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论文编号：	4201
作者编号：	1120060945
上传时间：	2012/6/5 16:13:53
中文题目：	基于短期资金市场的企业融资战略及其影响因素研究——依据台湾2118家上市公司的面板数据
英文题目：	Enterprises’ Short Term Financing Strategy and Its Influencing Factors Research: Based on 2118 Listed Companies’ Panel Data
指导老师：	吴晓云
中文关键字：	短期资金市场；经济周期；交易成本；信息不对称；筹资产品组合战略
英文关键字：	short-term capital market; economic cycle; transaction cost; information asymmetry; Financing products combination strategy
中文摘要：	企业在经营过程中经常会因为宏观经济环境的变化，如经济萧条对企业产品的销售的波及，而造成企业短期内面临资金不足的情况，有时也会因为经营管理中资金周转不灵或受到一些不利因素的影响，形成资金的暂时短缺等。近年来，企业通过短期负债进行筹资时，频频出现因缺乏对于风险的警觉与管控能力，导致公司的短期资金链断裂，因未能及时弥补资金的缺口而致使公司运营出现问题甚至倒闭关门。为了解决短期融资问题就需求企业具体分析短期融资方式的成本和风险，根据自身境况和管理者偏好尽量从多种渠道获取取得资金，以解燃眉之需。 鉴于此，本研究在收集企业融资战略相关文献及市场最新信息的基础上，本文从公司的经营能力、发行成本、公司规模、流动性、信息不对称、信用评等、获利能力、负债水平、董事持股比例、经理人持股比例、成立天数、独立董事、产业类型和上市上柜等14个影响因素分析了企业在进行短期筹资决策时不同的产品组合战略。台湾企业常用的短期筹资产品有三种：应付账款、银行短期借款和发行商业本票，随着市场层面和企业层面的影响因素的不同，企业会采用这三种短期筹资产品的不同组合，不同影响因素决定着企业选择不同的短期融资战略。其中，企业短期筹资的产品组合战略可以分为三种，即激进型、稳健型和保守型。企业的短期融资方式包括应付账款、银行短期借款和发行商业本票，我们将其分别称为A、B和C。一般来说，企业进行短期筹资决策时，会选择这三种筹资方式中的一种或者几种，即选择A/B/C或者选择A+B/B+C/A+C或者选择A+B+C的方式。本文所说的激进型的筹资方式即为A/B/C三者择其一，我们所说的稳健型的筹资方式为A+B/B+C/A+C三者择其一，而我们所提到的保守型筹资方式为A+B+C的筹资方式。 总体来说，企业的短期筹资组合战略可以分为三个部分，即从公司现状的角度、从企业经营的角度和从公司治理的角度三个方面，分析了台湾上市公司在进行短期筹资决策时，需要考虑的因素及其对绩效的影响。根据本文的理论基础，即经济周期理论、交易成本理论和信息不对称理论我们发现，经济周期理论通过企业的筹资时机对台湾上市公司的短期筹资战略产生影响，交易成本理论和信息不对称理论通过企业的筹资规模和筹资渠道对台湾上市公司的短期筹资战略产生影响。而台湾上市公司的短期筹资战略又是通过其产品组合策略表现出来，企业会通过应付账款、短期银行借款和发行商业本票之中的一种或者多种产品组合来实现其短期筹资的目标。总之，本文从实际测量的角度，通过实证研究检验了经济周期理论、交易成本理论和信息不对称理论对于台湾上市公司在短期市场的筹资产品组合战略决策的影响。 在企业不同的短期筹资产品组合的基础上，本文通过对台湾上市公司2009-2010年2118个采用短期筹资行为的样本企业进行了logistic回归，通过对数据的实证分析和总结归纳，可以得出以下研究结论：企业属性中的成立时间会对其短期筹资行为和策略产生的影响，成立时间较久的企业相对于新企业来讲，经营经验丰富，能够综合权衡各种资金筹措方案的利弊，具备充分运用短期负债的能力和条件；企业的经营能力和流动性会对其短期筹资行为和策略产生的影响，经营能力比较好的企业，倾向采用短期负债的机会较高，企业资金流动性越高，经营者借用短期融资进行过度投资的机会越高；企业独立董事的设置与否会对其短期筹资行为和策略产生的影响，市场上普遍认为独立董事的设置有助提升公司的营运活动，金融机构会较愿意提供资金与贷款，公司进行短期筹资活动会更容易；对企业短期筹资行为产生影响的内部因素是多维度，基本上包括企业属性的因素、企业运营状况因素和公司治理三个维度；短期筹资方式之间不同组合构成特色鲜明的短期融资策略类型，企业的短期筹资产品组合战略可根据其搭配情况划分激进型筹资策略、稳健型筹资策略以及保守型的筹资策略；不同的企业类型情景会对企业短期筹资策略产生影响，由于所在行业的特征差异，高科技行业和传统产业在选择企业短期筹资策略时，会受到不同的影响因素的制约；集团公司和中概股公司的短期筹资行为策略有着特殊表现。依据以上的研究内容和结论，可以得出以下管理建议：企业应该加强短期自己筹集管理，降低筹资成本；采取行之有效的资金筹措和使用方式，防控短期筹资的风险；尽量根据企业发展的生命周期阶级，做出适当的短期筹资决策；完善公司治理结构，优惠短期筹资决策。这些研究结论和管理启示期望能够为企业短期资金筹措提供指导和借鉴，提高企业的短期融资规划能力和流动资金管理水平。 本文研究的意义主要体现在理论和实践两方面。首先，在理论方面目前对于短期筹资战略的研究相对较少，对于企业短期筹资产品组合及其影响因素的实证理论分析也相对缺乏，本文以台湾上市公司相关财务数据为基础，研究了企业筹资的产品组合与影响因素之间的关系，这对本领域的理论研究做了一个很大的补充。同时，对于企业短期筹资组合战略的研究也相对较少，一般对于筹资组合战略的选择是基于长短期选择的基础之上，而本文将企业筹资组合战略限定于企业短期筹资的框架之下，对企业在短期中采用何种筹资产品或者组合及其与相关影响因素之间的关系进行了实证研究，这也填补了该领域研究的一个不足。由于本文对企业筹资战略的研究中很多影响因素是基于企业行为的视角，因此本文研究不只针对企业财务方面的研究，对企业筹资战略视角也进行了研究，这也补充了财务研究中一些研究视角的不足。本文研究也具有一定的实践意义，对于企业的经营实践也具有一定的启示。首先，企业的短期筹资在企业筹资中所占的比重逐渐增大，企业需要这方面的理论知道，而对于企业短期筹资产品组合和短期筹资组合战略的研究也相对较少。本文通过台湾企业的实践数据的分析，为以后企业进行经营决策提供了一个较好的蓝本。同时，本文对影响企业短期筹资的影响因素进行了全面的总结，在企业短期资金紧缺的情况下，如在全球经济危机的背景下，企业对于筹资影响因素的分析决定了企业对于具体短期筹资方式的选择，本文正是解决了企业决策中的这一问题。因此，本文对企业实践具有良好的指导意义。
英文摘要：	Because of the changes in macroeconomic environment, such as the price of products will be affected by economic depression, enterprise in the business process will face short-term capital shortage. Sometimes because of the difficult of capital turnover, enterprise will also face short-term capital shortage. In recent years, when enterprise used the way of the short-term liabilities to finance, because of the lack of risk and control ability and failing to make up for the gap in funding, many companies faced the situation of short term capital chain rupture, even many companies went out of business.In order to solve the problem of the short-term financing, the enterprise need analyze the cost and risk of the short-term financing way. According to the situation of the enterprise and managers preference, managers can finance from many fundraising channels. In view of this, based on the enterprise financing strategy literatures and