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论文编号：	449
作者编号：	2120062324
上传时间：	2008/12/15 9:02:06
中文题目：	深交所中小板上市公司的债务结构
英文题目：	The study of debt structure an
指导老师：	刘志远教授
中文关键字：	债务结构 债务期限结构 债务来源
英文关键字：	Debt structure;Debt maturity s
中文摘要：	债务结构理论作为融资结构理论的一部分，理应与资本结构理论并列，但是当资本结构理论已经取得了丰富成果的时候，债务结构理论似乎还没有大的发展。即使是少有的对于负债的研究，也主要集中于对负债规模的研究，对于负债结构的研究还十分有限。然而现实中，企业在进行融资决策时却苦于缺乏理论依据，正是基于这种理论上的缺失和现实中的需要才引出了本文的研究问题。本文首先利用债务结构的相关理论，结合我国的实际国情，对可能影响我国中小上市公司绩效的债务期限结构、债务来源结构进行理论分析。20世纪90年代以来，随着我国社会主义市场经济体制的建立，我国的中小企业取得了长足的发展，其中的一些中小公司已经在深圳证券交易所上市。 现代融资结构理论的发展表明，债务结构对公司绩效有着非常重要的影响。本文在借鉴代理权理论、控制权理论和债务期限结构理论的基础上，将债务结构分为债务期限结构、债务来源结构，在此基础上分别从投资不足、过度投资、资产替代、信息不对称、税收假说、控制权转移以及我国制度背景等方面，分析债务结构对公司绩效的影响。本文以2005-2007年度我国深圳中小板上市公司为样本，分别展开实证分析。通过对上市公司债务结构与绩效的回归分析得出如下结论：（1）目前我国上市公司负债结构与公司绩效负相关，并且债务融资在总体上仍处于偏低区域，还存在着很大的发展空间；（2）现有的股利分配和再融资政策以及相应的法律法规不完善，导致债务治理机制在上市公司中没有得到充分发挥，负债水平与公司绩效之间存在着负相关性；（3）在流动负债对公司绩效影响的回归分析中发现，短期借款对公司绩效影响的负效应大于商业信用。而应付福利费、应付工资和应付股利的公司绩效的影响为正。
英文摘要：	Both of the theory of debt structure and the theory of capital structure belong to the theory of financing structure, however, when the theory of capital structure has obtained rich achievement, the theory of debt maturity structure is still here. Even the little research on the debt is almost about the scale of debt and the research on the structure of debt is limited. In fact, there is no theory for enterprise depends on when they finance. That is the meaning of the article. Against China’s actual condition, we used western financial theory to analyze corporate performance in China on the basis of debt maturity structure and debt resource. With marketing economic system found in China, many middle and minor company in China have gotten developing since 1990. The share of some corporate has been listed in SHENZHEN stock exchange. The fact that the structure of debt plays in important role in the performance of corporate have been proved by development of modern financial theory. This article first analyzes the performance of Chinese listed company with the theory of debt maturity structure and debt resources. The paper was based on the theory of agency cost, the control right and debt maturity structure. The debt structure is divided by debt maturity structure and debt resource structure. And then the paper analyzes the impact of debt structure on corporate performance from out of investment, over investment, assts alteration and tax hypothesis. Then，the paper collected data from 220 listed enterprises which issued share in SHENZHEN stock exchange from 2005-2007 for analyzing the relation between debt structure and corporate performance. The results indicated that: (1) As a whole, debt has negative impact on corporate performance and the debt financing of enterprises in China does not constitute a large part of company financing, leaving some space to go; (2) Due to unreasonable debt structure, the structure of debt has negative impact on the performance of listed company; (3) The short-term banking has more negative impact than that of business credit. But other debt has positive impact on the enterprise performance.
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