發(fā)布時間：2018-05-03 04:11

  本文選題：中小板上市公司 + 融資結(jié)構(gòu)　； 參考：《南京航空航天大學(xué)》2013年碩士論文

【摘要】：中小企業(yè)是我國經(jīng)濟(jì)發(fā)展的重要組成部分，由于種種原因，中小企業(yè)自身存在諸多發(fā)展問題和挑戰(zhàn)，尤其是在融資方面，融資渠道不暢一直是中小企業(yè)發(fā)展的瓶頸。中小板塊的設(shè)立從一定程度上緩解了中小企業(yè)融資難的問題，引起中小板上市公司融資結(jié)構(gòu)的變化，從而影響公司的經(jīng)營績效。雖然國內(nèi)外學(xué)者從不同視角不同行業(yè)對融資結(jié)構(gòu)與經(jīng)營績效之間的關(guān)系進(jìn)行了大量的研究，但是對于中小板上市公司融資結(jié)構(gòu)如何影響經(jīng)營績效、影響程度大小等方面的研究卻比較少。因此，本文以深圳中小板上市公司為研究對象具有重要的意義。 本文從債務(wù)融資率、股權(quán)融資率和內(nèi)部融資率三個不同的角度來研究融資結(jié)構(gòu)對經(jīng)營績效的影響，選取借款融資率、商業(yè)信用融資率、債券融資率、股權(quán)融資率和內(nèi)部融資率5個指標(biāo)作為融資結(jié)構(gòu)指標(biāo)；在財(cái)務(wù)數(shù)據(jù)中選取總資產(chǎn)報酬率、凈資產(chǎn)收益率、每股收益、主營業(yè)務(wù)利潤率和投入資本回報率5個指標(biāo)，運(yùn)用熵權(quán)法，將計(jì)算得出的綜合值作為經(jīng)營績效指標(biāo)。以中小板上市公司2009-2011三年的數(shù)據(jù)作為樣本數(shù)據(jù)，，構(gòu)建融資結(jié)構(gòu)與經(jīng)營績效二者關(guān)系的模型進(jìn)行實(shí)證研究。 實(shí)證結(jié)果表明：我國中小板上市公司債務(wù)融資率與經(jīng)營績效存在負(fù)相關(guān)關(guān)系，股權(quán)融資率、內(nèi)部融資率與經(jīng)營績效存在正相關(guān)關(guān)系。究其原因，主要是因?yàn)槲覈行“迳鲜泄敬嬖谂c優(yōu)序融資理論相悖的融資順序，偏好股權(quán)融資；公司債務(wù)融資內(nèi)部結(jié)構(gòu)不合理，公司偏重短期融資；企業(yè)債券市場滯后，借款融資成為公司債務(wù)融資的主要資金來源，我國特殊的銀企關(guān)系使得銀行借款對經(jīng)營績效起不到應(yīng)有的監(jiān)督和約束作用，其他商業(yè)機(jī)構(gòu)對公司經(jīng)營更是起不到相應(yīng)的約束作用。最后，針對上述問題，本文提出了相關(guān)建議，以期有助于我國中小板上市公司進(jìn)一步改善融資結(jié)構(gòu)問題，提升公司經(jīng)營績效，推進(jìn)我國資本市場的發(fā)展。
[Abstract]:Small and medium-sized enterprises (SMEs) are an important part of the economic development of our country. For various reasons, SMEs have many problems and challenges in their own development. Especially in the aspect of financing, the difficulty of financing channels has always been the bottleneck of the development of small and medium-sized enterprises. The establishment of small and medium-sized plates alleviates the financing difficulties of small and medium-sized enterprises to a certain extent, and causes the change of financing structure of small and medium-sized board listed companies, thus affecting the management performance of the companies. Although scholars at home and abroad have done a great deal of research on the relationship between financing structure and business performance from different perspectives and different industries, but how the financing structure of small and medium-sized board listed companies affect business performance. However, the degree of influence and other aspects of research is relatively small. Therefore, this article takes the Shenzhen small and medium-sized board listed company as the research object has the important significance. This paper studies the impact of financing structure on business performance from three different angles: debt financing ratio, equity financing rate and internal financing rate, and selects loan financing rate, commercial credit financing rate, bond financing rate, and so on. Five indexes, equity financing rate and internal financing rate, are selected as financing structure index, total return on assets, rate of return on net assets, earnings per share, profit margin of main business and return on investment capital are selected in financial data, and entropy weight method is used. The calculated comprehensive value is taken as the operating performance index. Taking the data of small and medium-sized listed companies in 2009-2011 as the sample data, this paper constructs a model of the relationship between financing structure and operating performance for empirical research. The empirical results show that there is a negative correlation between debt financing rate and operating performance, while there is a positive correlation between equity financing rate, internal financing rate and operating performance. The main reasons are that the listed companies of small and medium-sized boards in our country have the financing order contrary to the priority financing theory and prefer equity financing; the internal structure of corporate debt financing is unreasonable and the company is biased towards short-term financing; the corporate bond market is lagging behind. Loan financing has become the main source of funds for corporate debt financing. The special relationship between banks and enterprises in China makes bank borrowings not play a proper role in supervision and restraint of business performance. Other business organizations to the company is not able to play a corresponding role in the constraints. Finally, in view of the above problems, this paper puts forward some relevant suggestions, in order to help our small and medium-sized board listed companies to further improve the financing structure, improve corporate performance, and promote the development of China's capital market.
【學(xué)位授予單位】：南京航空航天大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號】：F275;F832.51

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