latest information of market, this paper analyzes the influential factors of the enterprise in the short-term financing decisions of different products combination strategy from the company's business capacity, issuance cost, the company scale, liquidity, information asymmetry, credit rating, profitability, debt levels, share ratio of the board of directors, the stock-hold proportion of manager, established days, independent directors, type of industry and a company listed in TSE or GTM. Taiwan enterprise commonly has three Short-term financing ways: account receivable, short-term borrowing and commercial paper. Because the factors of market level and the enterprise level are different, the enterprise will choose these three kinds of short-term financing products differently. Among them, enterprises financing products combination short-term strategy can be divided into three kinds, namely radical type, steady type and conservative type. Enterprise has three short-term financing ways including account receivable, short-term borrowing and commercial paper, and we call these A, B and C. Generally speaking, when the enterprise make a decision to finance for short, they will choose the three kinds of financing in the way one or several, namely select A/B/C or choose A + B/B + C/A + C or choose A + B + C way. In this paper, radical type means that enterprise chooses one financing way from A/B/C; steady type means that enterprise chooses one financing way from A + B/B + C/A + C and conservative type means that enterprise chooses financing way of A+ B + C. Overall, short-term financing combination strategy of the enterprise can be divided into three parts, that is, from a perspective of the current company, from the point of view of the business operation and corporate governance. We analyze the factor which can affect the Short-Term Finance Decision. According to the theoretical basis of this paper, namely the economy cycle theory, transaction cost theory and information asymmetry theory, we found that the economic cycle theory affected short-term financing strategy by the enterprise financing time of Taiwan listed company, transaction cost theory and information asymmetry theory affected short-term financing strategies by financing scale and fundraising channels. The short-term financing strategy of listed company can be shown by its product mix decision, and enterprise will make its goal of short-term financing come true through product mix decision. All in all, from the point of view of practical measurement, this article use the empirical research to examine economic cycle theory, transaction cost theory and information asymmetry theory for Taiwan in the listed company can influence short-term market financing products combination strategy. On the basis of enterprises’ different short-term financing products portfolio, this article use logistic regression analyze 2118 short-term financing behavior of listed sample companies in Taiwan during 2009-2010, through empirical analysis of the data and summarized, we can draw the following conclusions: Established time in the enterprise characteristics will be impact of their behavior and strategy of short-term funding, relative to the new enterprises, the enterprises of a long-time establishment have more operating experience, be able to weigh the superiority and inferior of various financing programs, have the capacity and conditions that ensure short-term liabilities be fully used. Enterprise management capabilities and liquidity will impact their behavior and strategy of short-term funding, enterprises with better management capability tend to be have a higher chance of short-term liabilities. The higher of enterprise funds’ liquidity, the higher chance of operators’ over-investment through borrowing short-term financing; Corporate independent directors set or not will be impact their behavior