本文關(guān)鍵詞： 中小企業(yè)板 董事會(huì)特征 債務(wù)融資成本　出處：《天津財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

【摘要】：企業(yè)的發(fā)展壯大離不開資金,中小企業(yè)更是如此。近年來,我國中小企業(yè)高速發(fā)展,涉及行業(yè)廣泛,在活躍國民經(jīng)濟(jì)、增加就業(yè)機(jī)會(huì)、創(chuàng)新知識(shí)技術(shù)、擴(kuò)大國內(nèi)出口等方面起到了無法估量的作用。然而中小企業(yè)因其企業(yè)規(guī)模小,資信水平低、成立時(shí)間短,經(jīng)營(yíng)風(fēng)險(xiǎn)大等不利因素影響,導(dǎo)致其在融資方面遇到了重重阻礙,面對(duì)融資需求巨大的中小企業(yè),如何提高其融資效率已成為了各界關(guān)注的焦點(diǎn)。隨著債務(wù)融資方式的積極效應(yīng)開始凸現(xiàn),已經(jīng)有越來越多的公司開始把目光投放到了債務(wù)融資上。在進(jìn)行債務(wù)融資決策中,公司最關(guān)注的便是融資的成本,一旦成本過高,就會(huì)在一定程度上降低公司的融資效率,進(jìn)而妨礙公司規(guī)模的擴(kuò)大和業(yè)績(jī)的提高,這對(duì)公司來講是非常不利的。所以,研究如何降低公司的債務(wù)融資成本具有很重要的現(xiàn)實(shí)意義。董事會(huì)作為公司中的一個(gè)核心決策機(jī)構(gòu),其地位的重要性不言而喻。有研究表明,董事會(huì)的結(jié)構(gòu)、行為等特點(diǎn)都會(huì)對(duì)公司的債務(wù)融資的成本產(chǎn)生影響。我國中小企業(yè)板上市公司代表著發(fā)展比較成熟的中小企業(yè),研究中小板上市公司的董事會(huì)特征與債務(wù)融資成本的關(guān)系,從改善公司董事會(huì)治理的角度對(duì)中小企業(yè)提出建議,使其提高債務(wù)融資效率,迄今為止鮮有研究涉及此內(nèi)容。本文選取了中小企業(yè)板上市公司2010年-2012年的相關(guān)數(shù)據(jù),從董事會(huì)著手,選用董事會(huì)規(guī)模、年度董事會(huì)會(huì)議次數(shù)、董事持股比例、獨(dú)立董事比例以及董事長(zhǎng)總經(jīng)理兩職合一情況五個(gè)變量作為董事會(huì)特征,研究其與債務(wù)融資成本的關(guān)系。運(yùn)用多元線性回歸模型進(jìn)行實(shí)證后發(fā)現(xiàn),獨(dú)立董事比例、董事持股比例與債務(wù)融資成本并不存在顯著的相關(guān)關(guān)系。董事會(huì)規(guī)模與債務(wù)融資成本負(fù)相關(guān),年度董事會(huì)會(huì)議次數(shù)、兩職合一情況與債務(wù)融資成本正相關(guān)。最后,依據(jù)研究的結(jié)論,從改善董事會(huì)治理角度提出了相應(yīng)的建議。
[Abstract]:In recent years, our small and medium-sized enterprises have developed at a high speed, involving a wide range of industries, in the process of enlivening the national economy, increasing employment opportunities, and innovating knowledge and technology. The expansion of domestic exports has played an incalculable role. However, small and medium-sized enterprises have encountered numerous obstacles in financing because of their small scale, low credit level, short establishment time, and large operating risks. In the face of the huge financing demand of SMEs, how to improve their financing efficiency has become the focus of attention. More and more companies have begun to focus on debt financing. In making debt financing decisions, companies are most concerned about the cost of financing. Once the cost is too high, the financing efficiency of the company will be reduced to a certain extent. Which in turn hinders the expansion of the size of the company and the improvement of its performance, which is very unfavorable to the company. It is of great practical significance to study how to reduce the cost of debt financing. The importance of the board of directors as a core decision-making body in the company is self-evident. Some studies have shown that the structure of the board of directors. Behavior and other characteristics will have an impact on the cost of debt financing. Chinese SME board listed companies represent the development of relatively mature small and medium-sized enterprises, the relationship between the characteristics of the board of directors and debt financing costs of small and medium-sized board listed companies is studied. From the point of view of improving the governance of the company's board of directors, this paper puts forward some suggestions to improve the efficiency of debt financing for SMEs. So far, few studies have been done on this subject. This paper selects the relevant data of listed companies on SME board from 2010 to 2012. Starting from the board of directors, five variables are selected as the characteristics of the board, such as the size of the board of directors, the number of annual board meetings, the proportion of directors holding shares, the proportion of independent directors and the integration of two positions of chairman and general manager. The relationship between debt financing cost and debt financing cost is studied. By using multiple linear regression model, it is found that the proportion of independent directors is the proportion of independent directors. There is no significant correlation between the proportion of directors holding shares and the cost of debt financing. There is a negative correlation between the size of the board and the cost of debt financing, the number of annual board meetings, the combination of two positions and the cost of debt financing. According to the conclusion of the study, the paper puts forward the corresponding suggestions from the angle of improving the governance of the board of directors.
【學(xué)位授予單位】：天津財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F271;F832.51

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