本文關(guān)鍵詞：A公司債務(wù)融資時(shí)機(jī)選擇案例研究　出處：《吉林財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 債務(wù)融資 市場(chǎng)時(shí)機(jī) 利率 國(guó)家政策

【摘要】：融資是每個(gè)企業(yè)在發(fā)展壯大的過程中不得不經(jīng)歷的財(cái)務(wù)活動(dòng),它對(duì)企業(yè)的生存和發(fā)展都起著決定性的作用。近年來,新的融資方式層出不窮,企業(yè)可以根據(jù)自身的需要選擇不同的融資方式,而不同比例的融資方式組合都會(huì)形成不同的資金結(jié)構(gòu),不同的資金結(jié)構(gòu)又會(huì)給企業(yè)帶來不同程度的經(jīng)營(yíng)風(fēng)險(xiǎn)。一直以來我國(guó)企業(yè)都在傳統(tǒng)的金融學(xué)理論指導(dǎo)之下進(jìn)行融資決策活動(dòng),但隨著資本市場(chǎng)的漸漸成熟,企業(yè)管理者和業(yè)界學(xué)者發(fā)現(xiàn),市場(chǎng)上出現(xiàn)的一系列“異象”并不能用傳統(tǒng)的金融學(xué)理論來解釋。研究發(fā)現(xiàn),傳統(tǒng)的金融學(xué)理論都默認(rèn)企業(yè)管理者和市場(chǎng)投資者是絕對(duì)理性的,市場(chǎng)是完全有效的,但是這一前提假設(shè)并不合理,有悖于現(xiàn)實(shí)生活,過于絕對(duì)。近年來,國(guó)內(nèi)外相關(guān)學(xué)者開始意識(shí)到應(yīng)該從管理者和投資者非理性、市場(chǎng)非完全有效的前提出發(fā),來研究企業(yè)的融資行為,研究的方向也開始從“理論上如何做決策”向“實(shí)際是如何做決策的”轉(zhuǎn)變。同時(shí),由于債務(wù)融資發(fā)展起步較晚,作為后起之秀,相關(guān)的研究文獻(xiàn)與股權(quán)融資相比還有待補(bǔ)充和完善,因此本文選取A公司作為研究對(duì)象,把市場(chǎng)時(shí)機(jī)的選擇和把握作為切入點(diǎn),以理論和案例相結(jié)合的方式,試圖找出企業(yè)在進(jìn)行債務(wù)融資時(shí)應(yīng)如何有效的把握市場(chǎng)時(shí)機(jī),為企業(yè)降低融資成本,實(shí)現(xiàn)效益最大化提供一定的建議。研究的結(jié)果表明:1.A公司的債務(wù)融資行為確實(shí)具有市場(chǎng)時(shí)機(jī)選擇特征,市場(chǎng)環(huán)境對(duì)企業(yè)債務(wù)融資決策的影響效果主要取決于利率和股票市場(chǎng)行情雙重因素,當(dāng)市場(chǎng)利率較低時(shí)選擇實(shí)行債務(wù)融資,當(dāng)市場(chǎng)利率較高時(shí),不實(shí)行債務(wù)融資。同時(shí),當(dāng)股票市場(chǎng)行情低迷時(shí)可以考慮實(shí)行債務(wù)融資,當(dāng)股票市場(chǎng)行情回升時(shí),應(yīng)減少債務(wù)融資比例。2.國(guó)家對(duì)企業(yè)融資的監(jiān)管政策和相關(guān)的產(chǎn)業(yè)政策同樣影響著對(duì)企業(yè)債務(wù)融資時(shí)機(jī)的選擇。當(dāng)國(guó)家對(duì)債券市場(chǎng)以及自身產(chǎn)業(yè)持鼓勵(lì)政策時(shí),企業(yè)愿意選擇債券融資,反之則不然。3.企業(yè)管理者的決策能力與債務(wù)融資時(shí)機(jī)的選擇具有一定的關(guān)聯(lián)性。特別是企業(yè)管理者的風(fēng)險(xiǎn)容忍度的高低直接影響了融資決策,進(jìn)而對(duì)整個(gè)企業(yè)的融資結(jié)構(gòu)產(chǎn)生一定的影響。
[Abstract]:Financing is the financial activity that every enterprise has to go through in the process of development and expansion, which plays a decisive role in the survival and development of enterprises. In recent years, new financing methods emerge in endlessly. Enterprises can choose different financing methods according to their own needs, and different proportion of the combination of financing methods will form different capital structure. Different capital structure will bring different degrees of business risks to enterprises. Chinese enterprises have been under the guidance of the traditional financial theory to make financing decisions, but with the capital market gradually mature. Business managers and industry scholars have found that a series of "anomalies" in the market cannot be explained by traditional financial theories. The traditional finance theory all acquires that the enterprise manager and the market investor are absolutely rational, the market is completely effective, but this premise assumption is not reasonable, is contrary to the real life, is too absolute in recent years. Scholars at home and abroad began to realize that we should study the financing behavior of enterprises from the premise that managers and investors are irrational and the market is not completely effective. The direction of research has also begun to change from "how to make a decision in theory" to "how to make a decision in practice". At the same time, the development of debt financing started relatively late, as a rising star. The relevant research literature needs to be supplemented and perfected compared with equity financing, so this paper selects A company as the research object, taking the choice and grasp of market opportunity as the starting point, and combining theory with case. This paper tries to find out how to effectively grasp the market opportunity and reduce the financing cost for enterprises in debt financing. The research results show that the debt financing behavior of the company has the characteristics of market timing. The effect of market environment on corporate debt financing decision mainly depends on the double factors of interest rate and stock market price. When market interest rate is low, debt financing is chosen, and when market interest rate is higher. Debt financing is not practised. At the same time, debt financing can be considered when the stock market is depressed, and when the stock market recovers. The proportion of debt financing should be reduced. National regulatory policies on corporate finance and related industrial policies also affect the timing of corporate debt financing. When the country has incentives for the bond market and its own industries. . Companies are willing to choose bond financing. Otherwise, there is a certain correlation between the decision ability of enterprise managers and the choice of debt financing timing. Especially, the risk tolerance of enterprise managers directly affects the financing decisions. In turn, the financing structure of the whole enterprise has a certain impact.
【學(xué)位授予單位】：吉林財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F299.233.42

