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论文编号：	7469
作者编号：	2120132360
上传时间：	2015/6/10 12:19:25
中文题目：	市场化进程、环境绩效和债务融资
英文题目：	Market process,environment performance and debt financing.
指导老师：	周宝源
中文关键字：	债务融资规模 ；环境绩效；市场化进程
英文关键字：	debt financing;environment performance;market process
中文摘要：	企业投融资的主要目的是实现融资成本的最小化和投资者利益的最大化，但这样的说法具有一定的局限性。企业的目标应是双重的，一方面是要帮助投资者实现他们的利益，另一方面也要为社会做出一定的贡献，即承担社会责任。因此维护企业及相关者的利益,同时承担一定的社会责任，企业才能实现可持续的发展。在企业的外部融资和成长发展中，债务融资都起着至关重要的作用。本文将研究企业的环境绩效和债务融资规模之间的相关关系，以及在市场化进程的影响下，环境绩效与债务融资之间的关系。研究结果对于在具有中国特色社会主义市场经济体制环境下发展的上市公司更具有现实意义，对企业发展决策有着重要的启示作用。 本文以2009-2011年沪市A股上市公司为研究对象,研究了中国上市公司市场化进程、环境绩效和债务融资之间的关系。研究的结果表明：企业所处地区的市场化进程与债务融资规模之间有着正相关的关系，环境绩效和债务融资之间有着正相关的关系，环境绩效与债务融资之间的正相关关系在市场化进程高的地方高于市场化进程低的地方。这样的研究结果具有很多实际的意义，对于企业而言，告诫企业要注重环境保护，以免债务融资规模因此受到限制；对于政府而言，要完善法律法规，完善金融市场，加快市场化进程的步伐。
英文摘要：	The main purpose of business is to maximize investment and to minimize the cost of financing, but that argument has some limitations. Enterprises’s aim is twofold, on the one hand is to help investors achieve their interests, but we also need to make some contribution to society, namely social responsibility. Therefore safeguard the interests of enterprises and stakeholders, and to assume certain social responsibilities, companies can achieve sustainable development. In external financing and the growth and development of enterprises, debt financing plays a vital role. This article will examine the relationship between environmental performance of an enterprise and between debt financing, as well as under the influence of the market process, the relationship between environmental performance and debt financing of. The results more relevant for listed companies in the socialist market economy with Chinese characteristics, the development of the institutional environment for enterprise development decision-making has an important revelation. In this paper, we choice the 2009--2011 Shanghai Stock Exchange in A-share listed companies as the research object, research the relationship between the process of marketization,environmental performance and debt financing. The results showed that: there is a positive correlation between environmental performance and debt financing,there is a positive correlation between the market process and debt financing . Such findings have many practical significance. For businesses, warned businesses to pay attention to environmental protection, in order to avoid debt financing and therefore subject to restrictions. For the government to improve laws and regulations, improve the financial market, accelerate the pace of market-oriented process
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