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论文编号：	1869
作者编号：	041825
上传时间：	2010/5/18 9:57:16
中文题目：	我国上市公司负债分布结构的影响因素研究
英文题目：	Placement structure of debt Bank loans proportion Bond financing proportion Determinants
指导老师：	周宝源
中文关键字：	负债分布结构 银行借款比例 债券融资比例 影响因素
英文关键字：	Placement structure of debt Bank loans proportion Bond financing proportion Determinants
中文摘要：	企业融资结构是现代企业组织结构理论的一个重要组成部分。目前理论界的各种资本结构理论对企业资本结构的研究主要集中在股权融资和债权融资的选择方面，都着眼于对总体负债水平的分析，其隐含的假设是：所有的负债都是同质的。然而，企业负债结构是企业资本结构的一部分，企业只关注权益资金和负债资金的比例关系是不够的，因为即使权益资金和负债资金结构合理，如果负债资金内部结构不合理，同样会导致负债经营失败。本文主要是研究负债分布结构的影响因素，为公司合理安排公开债与私人债的比例关系提供了参考依据，这样才能更好的发挥负债的经济效用，同时又能规避由此而带来的风险。 本文主要采用规范分析与实证分析相结合的方法，在信息不对称理论、信号理论和清算有效性假说的基础上，对我国上市公司负债分布结构的影响因素进行分析和实证研究。另外，还使用了理论推导与应用研究相结合的方法，以相关理论为先导，对银行借款和债券的影响因素的理论基础进行推导，在对影响因素的选择时还结合了目前应用研究的成果。本文以2000-2004年沪市和深市的A股上市公司面板数据为研究对象，银行借款影响因素使用的普通多元线形回归模型，在公司债券影响因素方面由于样本量的限制，文章选择了列联表卡方检验。研究结果表明：公司规模与银行借款比例呈负相关关系，与公司债券比例存在显著的关系；公司成长性与银行借款比例呈正向关系，与公司债券比例存在显著关系；公司盈利能力与银行借款比例呈正相关，与公司债券比例存在显著关系；担保资产比例与银行借款比例呈正相关关系，与公司债券比例存在显著关系；公司的成立时间作为公司声誉的替代变量对负债分布结构几乎没有影响。此外，本文在研究过程中还针对目前我国债券市场的滞后现象，提出了相应的政策建议。
英文摘要：	Finance structure is an important part of modern organization theory. For the moment, much of corporate finance theory is devoted to understanding the trade-off between debt financing and equity financing. Corporate debt structure is one member of capital structure, if company justly attends the ratio of equity and debt, management failure exists on condition that debt structure is unreasonable. Therefore, the study of debt interior structure is essential and important. The article mostly studies the determinants of placement structure of debt which comprises bank loans and bonds. We believe: this study can provide reference for arranging the proportion of private debt and public debt reasonably. This article applies methods of theory analysis and empirical study .Based on information asymmetry theory, signal theory and efficiency of liquidation hypothesis, it analyses related factors which affect placement structure of debt and processes empirical study. In addition, we infer from the theories that have been advanced and combine to the existing empirical results. We explore the determinants of debt placement structure by analyzing the Chinese market company’ panel data for the periods from 2000 to 2004, the methods we choose include multiple linear regression model and contingency table test. The empirical findings show that companies with small firms are likely to borrow from banks rather than to use bonds, and find a positive correlation between the bank loans and growth opportunities, profitability, collateral. From the study of determinants of bond, we find a notable correlation between the bonds and size, growth opportunities, profitability, collateral. In conclusion, size, growth opportunities, profitability, collateral affect placement structure of debt. Surprisingly, age which is proxy of reputation is independent of bank loans and bonds. In addition, during the course of study this article finds the bond market is laggard, so we advance some relevant policies and suggestions.
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