联系我们

论文查询结果	返回搜索

论文编号：	2102
作者编号：	2120051926
上传时间：	2010/4/20 15:21:01
中文题目：	中国上市公司债务期限结构
英文题目：	Debt maturity structure Capital structure Performance
指导老师：	肖沂
中文关键字：	债务期限结构 资本结构 经营绩效
英文关键字：	Debt maturity structure Capital structure Performance
中文摘要：	公司融资结构的研究一直是公司财务理论研究的核心问题之一，自从二十世纪五十年代MM定理诞生以来，公司融资决策理论取得很大的进展，大量文献也是围绕这一个中心问题而展开。但这些文献绝大部分文章都是从总量上对融资结构进行研究，即将企业的各种负债看成是同质的，并据此去研究企业应如何在债务和权益之间进行选择才是最优的，即通常所谓的资本结构研究。实际上，债务的结构各异，债务的期限结构就是其中很重要的一种债务结构分类。国外已经有一部分学者开始研究债务期限结构，并在理论界提出了各种实现最佳债务期限结构的理论模型：代理成本理论、信号理论、税收理论、期限匹配理论、债务价值理论等。但是西方经验研究文献对公司债务期限结构的理论假说还没有形成一致结论。目前在国内关于债务期限结构的研究还较少，近两年内才开始有少量学者对国内上市公司债务期限结构的影响因素进行实证研究。 本研究较为详细地对国外债务期限结构的理论进行了回顾，并将国外实证检验结果进行了总体上的总结。在此基础上，选择了中国上市公司作为研究样本来进行实证分析,考察了债务期限和债务总额比例对上市公司绩效的影响状况,研究结果表明，债务期限和债务总额比例均对上市公司的经营绩效具有显著的影响: 资产负债率与经营绩效之间不是简单的线性关系，资产负债率首先同经营绩效正相关，资产负债率达到一定值之后同经营绩效负相关；短期负债所占比例与公司经营绩效呈显著负相关关系，短期负债所占比例越低，公司经营绩效越高。
英文摘要：	The corporate financing structure is one of the basic issues of theoretical research on corporate finance. Since MM Theory came forth in the 1950’s, the research on financing decision theory has made a great progress with a mass of literature. I found out that most of these literatures illustrated and analyzed the corporate debts from the perspective the total amount of the debt, which means that these literatures regarded all the debts with no difference and considered corporations issue one kind of debt. With this assumption, they studied corporate structure, named how to balance the corporate debt and equity and maximize the shareholders’ interest. In fact, there are various types of debts. Debt-maturity structure is an important category of debt structure. Some foreign scholars have done research on debt-maturity structure and advanced three main theoretical hypothesis on debt-maturity structure under different kind of imperfect-market hypothesis, named Agent cost hypothesis, asymmetric information hypothesis and Tax hypothesis. Till now, western empirical researches have not given a unanimous validation to all the theoretical hypothesis on debt-maturity structure. Till now, there has been little work on the debt-maturity structure research in mainland China. In the last two years some researchers embarked on the empirical studies on the influential factors of listed companies’ debt-maturity structure. In this thesis, the previous theories and the results of empirical researches on debt-maturity structure will be reviewed. Besides, this paper examines systematically the relationship between capital structure, debt maturity structure and earnings through empirical study, using the non-financial listed companies’ data of 2003, 2004 and 2005. The analysis reveals that: (1) The best capital structure exists in the listed companies, which leads the positive correlation between the capital structure and the earnings before that, and negative correlation after that. (2) The listed companies’ preference for shorter debt maturity structure is negatively associated with the earnings. This result supports the tax theory, but goes against the agency theory. (3) Asset scale has a significant impact on the earnings. The larger asset scale makes the higher earnings.
查看全文：	预览  下载(下载需要进行登录)