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论文编号：	10077
作者编号：	2120162695
上传时间：	2018/6/7 23:27:08
中文题目：	基于企业生命周期的债务融资对企业投资水平的影响研究--来自制造业上市公司的经验证据
英文题目：	The impact of Debt Financing on Corporate Investment Expenditure from the Perspective of Corporate Life Cycle --Empirical Evidence from Listed Manufacturing Companies
指导老师：	刘志远 教授
中文关键字：	企业生命周期；财务杠杆；债务期限结构；债务来源结构；企业投资
英文关键字：	Corporate Life Cycle; Financial Leverage; Debt Maturity Structure; Debt Source Structure; Corporate Investment.
中文摘要：	负债融资作为公司资本结构的主要组成部分，一方面可以增加企业获取资金的渠道，使得企业把握住投资机遇，另一方面可以减缓股东和管理层之间的利益冲突，充当公司治理的手段，抑制管理层的投资支出。而企业处在生命周期的不同阶段对资金的需要有所差异，负债所发挥的作用也略有不同，本文在充分考虑企业生命周期各阶段的经营特征，研究债务水平、债务期限结构及来源结构对企业投资水平的影响。 本文选取具有代表性的制造业上市企业2012-2016年间的财务数据作为研究对象，共获取5251个有效观测值。依照现金流组合法划分企业的生命周期进行划分，分为成长期、成熟期、衰退期三个发展阶段，其中处于成长期、成熟期、衰退期的上市公司观测值数据分别有2080、2331、841个，分别在三个子样本中研究债务结构与企业的投资水平的关系。 得出以下结论：（1）在企业的生命周期内，资产负债率与企业的投资水平呈显著的负相关；（2）在企业的生命周期内，短期负债与企业的投资水平呈显著的负相关；在成长期，长期债务与企业的投资水平呈明显的正相关，在成熟期和衰退期，长期债务与投资水平呈明显的负相关；（3）在企业的生命周期内，银行借款对企业的投资水平呈明显的负相关；在成熟期和衰退期，商业信用对企业的投资水平呈明显的负相关，相对于银行借款，商业信用的抑制作用较弱。以上结果表明，在企业不同的发展阶段，债务期期限结构、债务来源结构对企业投资的影响不同。
英文摘要：	Debt financing, as an important part of the capital structure, on one hand, can provide funds for enterprises and increase investment opportunities. On the other hand, it can play the role of corporate governance, ease the conflicts of interest between shareholders and management, and restrain management investment expenditure. However, companies have different capital requirements during different life cycle, and the role of debt financing is also different. This paper mainly studies the influences between debt size, debt maturity structure, debt source structure and corporate investment expenditure in different stages of life cycle. This article selects a total of 5251 effective observations of Manufacturing Industry listed companies from 2012 to 2016 as research objects. According to the cash flow portfolio method, the company's life cycle is divided into three stages: growth period (2080 observations), maturity period (2331 observations), and recession period (841 observations). In each of the three sub-samples, the relationship between debt size, debt maturity structure, debt source structure and corporate investment expenditure was studied. The conclusions are as follows: (1) During the entire life cycle of an enterprise, the level of asset-liability ratio has a significant negative correlation with investment expenditure; (2) During the entire life cycle of an enterprise, there is a significant negative correlation between short-term debt and investment expenditure. In the growth stage, long-term debt is positively correlated with investment expenditure. In the mature period and the recession period, long-term debt and investment expenditure are negatively correlated; (3) During the entire life cycle of a company, bank loans are negatively correlated with investment expenditure; In the mature and recession period, commercial credit is negatively correlated with investment expenditure. For bank borrowing, commercial credit inhibition is weak. The above results show that in different life cycle of the company, the influence of the debt maturity structure, the debt source structure on the corporate investment is different.
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