本文關(guān)鍵詞：裝備制造業(yè)上市公司融資結(jié)構(gòu)影響因素研究　出處：《云南大學(xué)》2015年碩士論文　論文類型：學(xué)位論文

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【摘要】：裝備制造業(yè)是我國(guó)工業(yè)的核心和基礎(chǔ),它也是我國(guó)國(guó)際競(jìng)爭(zhēng)力的核心所在。作為我國(guó)重點(diǎn)發(fā)展的核心產(chǎn)業(yè),裝備制造業(yè)為我國(guó)各行各業(yè)的正常運(yùn)行提供了生產(chǎn)所必需的技術(shù)裝備,同時(shí)也極大地支持了其他產(chǎn)業(yè)技術(shù)進(jìn)步和創(chuàng)新。我國(guó)資本市場(chǎng)正在不斷地改革與完善,裝備制造業(yè)上市公司的融資偏好與融資結(jié)構(gòu)也隨之改變。因此,對(duì)于這樣一個(gè)融資需求很大的大型產(chǎn)業(yè)來(lái)說(shuō),探究它的融資結(jié)構(gòu)有利于發(fā)現(xiàn)我國(guó)裝備制造業(yè)融資結(jié)構(gòu)的特點(diǎn)和規(guī)律性特征。并且,針對(duì)融資結(jié)構(gòu)的影響因素,可以提出相應(yīng)改善裝備制造業(yè)融資結(jié)構(gòu)的政策和建議。這樣一方面不但可以優(yōu)化企業(yè)融資結(jié)構(gòu),另一方面還能有利于企業(yè)的經(jīng)營(yíng)管理和提升裝備制造業(yè)的競(jìng)爭(zhēng)優(yōu)勢(shì)。 本文根據(jù)國(guó)內(nèi)外融資結(jié)構(gòu)的理論成果,結(jié)合我國(guó)裝備制造業(yè)的特點(diǎn),以深、滬兩市A股市場(chǎng)具有代表性的39家裝備制造業(yè)上市公司作為研究對(duì)象,并把39家裝備制造業(yè)上市公司分成了經(jīng)營(yíng)較好和經(jīng)營(yíng)欠佳的兩類,對(duì)兩類裝備制造業(yè)上市公司的融資結(jié)構(gòu)展開了分析。首先,在界定融資結(jié)構(gòu)等相關(guān)概念的基礎(chǔ)之上,運(yùn)用描述性統(tǒng)計(jì)分析方法對(duì)其融資結(jié)構(gòu)的變化歷程和特點(diǎn)進(jìn)行了分析,得出我國(guó)裝備制造業(yè)上市公司的融資偏好順序發(fā)生了一定的變化。緊接著從上市公司盈利能力、償債能力、發(fā)展能力、營(yíng)運(yùn)能力和股利政策五個(gè)方面出發(fā),運(yùn)用主成分分析法和多元線性回歸分析法,發(fā)現(xiàn)了這五種反映企業(yè)運(yùn)營(yíng)狀況的指標(biāo)對(duì)企業(yè)融資結(jié)構(gòu)影響的變動(dòng)關(guān)系。最后,以提高裝備制造業(yè)的融資能力和優(yōu)化其融資結(jié)構(gòu)為目的,提出了相應(yīng)的政策和建議。 目前,提升裝備制造業(yè)的融資能力以及優(yōu)化它的融資結(jié)構(gòu)已經(jīng)勢(shì)在必行。科學(xué)地分析裝備制造業(yè)的融資結(jié)構(gòu),不但可以幫助企業(yè)改善經(jīng)營(yíng),提升其經(jīng)濟(jì)效益,更重要的是,還能提升我國(guó)的綜合國(guó)力。
[Abstract]:Equipment manufacturing industry is the core and foundation of our industry, it is also the core of our international competitiveness. The equipment manufacturing industry provides the necessary technical equipment for the normal operation of various industries in our country, at the same time, it also greatly supports the technological progress and innovation of other industries. China's capital market is constantly reforming and perfecting. The financing preference and financing structure of the listed companies in the equipment manufacturing industry have also changed. Therefore, for such a large industry with large financing needs. Exploring its financing structure will help to find the characteristics and regularity of the financing structure of China's equipment manufacturing industry. We can put forward the corresponding policies and suggestions to improve the financing structure of equipment manufacturing industry, on the one hand, we can not only optimize the financing structure of enterprises. On the other hand, it can also benefit the management of enterprises and enhance the competitive advantage of equipment manufacturing industry. According to the theoretical results of financing structure at home and abroad, combined with the characteristics of China's equipment manufacturing industry, this paper takes 39 listed equipment manufacturing companies in Shanghai and Shanghai as the research objects. And 39 equipment manufacturing listed companies are divided into two categories of good management and poor management, the financing structure of the two categories of equipment manufacturing listed companies are analyzed. First of all. Based on the definition of financing structure and other related concepts, the paper uses descriptive statistical analysis method to analyze the changing process and characteristics of its financing structure. It is concluded that the order of financing preference of listed companies in China's equipment manufacturing industry has changed to a certain extent. Then, it starts from five aspects of listed companies' profitability, solvency, development capacity, operating capacity and dividend policy. By using principal component analysis and multivariate linear regression analysis, we find the change relationship between the five indicators reflecting the operation of the enterprise on the corporate financing structure. Finally. In order to improve the financing ability of equipment manufacturing industry and optimize its financing structure, the corresponding policies and suggestions are put forward. At present, it is imperative to improve the financing ability and optimize the financing structure of the equipment manufacturing industry. Scientific analysis of the financing structure of the equipment manufacturing industry can not only help enterprises to improve their operation and enhance their economic benefits. More importantly, it can also enhance the overall national strength of our country.
【學(xué)位授予單位】：云南大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2015
【分類號(hào)】：F406.7;F426.4;F224

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