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 Zhibin Chen;Jun Pan;Liangliang Wang;Xiaofeng Shen;;Disclosure of government financial information and the cost of local government's debt financing——Empirical evidence from provincial investment bonds for urban construction[J];China Journal of Accounting Research;2016年03期

2 李建標(biāo);孫賓賓;王鵬程;;財(cái)富約束、市場(chǎng)時(shí)機(jī)與融資行為的實(shí)驗(yàn)研究——優(yōu)序融資和市場(chǎng)擇時(shí)理論的行為元素提煉[J];金融研究;2016年05期

3 鄭慧開;謝赤;;房地產(chǎn)企業(yè)債務(wù)融資來源結(jié)構(gòu)優(yōu)化[J];社會(huì)科學(xué)家;2016年03期

4 秦領(lǐng);;基于風(fēng)險(xiǎn)控制視角的中小企業(yè)債務(wù)融資探討[J];商業(yè)經(jīng)濟(jì)研究;2015年28期

5 孫曉東;張偉;;基于財(cái)務(wù)靈活性和擇時(shí)理論的海外債券融資案例分析——以阿里巴巴80億美元債券融資為例[J];海南金融;2015年06期

6 彭熠;陳清;徐國(guó)鋒;;債務(wù)融資水平、期限結(jié)構(gòu)與公司績(jī)效——基于汽車制造業(yè)上市公司數(shù)據(jù)的檢驗(yàn)[J];工業(yè)技術(shù)經(jīng)濟(jì);2015年02期

7 徐立平;姜奕羊;;公司債務(wù)融資與公司績(jī)效的相關(guān)性研究[J];商場(chǎng)現(xiàn)代化;2015年01期

8 王麗南;朱攀;;我國(guó)上市公司負(fù)債融資行為的市場(chǎng)時(shí)機(jī)研究[J];經(jīng)營(yíng)管理者;2014年33期

9 牛彥秀;吉玖男;;上市公司股權(quán)再融資的市場(chǎng)時(shí)機(jī)選擇實(shí)證研究[J];經(jīng)濟(jì)與管理評(píng)論;2014年04期

10 王東清;周璇;;市場(chǎng)時(shí)機(jī)對(duì)我國(guó)上市公司并購(gòu)融資行為的影響——基于股票市場(chǎng)全流通格局[J];財(cái)務(wù)與金融;2014年02期

相關(guān)碩士學(xué)位論文 前3條

1 喬璐;貨幣政策、會(huì)計(jì)穩(wěn)健性與公司債券融資成本[D];暨南大學(xué);2016年

2 劉計(jì)含;基于市場(chǎng)時(shí)機(jī)的企業(yè)債務(wù)融資決策研究[D];西南交通大學(xué);2012年

3 方琴;上市公司債務(wù)融資的影響因素及其治理效應(yīng)的研究[D];上海交通大學(xué);2010年

，

本文編號(hào)：1425659