發(fā)布時(shí)間：2018-04-22 15:20

  本文選題：汽車(chē)制造業(yè) + 上市公司　； 參考：《哈爾濱商業(yè)大學(xué)》2017年碩士論文

【摘要】：上市公司的融資結(jié)構(gòu)與企業(yè)價(jià)值存在著十分重要的聯(lián)系,上市公司完善相應(yīng)的融資結(jié)構(gòu)是企業(yè)經(jīng)營(yíng)過(guò)程中的關(guān)鍵,能夠一定程度上影響公司的管理機(jī)制。長(zhǎng)此以往能對(duì)資本市場(chǎng)產(chǎn)生較大的震動(dòng),當(dāng)前完善融資行為能夠使上市公司更好的發(fā)展。目前我國(guó)在研究上市公司融資結(jié)構(gòu)對(duì)企業(yè)價(jià)值的影響,主要是針對(duì)上市公司整體情況進(jìn)行研究,而沒(méi)有系統(tǒng)的對(duì)行業(yè)進(jìn)行分析。在我們國(guó)家制造業(yè)屬于龍頭地位,為國(guó)家的經(jīng)濟(jì)發(fā)展貢獻(xiàn)出不少的力量,帶動(dòng)了多方的就業(yè),所以對(duì)于制造業(yè)進(jìn)行研究是非常有意義的。本文選取了汽車(chē)制造業(yè)2009-2016年的數(shù)據(jù)作為對(duì)象進(jìn)行分析,以汽車(chē)制造行業(yè)的融資現(xiàn)狀入手,考察其融資結(jié)構(gòu)對(duì)企業(yè)價(jià)值影響關(guān)系。在回顧國(guó)內(nèi)外相關(guān)文獻(xiàn)的基礎(chǔ)上,先對(duì)融資結(jié)構(gòu)和企業(yè)價(jià)值相關(guān)概念進(jìn)行界定,闡述相關(guān)理論基礎(chǔ),并明確了文章的研究視角,繼而在總結(jié)前人經(jīng)驗(yàn)和理論分析的基礎(chǔ)上建立研究框架;在對(duì)我國(guó)汽車(chē)制造業(yè)上市公司融資結(jié)構(gòu)和企業(yè)價(jià)值現(xiàn)狀進(jìn)行充分的分析后,提出有針對(duì)性的假設(shè),并建立回歸模型;然后以我國(guó)汽車(chē)制造業(yè)上市公司2009年～2016年的經(jīng)驗(yàn)數(shù)據(jù)為研究對(duì)象,從債務(wù)融資和股權(quán)融資兩個(gè)方面探求汽車(chē)制造業(yè)上市公司融資結(jié)構(gòu)與企業(yè)價(jià)值的關(guān)系,選取資產(chǎn)負(fù)債率、流動(dòng)負(fù)債比率、第一大股東持股比例和前五大股東持股比例、法人持股比例、國(guó)有股持股比例,選取托賓Q為衡量企業(yè)價(jià)值指標(biāo),綜合運(yùn)用了描述性統(tǒng)計(jì)分析、相關(guān)性分析、回歸分析等方法,對(duì)提出的假設(shè)進(jìn)行了實(shí)證檢驗(yàn)。研究結(jié)果可以看出,我們國(guó)家汽車(chē)制造業(yè)上市公司的融資結(jié)構(gòu)在一定程度上與外國(guó)經(jīng)典的融資順序不一致,根據(jù)我國(guó)實(shí)際情況入手加以分析。可以看出,汽車(chē)制造業(yè)上市公司資產(chǎn)負(fù)債率與企業(yè)價(jià)值同方向變化;汽車(chē)制造業(yè)上市公司流動(dòng)負(fù)債與非流動(dòng)負(fù)債與企業(yè)價(jià)值成反方向變動(dòng);汽車(chē)制造業(yè)上市公司第一大股東和前五大股東的持股比例與企業(yè)價(jià)值正比例變化,股權(quán)集中度的提升有利于企業(yè)價(jià)值的上升;國(guó)家股的持股比例對(duì)企業(yè)價(jià)值的影響是負(fù)面的,國(guó)有股比例上升不利于企業(yè)價(jià)值提升,法人股持股比例與企業(yè)價(jià)值正相關(guān),應(yīng)該適度提高法人股的持股比例,使汽車(chē)制造業(yè)上市公司的企業(yè)價(jià)值得到更好的提升。最后,本文通過(guò)對(duì)汽車(chē)制造業(yè)上市公司融資結(jié)構(gòu)和企業(yè)價(jià)值之間的關(guān)系進(jìn)行實(shí)際分析,找到我國(guó)汽車(chē)制造業(yè)上市公司融資結(jié)構(gòu)方面存在的問(wèn)題,進(jìn)行整理,提出切實(shí)有效的意見(jiàn)和建議,包括增加汽車(chē)制造業(yè)上市公司的內(nèi)源融資、適度增加長(zhǎng)期債務(wù)融資比率、拓寬上市公司的融資渠道、大力發(fā)展企業(yè)債券市場(chǎng)、建立有效的激勵(lì)機(jī)制等。
[Abstract]:The financing structure of the listed company has a very important relation with the enterprise value. It is the key to perfect the corresponding financing structure of the listed company in the course of enterprise management, which can influence the management mechanism of the company to a certain extent. In the long run, it can shake the capital market, and improve the financing behavior can make the listed company develop better. At present, our country is studying the influence of listed companies' financing structure on enterprise value, mainly aiming at the whole situation of listed companies, but not systematically analyzing the industry. In our country the manufacturing industry belongs to the leading position, contributing a lot of strength for the country's economic development, driving many kinds of employment, so it is very meaningful to carry on the research to the manufacturing industry. In this paper, the data of automobile manufacturing industry from 2009-2016 are selected as the object of analysis, and the relationship between the financing structure and the enterprise value is investigated based on the current financing situation of automobile manufacturing industry. On the basis of reviewing the relevant literature at home and abroad, this paper defines the related concepts of financing structure and enterprise value, expounds the relevant