联系我们

论文查询结果	返回搜索

论文编号：	1887
作者编号：	031734
上传时间：	2010/5/6 16:32:42
中文题目：	中国企业债务融资决策研究
英文题目：	An Investigation into the Debt Financing Decision-Making of Enterprises in China
指导老师：	齐寅峰
中文关键字：	债务融资；负债工具；负债数量；负债期限结构；结构方程建模
英文关键字：	debt financing, debt tool, debt amount, debt maturity structure, structural equation modeling
中文摘要：	本文选择中国企业的债务融资决策作为研究对象，基于问卷调查数据，结合中国特殊的转轨背景，研究中国企业债务融资的三种决策：负债工具决策、负债数量决策和负债期限结构决策的特点，其中对于负债工具决策侧重于研究负债工具选择的类型及优先次序偏好，对于负债数量决策和负债期限结构决策侧重于研究决策的影响因素。 根据样本数据中等级变量的特点，为了避免类似研究数据处理时常用的均值比较法的不足，本研究采用二阶验证式结构方程建模方法。研究结论如下： 第一，我国企业进行债务融资时，较多关注负债数量的多少以及负债期限的长短，而较少地关注负债工具的选择。 第二，短期银行贷款、中期银行贷款、长期银行贷款、公司债券、企业融资租赁以及财政支付均是我国企业使用的重要负债工具。其中，短期银行贷款、中长期银行贷款被较多地选用，公司债券、财政支付和企业融资租赁被较少使用，而应付款项没有被我国企业作为一种重要负债工具。 第三，“债务的税蔽作用”、“债务的成本与费用”、“保持目标资本结构”、“财务风险”、“控制负债数量以保持再融资能力”、“提高净资产收益率”和“债务压力促使公司高管努力工作”均是我国企业负债数量决策时的主要考虑因素。其中，债务的税蔽作用的影响相对不明显。 第四，“短期负债利率低”、“短期负债容易获得”、“负债期限与资产匹配”、“提高风险项目投资成功的机会”和“降低财务困境时的融资风险”均是我国企业负债期限决策时的主要考虑因素。其中，负债期限与资产匹配是最显著的影响因素。
英文摘要：	Based on a questionnaire survey, and taking into account the special background of China, this paper investigate Chinese enterprises’ three kinds of decision-making of debt financing: debt tools, debt amount, and debt term. The study of debt tools decision-making emphasis particular on the type of debt tools and its priority order, while the study of debt amount decision-making and debt term decision-making emphasis particular on their influence factors. Based on the character of grade variables in our survey, this paper adopt a method of structural equation modeling in order to avoid the insufficiency of yes/no method when processing research date. The result demonstrates the following: First, when raising capital by debt financing, the enterprises in China incline to attach more importance to “debt amount” and “debt term”, while attach less importance to “debt tools”. Second, “short-term loans”, “moderate-term loans”, “long-term loans”, “corporate bond”, “finance leasing” and “fiscal payment” are all important debt tools when raising capital by debt financing. While “account receivables” is not chosen as an important debt tool by Chinese enterprises. Third, when determining the amount of debt, “cost of debt”, “objective capital structure”, “finance risk”, “refinance ability” “impelling high-grade managers to work harder” and “return over equity ratio (ROE)” are all decisive factors, while the effect of “the tax shield of debt” is not considered so important. Fourth, when choosing debt term structure, “matching debt terms with assets”, “improving the success opportunity of venture investment”, “decreasing the ‘finance predicament’ risk” and “the achievement of short-term debt” are all important considering factors, and during them, the factor of “matching debt terms with assets” is considered as the most important one by Chinese enterprises.
查看全文：	预览  下载(下载需要进行登录)