联系我们

论文查询结果	返回搜索

论文编号：	2341
作者编号：	2120082126
上传时间：	2010/6/8 23:37:17
中文题目：	我国上市公司的负债融资与投资行为问题研究
英文题目：	Research on Debt Financing and Investment Behavior of Chinese Listed Companies
指导老师：	陈国欣 教授
中文关键字：	公司投资、负债融资、成长性
英文关键字：	Investment Debt Financing Growth opportunity
中文摘要：	财务管理的目标是不断提高公司价值，使投资者获取更大收益。为此，公司需要通过各种活动增加利润。而无论采取扩大生产规模的外延式发展方式还是利用提高产品科技含量、精细化管理等内涵式发展模式，公司都需要进行一系列的投资活动来实现业务的发展。而仅仅依靠内部融资通常不能满足投资所需的资金，这就要求公司通过外部融资来解决，其中最主要的方式就是负债融资。 近年来，随着对公司财务管理的重视，研究公司投资与负债融资之间关系的文章逐渐增多，主要内容涉及：基于股东与债权人冲突产生的资产替代与投资不足现象研究，基于负债融资相机治理假说的负债融资抑制过度投资的现象研究，基于信息不对称理论的投资不足现象研究等。 本文在总结前人理论的基础上，选取2004年以前在沪深两市上市的交通物流行业、电子通讯行业和机械装备制造行业的公司从2004年到2008年的财务数据作为研究样本，首先从财务杠杆率、负债融资来源和负债期限三个方面分析各行业上市公司的概况，再依据公司成长性得分把样本分为高成长性和低成长性两大类别分别进行回归，考察负债来源和期限如何影响不同成长性公司的投资行为。 实证研究发现，无论对高成长性公司还是低成长性公司来说，公司财务杠杆越高，越能够抑制我国上市公司的过度投资行为，能够起到较为显著的治理作用。从负债期限角度观察，长期负债和短期负债的增长都会促进公司投资规模的增加。负债融资来源方面，商业信用和银行贷款也都对公司投资行为产生正向的影响。 最后，结合研究结果，本文提出了一些建议。
英文摘要：	The goal of finance management is to continuously improve the value of the company, and bring more income to investors, so that managers need to increase profits through various activities. No matter to expand the production scale or use improved science and technology approach, companies have to conduct a series of investments to achieve business development. The internal financing alone usually can not meet the amount of capital investment, which requires external financing, of which the most important way is debt financing. In recent years, as more and more people attach importance to financial management, the relationship between investment and debt financing become a popular topic, which includes the asset substitution problem based on shareholders and creditors conflicts, the overinvestment problem based on debt financing management, the underinvestment phenomenon based on private information and so on. This paper selected Shanghai and Shenzhen-listed transport industry, telecommunications industry and machinery and equipment manufacturing industry companies’ financial data as the research sample, examines how the leverage, debt financing source and debt maturity impact company investment. First, this paper described the debt character of these companies, then divided sample companies into high growth opportunity and low growth opportunity firms, and studied their debt character separately. Empirical studies indicate that in the high growth opportunity and low growth opportunity companies, if the company's leverage increases, the over-investment act of the company will get worse. From debt maturity point of view, both long-term debt and short-term liabilities can promote investment. From debt financing source, commercial credit and bank loans can also stimulate company investment behavior. Finally, this paper presents some suggestions.
查看全文：	预览  下载(下载需要进行登录)