本文選題：涉農上市公司　切入點：信用融資結構　出處：《福建農林大學》2017年碩士論文

【摘要】：涉農上市公司代表了我國涉農企業(yè)的最高水平,但仍受到自然風險大、同質性嚴重、利潤空間小等行業(yè)劣勢的影響,經營績效遠低于上市公司的平均水平。如何助力涉農上市公司發(fā)展一直都是社會各界關注的熱點,多數學者從信用融資的角度展開研究,希望幫助其克服融資瓶頸以獲得更好地發(fā)展。然而,僅討論信用融資總體規(guī)模而不關心融資結構似乎難以攻其要害。不難看出,隨著相關政策的推進,上市涉農公司融資渠道不斷拓寬、信用融資可得性不斷增強,如何選擇最有利的信用融資方式,合理調節(jié)信用融資結構已成為影響公司經營績效不可忽略的重要影響因素�；谝陨峡紤],本文選擇研究涉農上市公司信用融資結構及其對經營績效的影響,一方面可以彌補傳統(tǒng)研究的局限,另一方面可以從全新的角度為涉農上市公司提升經營績效提出合理的對策建議。本文的研究思路是先找出涉農上市公司三種信用融資方式間的替代或互補關系,并在此基礎上,進一步討論如何調整信用融資結構,以促進涉農上市公司經營績效的提高。本文根據證監(jiān)會2016年上市公司行業(yè)分類標準,從滬市A股中選取了包括農林牧漁板塊在內的63家涉農公司作為樣本。并從國泰安數據庫(CSMAR)提取2016年年報相關數據作為指標。通過實證分析得出以下結論:(1)商業(yè)信用融資與銀行信用融資、商業(yè)信用融資與債券融資間均存在替代關系。(2)銀行信用融資與債券融資成互補關系。(3)債券融資規(guī)模與經營績效正相關。(4)銀行信用與商業(yè)信用融資的規(guī)模與經營績效呈相似的負相關性。最后本文提出合理減少銀行信用融資、控制商業(yè)信用融資規(guī)模、加強債券融資力度等一系列改善信用融資結構的建議,以促進涉農上市公司經營績效的提升。
[Abstract]:Agricultural listed companies represent the highest level of agribusiness in China, but are still affected by the disadvantages of the industries, such as high natural risks, serious homogeneity, small profit margins, etc. Operating performance is far below the average level of listed companies. How to help the development of agri-related listed companies has always been the focus of attention from all walks of life, most scholars from the perspective of credit financing research, It is hoped to help it overcome its financing bottlenecks in order to achieve better development. However, it seems difficult to focus on the overall size of credit financing without regard to the financing structure. It is not difficult to see that, as relevant policies move forward, The financing channels of listed agriculture-related companies have been continuously broadened, and the availability of credit financing has been continuously enhanced. How to choose the most favorable credit financing methods, The rational adjustment of credit financing structure has become an important factor that can not be ignored to affect the company's operating performance. Based on the above considerations, this paper chooses to study the credit financing structure and its impact on the operating performance of the agribusiness listed company. On the one hand, it can make up for the limitation of traditional research. On the other hand, it is possible to put forward reasonable countermeasures and suggestions for the agribusiness listed companies to improve their management performance from a new angle. The research idea of this paper is to find out the substitution or complementary relationship among the three credit financing modes of the agribusiness listed companies, and on this basis, Further discussion is made on how to adjust the credit financing structure in order to promote the improvement of the performance of the agribusiness listed companies. 63 agribusiness companies, including agriculture, forestry, herding and fishing sector, were selected from A-shares of Shanghai Stock Exchange as samples, and relevant data of 2016 annual report were extracted from Cathay Pacific Database (CSMAR) as indicators. The following conclusions are drawn by empirical analysis: 1) Commerce. Credit financing and Bank Credit financing, There is a substitution relationship between commercial credit financing and bond financing. 2) the relationship between bank credit financing and bond financing is complementary. 3) the scale of bond financing is positively related to business performance. 4) the scale and performance of bank credit and commercial credit financing are positively related to each other. Finally, this paper proposes a reasonable reduction of bank credit financing. A series of suggestions to improve the credit financing structure such as controlling the scale of commercial credit financing and strengthening bond financing are put forward in order to promote the improvement of the management performance of the agribusiness listed companies.
【學位授予單位】：福建農林大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F324;F302.6;F832.43

【參考文獻】

相關期刊論文 前10條

1 范培華;吳昀橋;;信號傳遞理論研究述評和未來展望[J];上海管理科學;2016年03期

2 羿建華;孫健;袁力;;農業(yè)上市公司融資約束水平研究——基于隨機前沿法的分析[J];企業(yè)經濟;2015年03期

3 張東方;;中國農業(yè)上市公司經營績效綜合評價[J];中國農學通報;2014年05期

4 蔣逸;馬九杰;;產業(yè)組織形態(tài)、商業(yè)信用與農戶融資困境的緩解——基于四川省生豬產業(yè)的三個典型案例[J];東岳論叢;2014年01期

5 李麗麗;霍學喜;;多元化、企業(yè)規(guī)模與農業(yè)上市公司績效的相關研究[J];廣西社會科學;2013年12期

6 牛培路;白俊;;金融發(fā)展、銀行信貸與商業(yè)信用再分配[J];金融論壇;2013年10期

7 彭紅楓;張韋華;張曉;;銀行關系、政治關聯(lián)與上市公司銀行貸款的可獲得性——基于我國上市公司的實證分析[J];技術經濟;2013年08期

8 魏建國;朱春;;我國村鎮(zhèn)銀行貸款信用風險的識別管理研究[J];華中農業(yè)大學學報(社會科學版);2013年04期

9 黃俊;陳信元;張?zhí)焓?;公司經營績效傳染效應的研究[J];管理世界;2013年03期

10 萬眾;鄭微微;王懷明;;中國農業(yè)政策性金融與農業(yè)經濟可持續(xù)發(fā)展[J];中國科技論壇;2013年03期

相關博士學位論文 前1條

1 李淑娟;中國企業(yè)債務融資結構研究[D];蘇州大學;2009年

相關碩士學位論文 前4條

1 陳小斌;信用風險傳染與中小外貿企業(yè)信用融資問題研究[D];南京理工大學;2014年

2 譚舜;我國農業(yè)上市公司融資渠道分析[D];江西農業(yè)大學;2013年

3 程宇;我國房地產上市公司融資結構對其經營績效影響的研究[D];西南財經大學;2013年

4 申海霞;我國電力行業(yè)上市公司債務結構及其對公司業(yè)績的影響研究[D];山西財經大學;2009年

，

本文編號：1664064