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论文编号：	3271
作者编号：	2120092333
上传时间：	2011/6/6 21:28:57
中文题目：	中国制造业上市公司债务融资与公司绩效关系实证研究
英文题目：	An Empirical Study on the Relationship between Debt Financing and the Corporate Performance of Chinese Manufacturing Listed Companies
指导老师：	余娟
中文关键字：	债务融资;债务期限结构;公司绩效
英文关键字：	Debt Financing;Debt Maturity Structure;Corporate Performance
中文摘要：	债务融资作为重要的公司财务决策，其中融资水平及期限结构的选择最根本上代表的是某种特定的公司治理结构，直接影响着公司经营绩效水平和市场价值表现。因此最优债务融资水平的确定及债务期限结构的合理配置成为公司融资决策的重要组成部分。国内外学者对债务水平与公司绩效关系的研究相对成熟，有关债务期限结构方面的研究则是比较新颖和值得深入研究的新课题。针对中国资本市场展开债务融资水平、期限结构与公司绩效关系的研究则更具有积极的理论和现实意义。 本文在回顾了国内外学者有关的理论和实证研究文献的基础上，考虑到我国制造业上市公司债务融资结构特征，分别从债务融资水平与公司绩效、债务期限结构与公司绩效两个方面提出相应的理论假设，并设计实证研究模型，然后以制造业上市公司数据对假设加以检验。 本文实证检验了我国2005-2009年制造业上市公司数据，研究结果表明：第一，我国制造业上市公司债务融资水平与公司绩效之间存在着二次曲线关系，呈倒“U”型且存在最优负债水平，当公司债务融资水平小于最优负债水平时公司绩效随着债务融资的增加而提高，超过最优负债水平后公司绩效会随着债务融资的增加而减少；第二，在债务期限结构与公司绩效方面，长期债务融资与公司绩效呈负相关关系，另外相比于长期债务融资来说，短期债务融资对公司绩效具有相对更好的提升作用，当以总资产收益率为被解释变量进行稳健性检验时未通过检验。根据理论分析和实证结果，本文针对我国制造业上市公司在债务融资水平及期限结构方面存在着诸多问题原因进行分析的基础上，提出有关政策建议，以优化融资结构、充分发挥债务治理效应，改善公司绩效，提高公司市场价值。
英文摘要：	As an important corporate finance decision, the choices of debt financing level and debt maturity structure basically represent some kind of specific corporate governance model, and have direct influence on a company’s operation performance and market value. Therefore, the determinations of optimal debt financing level and rational debt maturity structure become a key part of the finance decisions. The research on relationship between debt financing level and corporate performance has been relatively mature, while the research about debt maturity structure is a more novel subject that worth study deeply. Some study on the relationship among debt financing level, debt maturity structure and a company’s performance under the background of Chinese capital market has a positive and realistic significance. Based on reviewing the theories and empirical research at home and abroad, this paper puts forward the theoretical hypothesizes from two respects with the consideration of Chinese manufacturing listed companies’ debt financing characteristics, including the debt financing level and debt maturity structure. Then after designing the empirical research models, this paper tests the data from Chinese manufacturing listed companies. Using the data during the period from 2005 to 2009, this paper gets some conclusions. First of all, the relationship between corporate debt financing level and corporate performance for sample companies is quadratic curve like over ‘U’, and there exists the optimal debt financing level, that is to say, a company’s performance rises gradually when the debt financing level is lower than the optimal level, and descend when the debt financing level is higher than the optimal level. Secondly, long-term debts are negatively related to the corporate performance, and compared to long-term debts, short-term debts show relatively more advantages to improve the operational performance. But the model, when choose ROA as the dependent variable, fails to pass the test. According to the theoretical analysis and test results, this paper explains some problems existing in Chinese manufacturing listed companies at the respects of debt financing leverage and debt maturity. Moreover, this paper makes some suggestions to optimize the debt financing structure, put the effect of debt governance into great play, improve the corporate performance and raise the market value of manufacturing listed companies.
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