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论文编号：	5521
作者编号：	2120112461
上传时间：	2013/6/9 20:56:24
中文题目：	我国零售业上市公司债务期限结构影响因素研究
英文题目：	Research on Factors Affecting Debt Maturity Structure of China’s Listed Companies in Retail Industry
指导老师：	陈国欣
中文关键字：	零售业上市公司,债务期限结构,影响因素
英文关键字：	Listed Companies in Retail Industry, Debt Maturity Structure, Influencing Factors
中文摘要：	零售业是由不计其数的零售商构成的行业，他们将生产与消费连接起来，使商品能够正常流通。自新中国成立以来，零售业一直在国民经济中占有重要地位。2004年，中国零售业在加入WTO三年后全面对外开放，从此我国零售业进入了一个发展的新纪元。目前零售业正处在通过区域并购实现规模、业态扩张的阶段，对资金的需求相对较大，如何正确进行债务融资决策，为企业发展选择合适的债务期限结构，减少代理成本，促进企业高效发展，成为我国零售业需要解决的重要问题。通常来说，合理的债务期限结构中流动负债应当占总负债的一半左右，但目前我国零售业上市公司过多使用短期债务，短期负债明显偏多。较高的短期负债比重使得企业需要有充足的现金流偿债，制约企业的发展。长期债务比例偏低说明我国零售企业缺乏融资能力，处于融资瓶颈，会降低企业的持续发展能力。鉴于我国零售行业的特殊情况，有必要探究我国零售企业的债务期限结构。 本文结合西方有关债务期限结构理论研究和我国零售业上市公司债权融资的实际情况，首先对国内外债务期限结构的文献进行梳理，总结相关理论。之后总结我国零售业上市公司债务期限结构的现状，研究发现我国零售业上市公司目前债务期限偏短，而长期债务又以银行借款为主。运用数理统计方法，构建多元回归方程，对中国零售业上市公司债务期限结构的影响因素进行实证检验。实证结果支持了债务期限结构的代理成本假说、信息不对称假说和税收假说，并得出结论：财务杠杆水平、自由现金流量、成长机会、企业质量、实际税率和企业规模等六个关键影响因素。根据结论，提出零售业上市公司应当拓宽融资渠道、利用商业信用借款等建议。
英文摘要：	The retail industry consists of numerous retailers, they connect production and consumption to make commodity circulation normally. Since the foundation of PRC, the retail industry has taken an important part of civil economy. In 2004, three years after China been a member of the WTO, the retail industry went in a new period. In recent years, retail enterprises have taken many regional acquisitions to achieve their goals of expansion. Thus how to make proper debt maturity decisions and reduce agency costs becomes a significant issue. In general, a reasonable debt maturity is current liabilities shall be about half of the total liabilities. However, short-term liabilities are obviously more in China’s retail enterprises, they use more short-term debts. The high proportions of the short-term liabilities need sufficient cash flow which restrict the development of a corporate. And the low proportion of long-term debt indicates that the corporate is lack of financing capacity, which will reduce the capacity for sustainable development. Considering the special situation of the retail industry, it is necessary to discuss its debt maturity structure. In this paper, considering the debt maturity structure theory in western countries and the actual situation of China's retail corporate, we first read domestic and foreign literatures about debt maturity structure and make a summary of related theories. Then we take a research for the current situation of China's retail corporate debt maturity structure, find that the debt maturity is short and bank borrowing is the main source of long-term debt. We also use mathematical statistics method to build multiple regression equation, and make an empirical test on the influencing factors of debt maturity structure of retail corporate. The result proved the agency cost hypothesis，the asymmetric information theory and the tax hypothesis. At last, we concluded that the six key influencing factors are lever of financial leverage, free cash flow, growth opportunities, corporate quality, effective tax rate and corporate size.
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