本文關鍵詞： 煤炭上市公司 債務融資效率 因子分析 超效率DEA　出處：《湖南大學》2013年碩士論文　論文類型：學位論文

【摘要】：隨著國家“十二五”規(guī)劃的開展，煤炭行業(yè)迎來了兼并重組、發(fā)展壯大的新時期。煤炭企業(yè)想要實現轉型升級、科技創(chuàng)新，必然需要大量的資金，而債務融資作為煤炭企業(yè)的主要融資方式，重要性不言而喻。基于此，本文對煤炭上市公司的債務融資效率進行研究。 本文在分析煤炭上市公司債務融資效率的影響因素的基礎上，構建煤炭上市公司的債務融資效率評價指標體系，并利用因子分析法對指標體系進行歸類，得出債務融資風險、債務融資成本、盈利能力、運營能力、公司治理結構五個主因子。將五個主因子作為超效率DEA模型的輸入輸出指標，構建超效率DEA模型，對36家煤炭上市公司在2007年1月1日至2011年12月31日期間的債務融資效率進行評價，并對實證結果進行規(guī)模分析、綜合效率分析和差額變數分析。通過對實證結果的分析，得出以下結論：我國煤炭上市公司普遍存在投入規(guī)模過大的情況，造成我國煤炭行業(yè)規(guī)模效率相對無效，企業(yè)應采取措施，適當縮小投入規(guī)模，精簡公司結構。此外，我國煤炭上市公司債務融資綜合效率、純技術效率平均值都較低，皆處于相對無效狀態(tài)。行業(yè)內債務融資效率差距明顯，兩極分化比較嚴重，企業(yè)應加大科研力度，改良企業(yè)的煤炭設備，提高企業(yè)整體技術水平，從而提高企業(yè)的投入資金使用效率，最大化公司的每股收益。此外，企業(yè)還應關注內源融資，充分利用內部權益資金；鼓勵金融創(chuàng)新，采用多元化融資工具；優(yōu)化股權結構，完善公司治理機制；推進并購重組，增強企業(yè)整體實力；促進上市公司再融資，實現企業(yè)可持續(xù)發(fā)展。 本文創(chuàng)新性的采用因子分析法和超效率DEA法對煤炭行業(yè)的債務融資效率進行研究，構建了債務融資效率的評價指標體系，得出煤炭行業(yè)債務融資效率偏低的結論并針對實證結果提出了相關建議，，對我國的債務融資效率研究進行了補充，希望為我國煤炭行業(yè)債務融資效率的提高提供相關理論支持。
[Abstract]:With the development of the 12th Five-Year Plan, the coal industry has ushered in a new period of merger, reorganization, development and growth. If coal enterprises want to realize transformation and upgrading, scientific and technological innovation will inevitably require a large amount of capital. The importance of debt financing as the main financing method of coal enterprises is self-evident. Based on this, this paper studies the debt financing efficiency of coal listed companies. On the basis of analyzing the influencing factors of debt financing efficiency of coal listed companies, this paper constructs the evaluation index system of debt financing efficiency of coal listed companies, classifies the index system by factor analysis, and obtains the debt financing risk. Debt financing cost, profitability, operational capacity, corporate governance structure, five main factors as the input and output indicators of the super-efficient DEA model, the construction of super-efficiency DEA model, This paper evaluates the debt financing efficiency of 36 coal listed companies from January 1st 2007 to December 31st 2011, and analyzes the scale of empirical results, comprehensive efficiency analysis and variance variable analysis. The conclusions are as follows: the situation that the input scale of coal listed companies in our country is too large, which causes the scale efficiency of the coal industry in our country to be relatively ineffective, enterprises should take measures to reduce the input scale appropriately and to streamline the company structure. The comprehensive efficiency of debt financing of coal listed companies in our country, the average value of pure technical efficiency is low, all of them are in a relatively ineffective state. The gap of debt financing efficiency in the industry is obvious and the polarization is serious, so enterprises should strengthen scientific research. Improve the coal equipment of the enterprise, raise the whole technical level of the enterprise, so as to improve the efficiency of the investment and use of the enterprise, maximize the earnings per share of the company. In addition, the enterprise should also pay attention to the endogenous financing and make full use of the capital of the internal equity; Encourage financial innovation, adopt diversified financing tools; optimize equity structure, perfect corporate governance mechanism; promote mergers and acquisitions, enhance the overall strength of enterprises; promote refinancing of listed companies to achieve sustainable development of enterprises. In this paper, factor analysis method and super-efficiency DEA method are used to study the efficiency of debt financing in coal industry, and the evaluation index system of debt financing efficiency is constructed. The paper draws the conclusion that the efficiency of debt financing in coal industry is on the low side and puts forward some relevant suggestions in view of the empirical results. It supplements the research on debt financing efficiency in China and hopes to provide relevant theoretical support for the improvement of debt financing efficiency of coal industry in China.
【學位授予單位】：湖南大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F426.21

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本文編號：1547117