theoretical basis, and clarifies the research perspective of the article. Then, on the basis of summing up the previous experience and theoretical analysis, the research framework is established, and after a full analysis of the financing structure and enterprise value status of listed companies in China's automobile manufacturing industry, a targeted hypothesis is put forward and a regression model is established. Then, taking the empirical data of Chinese automobile manufacturing listed companies from 2009 to 2016 as the research object, this paper explores the relationship between the financing structure and the enterprise value of the listed companies in the automotive manufacturing industry from the two aspects of debt financing and equity financing, and selects the asset-liability ratio. The current debt ratio, the proportion of the first largest shareholder and the first five major shareholders, the proportion of legal person and the proportion of state-owned stock holding, Tobin Q is selected as the index of enterprise value, and the descriptive statistical analysis and correlation analysis are used synthetically. Regression analysis and other methods, the proposed assumptions were empirically tested. The research results show that the financing structure of the listed companies in our country's automobile manufacturing industry is not consistent with the classical financing order of foreign countries to some extent, and it is analyzed according to the actual situation of our country. It can be seen that the asset-liability ratio of the listed companies in the automobile manufacturing industry changes in the same direction as the enterprise value, and the current and non-current liabilities of the listed companies in the automobile manufacturing industry change in the opposite direction with the enterprise value. The proportion of the first largest shareholder and the top five shareholders of the listed company in automobile manufacturing industry changes in proportion to the value of the enterprise, and the increase of the concentration of ownership is beneficial to the increase of the value of the enterprise, and the influence of the proportion of the state shares on the value of the enterprise is negative. The increase of the proportion of state-owned shares is not conducive to the promotion of enterprise value, and the proportion of legal person shares is positively related to the value of enterprises. Therefore, it is necessary to appropriately increase the proportion of shares held by legal personnel shares so as to improve the enterprise value of listed companies in the automotive manufacturing industry. Finally, through the actual analysis of the relationship between the financing structure and the enterprise value of the listed companies in the automobile manufacturing industry, this paper finds out the problems existing in the financing structure of the listed companies in the automobile manufacturing industry of our country. Put forward practical and effective opinions and suggestions, including increasing endogenous financing of listed companies in the automotive manufacturing industry, moderately increasing the ratio of long-term debt financing, broadening the financing channels of listed companies, and vigorously developing the corporate bond market. To establish an effective incentive mechanism and so on.
【學(xué)位授予單位】：哈爾濱商業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F406.7;F426.471

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