and strategy of short-term funding, it is widely recognized that independent directors set up will be help enhance the company's operating activities, financial institutions will be more willing to funds and loans, as a result, short-term financing would be easier. The internal factors that have impact on the behavior of corporate short-term funding is multi-dimensional and basically consists of the factors of corporate property, business operations status factors and corporate governance three dimensions. Different combinations among short-term funding way constitute the characteristics of a distinct type of short-term financing strategy, based on their match types, product portfolio strategy of short-term funding could be divided into radical funding strategy, sound financing strategy and conservative financing strategy. Different type of business scenarios will impact corporate short-term funding strategy, due to the difference of the characteristics of the industry, high-tech industries and traditional industries will be impacted by different factors when choose short-term funding strategy. Group Company and China concept company' short-term fund-raising behavior strategy have special performance. Based on the research contents and conclusions above, the following management recommendations can be drawn: enterprises should strengthen their short-term capital management, lower financing costs; take effective financing way, control and prevent short-term funding risk; as far as possible make appropriate short-term financing decisions in accordance with enterprise development life-cycle stages; improve their corporate governance structure, optimize short-term funding decisions. We expect theses conclusions and managerial implications expectations of this study can provide guidance and reference for corporate short-term financing, improve corporate short-term financial planning capacity and liquidity management level. The research both has practice and theory meanings. Firstly, in the aspect of theory the research on short-term financing strategy is insufficient. At the same time, the empirical research on short-time financing product mix is also insufficient. The research studies the relationship between the financing product mix and the influencing factors based on the related financial data of company from Taiwan. The research can be seen as a supplement for this research fields. At the same time, former research on financial combination strategy is based on the combination of short-term and long-term. In this research we set the financial strategy on the background of short-term and conduct the empirical research on the relationship between financing product mix and the influencing factors. Because the influencing factors in the research on enterprise financing strategy is from the perspective of firms, so the research focuses on the enterprise financial management. The research also study the financial strategy and it make great contribution for complement of the research in this fields. The research also has some practical meanings. Firstly, short-term financing has larger proportion in the financing. The enterprises should have some theoretical guidance and research in the fields is insufficient. The research conducts an analysis of the financial data from the enterprises from Taiwan. The research can provide a example for the practice of the enterprise. We also make a good summary of the influencing factors on enterprise short-term financing. The enterprise need to analyze the influencing factors on short-term financing to decide which Financing Modes can be chosen in the situation of shortage of funds such as on the background of global economic crisis. The research is just to solve the problem. Therefore, the research has good guidance for the practice of enterprise.
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