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论文编号：	3261
作者编号：	2120092339
上传时间：	2011/6/6 16:16:50
中文题目：	债务总额、债务期限与公司绩效关系的实证研究
英文题目：	The empirical research on the relationship among capital structure、debt maturity and corporate performance
指导老师：	刘建
中文关键字：	债务总额；债务期限；公司绩效
英文关键字：	capital structure；debt maturity；corporate performance
中文摘要：	自从MM理论开创公司财务研究的新篇章以来，对公司融资结构的研究一直时久盛不衰的热点问题。关于公司融资结构的研究一般包括两个方面，一是股权融资，二是债务融资。长期以来，关于公司债务的研究大多从总量上出发，对债务内部结构特别是债务期限结构关注相对不足，将不同期限的债务看成同质，从而忽略了债务期限对公司绩效产生的显著影响。本文以债务期限为切入点，将公司债务从总额和期限两个视角进行考量，考察二者对于公司绩效的影响，同时也将分析公司绩效对债务期限的反作用影响。 本文对公司债务期限经典理论进行了回顾，主要包括代理成本理论、信号传递理论、期限匹配理论和税收理论，对国内外对债务期限相关问题的实证研究进行了综述整理。同时，对公司债务总额与公司绩效的关系进行了简单描述。在文献回归的基础上，本文提出了两个假设即债务期限与公司绩效呈负相关关系、债务总额与公司绩效存在显著关系。 为了对研究假设进行实证检验分析，本文选取2007到2009年沪深两市全部上市公司财务数据为样本，运用主成分析法构建公司绩效综合考核指标，利用多元线性模型以及联立方程对样本数据进行实证回归检验。首先分年度对各年样本数据进行了实证分析，之后为了增加样本数据以提高数据整体的有效性，对全样本数据统一进行了回归检验。 通过理论分析以及对样本数据的实证回归检验分析，本文得出结论，公司债务期限与公司绩效呈显著负相关关系，而公司债务总额与公司绩效综合考核指标间的关系不明确。同时，债务总额对债务期限有显著的正相关关系，公司绩效对债务期限有显著的负相关关系。这也说明，债务总额与债务期限、公司绩效与债务期限之间均存在着显著的互动关系。
英文摘要：	Since the MM theory starting the new financial research，the research on the company financing structure has been a hot issue. The research about the financing structure general include two aspects，equity financing and debt financing. For a long time, the research about debts of the company's most focused on quantity, attentions to the debt structure are relative shortage, especially about debt maturity. Because of seeing the different debt as homogeneous, ignore that the debt maturity will make notable effects on corporate performance. This thesis based on debt maturity, distinguish between total liabilities and debt maturity, research the effect this two made on the corporate performance. This thesis corporate review the classical debt maturity theory , including agency cost theory, signal transfer theory, maturity matching theory and taxation theory. At the same time ,review the empirical research at home and abroad. Based on a review of related literatures, the author puts forward two assumptions, the first one is that debt maturity and corporate performance are inversely related, and the other one is that total liabilities has significant relationship with corporate performance. In order to research hypotheses for empirical test analysis, this thesis selects the financial data of all listed companies from 2007 to 2009, and use principal component analysis to construct comprehensive evaluation index for corporate performance, then use multivariate linear regression and simultaneous equations to regression examine the assumptions. First analysis the yearly sample data, and then the all sample data as to improve the effectiveness of whole data. Through theoretical analysis and empirical analysis, this thesis has some conclusions. Debt maturity and corporate performance are inversely related, but total liabilities does not have significant relationship with the comprehensive evaluation index for corporate performance. Meanwhile, total liabilities and debt maturity are related, and the comprehensive evaluation index for corporate performance has significant inversely relationship with debt maturity. This suggests that there is a significant interaction among the three variables.
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