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论文编号：	145
作者编号：	2120051938
上传时间：	2007/6/28 8:30:37
中文题目：	我国制造业上市公司债务融资与经
英文题目：	Research on the Relationship b
指导老师：	李莉
中文关键字：	制造业上市公司;公司债券;债务融
英文关键字：	Listed Company of Manufacturin
中文摘要：	投资决策、融资决策和股利决策是企业最重要的三种决策。其中融资决策即资本结构决策对企业融资成本和市场价值有直接影响，并且通过企业行为和资本市场影响到宏观经济。二十世纪五十年代以来，资本结构成为财务金融学的热门话题之一，形成了一套比较成熟的理论。但是国外资本结构理论建立在发达的商品经济基础上，其在我国的适用性一直是学术界关心的问题。本文选取债务融资与公司绩效的相关性作为研究内容，以我国深圳、上海A股上市公司中的制造业为研究对象，探讨其债务融资规模、种类、结构与经营业绩的相关性，分析与西方成熟市场的差异，以反映我国制造业上市公司在债务融资方面可能存在的问题。 本文首先回顾了资本结构理论经典著作和相关研究文献，提炼出经典资本结构理论中关于债务融资与公司绩效之间相互作用、相互影响的基本观点。接着本文描述了我国制造业上市公司债务融资和经营绩效的现状及特点，以及制造业上市公司债务融资的财务杠杆效应和税弊效应。在实证分析部分，由于反映公司经营绩效的财务指标有很多，代表意义不同，所以本文通过因子分析法综合这些指标，得出了企业经营绩效的综合得分，以此来全面反映企业经营绩效。最后以我国A股制造业上市公司2001年至2005年的数据为基础，通过多元线性回归，本文得到了我国制造业上市公司债务融资和经营绩效相关性实证分析结果。 本文研究发现主要包括：一方面，我国制造业上市公司债务融资杠杆效应、税弊效应利用不充分，上市公司资产负债率与其公司绩效之间呈显著的负相关关系，借款负债率和长期负债率与公司绩效呈正相关关系，公司债券对公司绩效的作用不显著。另一方面，我国制造业上市公司当期或者下一期的经营绩效与当期资产负债率之间存在着显著的线性关系，随着当期企业绩效的增长，公司将会减少其资产负债率；但当期或者下一期的经营绩效与当期长期负债比率、借款负债率、债券负债率之间线性关系不显著。分析这些结论与国外经典理论不相符的原因，本文认为主要是与我国债务融资市场环境、企业内部管理机制和产权结构有关，同时本文对这一复杂问题进行一些有建设性意义的思考。
英文摘要：	There are three important decisions to corporations, financing, investment and dividend policy. Capital structure has an effect on the financing cost, corporations’value. Since 1950s, research on the corporate capital structure became one of the hot issues and a series of theory have formed. But these theories are based on the developed market economy; Chinese researchers make research on their effect in China. The thesis puts China's listed companies as researching target, and focuses upon the relationship between the liabilities and the corporate performance, analyzes the difference between the conclusion of analysis on China and western markets. The thesis firstly reviews plenty of international classic masterpiece and published works about corporate capital structure theories, make some conclusions that are on how the corporate liabilities impact on performance from the classic corporate capital structure theories. Then the thesis describes the condition of debt financing in China and discusses whether the advantage of debt financing has put into full pay. Since there are many different indicators that reflect corporation performance in different ways, so the thesis uses factor analysis method to integrate these indicators into one. Through linear regression on different liabilities ratios and performance indicators, the following conclusions are drawn; the asset/liabilities ratio of Listed Company of Manufacturing Industry in China has a strong negative correlation with companies' performance indicators, loan has positive correlation with companies’performance, the correlation between corporation bond and companies’performance is not significant. The thesis tries to analyze the comprehensive reasons why the conclusions differ from the classic theories and give some constructional opinions on the current situation of China.
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