据作为建筑业上市公司的融资偏好的研究样本,指标选取上,主要包含企业盈利能力、偿债能力、管理能力及成长能力这四个方面,运用EVIEWS软件进行逻辑回归分析方法对建筑业上市公司相关数据进行实证分析,用以探讨目前我国建筑业上市公司融资偏好性及存在问题,并提出建设性的优化方向及措施。本文在尽可能的程度上面特意考虑到“隧道效应”及“圈钱饥渴症”两个主要悖论的存在,对于这两个问题也进行了分点叙述。本文不仅在优化企业资本结构上面有着理论化的依据提供,同时也具有较强的实践教导意义,指导我国建筑业上市公司对于融资的选择性问题,促进我国建筑业上市公司的股权市场与债券市场的平衡发展、促进中国深层次、多角度定位的金融市场的建立。本文的研究中将结合会计学、统计学、金融学及管理学的相关理论辅助研究,理论化的分析对于本文的研究的定性方面具有很好的效果。本文研究成果可以为相关管理部门及投资者提供一定的参考价值及评鉴方法。
[Abstract]:With the rapid development of international economy, financial problems have gradually become the core problem of constructing a new color society of economic energy type. Among them, the financing problem of enterprises, especially the financing preference of listed companies, has become the focus of academic research on the modern capital market in recent years. Modern financing is mainly divided into exogenous financing and endogenous financing. In our country, foreign financing based on equity financing has become a common financing method for listed companies, and it has become a customary mode for listed companies to raise funds from the secondary market through IPO, rights issue, additional issuance and so on. The corresponding is to avoid bond financing. These characteristics are contrary to the western classical financing theory. After reviewing the classical financing theory, based on the classical financing theory, this paper studies the current situation and existing problems of the listed companies in China's construction industry. Taking the financial data disclosed by 43 listed construction companies in Shanghai and Shenzhen stock markets from 2010 to 2012 as the research sample of financing preference of the listed companies in the construction industry, the indexes are selected, which mainly include the profitability and solvency of the construction companies. In the four aspects of management ability and growth ability, this paper uses EVIEWS software to carry on the logical regression analysis method to the construction industry listed company related data to carry on the empirical analysis, in order to discuss our country construction industry listed company financing preference and the existence question at present. And put forward constructive optimization direction and measures. In this paper, the existence of two main paradoxes, "tunnel effect" and "ring money hunger", are specially taken into account on the extent possible, and the two problems are also described separately. This paper not only provides a theoretical basis for optimizing the capital structure of enterprises, but also has a strong practical teaching significance to guide the financing selectivity of listed companies in the construction industry of our country. To promote the balanced development of stock market and bond market of listed companies in construction industry in China, and to promote the establishment of deep-seated and multi-angle financial market in China. The research in this paper will combine the related theories of accounting, statistics, finance and management. The theoretical analysis has a good effect on the qualitative aspects of this study. The research results of this paper can provide certain reference value and evaluation method for relevant management departments and investors.
【学位授予单位】：武汉理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F426.92

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