《我国上市公司财务弹性及其对公司业绩影响论文》由会员分享，可在线阅读，更多相关《我国上市公司财务弹性及其对公司业绩影响论文（63页珍藏版）》请在金锄头文库上搜索。
1、A Thesis Submitted in Full Fulfillment of the Requirementsfor the Degree of Master of EconomicsFinancial Flexibility and Influence of the Performance of Listed Companies in ChinaCandidate :Zhang MingyunMajor:FinanceSupervisor :Assoc. Prof. Ouyang HongbingHuazhong University of Science and Technology
2、Wuhan, Hubei 430074, P.R. ChinaOctober, 2012独创性声明本人声明所呈交的学位论文是我个人在导师指导下进行的研究工作及取得的研究成果。尽我所知，除文中已经标明引用的内容外，本论文不包含任何其他个人或集体已经发表或撰写过的研究成果。对本文的研究做出贡献的个人和集体，均已在文中以明确方式标明。本人完全意识到，本声明的法律结果由本人承担。学位论文作者签名：日期：年月日学位论文版权使用授权书本学位论文作者完全了解学校有关保留、使用学位论文的规定，即：学校有权保留并向国家有关部门或机构送交论文的复印件和电子版，允许论文被查阅和借阅。本人授权华中科技大学可以将本学位
3、论文的全部或部分内容编入有关数据库进行检索，可以采用影印、缩印或扫描等复制手段保存和汇编本学位论文。保密 ，在_年解密后适用本授权书。 本论文属于不保密。（请在以上方框内打“”）学位论文作者签名：指导教师签名：日期：年月日日期：年月日华中科技大学硕士学位论文摘 要在全球经济一体化的时代，公司面临着前所未有的挑战，现金流短缺、错失投资良机、资金链断裂等问题时刻考验着公司的经营能力，管理者必须为公司的发展积蓄能量有计划的保留尚未使用的借债能力，这种能力即为财务弹性。它是公司财务决策过程中重要的参考因素，也是公司资本结构理论研究的盲区，并逐步成为学术研究的热点问题。财务弹性一方面可以缓解企业的融资困
4、境，帮助公司顺利的进入资本市场进行融资；另一方面可以改善企业的投资状况，保证公司不因资金短缺而放弃有价值的投资机会，确保公司择优投资的能力，为公司创造更多的价值。本文系统的回顾了国内外关于公司资本结构、财务弹性与公司治理结构的相关文献，借鉴了国外学者最新的研究成果，选取了我国沪深两市非金融类上市公司 20072011 年的相关样本数据，采用固定效应模型，对公司财务弹性的状况、其主要来源，以及其对公司绩效的影响进行研究。主要的研究结论为：（1）公司的目标杠杆水平与行业杠杆中间值、市帐率、资产有形率、盈利能力和公司规模有着紧密的关系。具体而言，行业杠杆中间值、盈利能力与长期杠杆水平所呈现出的正相关
5、关系，为权衡理论论调提供了有力的支持。同时，公司的市帐率、资产有形率、公司规模与长期杠杆水平之间的负相关关系则证明了融资优序理论的合理性。（2）我国上市公司对财务弹性的重视程度较高，具有财务弹性的上市公司所占比例为 35%。但是，各行业间的财务弹性水平有着较大的差异，其中，制造业的财务弹性最高，农、林、牧、渔业的财务弹性相对较低。（3）通过研究公司财务杠杆中债务的净变化，发现财务弹性的主要来源是公司未使用的债务能力。（4）财务弹性对公司的财务业绩和市场业绩有着较强的解释力度，并对公司业绩的提升有显著的影响。同时，从公司治理结构层次上看，目前我国的董事会规模I华中科技大学硕士学位论文与独立董事比
6、例对公司整体业绩水平的影响不显著。关键词：长期目标杠杆水平 财务弹性 财务业绩 市场业绩II华中科技大学硕士学位论文AbstractThe time of global economic integration, participant encountered unprecedentedchallenges, cash flow shortages, miss investment opportunities, problems such as capitalchain rupture time tests the companys management ability, managers h
7、ad to storenecessary energy for the development of the company - a spare debt capacity, this kind ofability is called financial flexibility. It is the important reference factor of companysfinancial decision-making process, and is also the blind area in capital structure theoryresearch, and graduall
8、y become the focus of academic research problems. On the one hand,financial flexibility can relieve enterprise financing difficulties, and help the companysmoothly into the capital market financing. On the other hand, it can improve enterprisesinvestment condition. And it also ensures the company do
9、es not give up the valuableinvestment opportunity due to shortage of funds. While it can also ensure that companieshave the ability to choose the best investment, create the greater value for the company inthe future.The review is based on both home and abroad literature like capital structure,finan
10、cial flexibility and corporate governance, and drawing on foreign scholars to thelatest research results. Then it selects non-financial listed companies in Shanghai andShenzhen Stock Exchange with complete financial data from 2007 to 2011 as samples,using fixed two-factor utility model, empirically
11、researches the companys financialflexibility, the main source of financial flexibility and its effect on the performance.The main research findings are:(1) The target leverage of company has a close relationship with median industryleverage, market to book ratio, asset tangibility, profitability and
12、 size. The result finds thatthe target leverage of company is positive correlate with median industry leverage andprofitability, which support the trade-off theory. The target leverage of company isIII华中科技大学硕士学位论文negative correlate with market to book ratio, asset tangibility and size, which support
13、 thepecking order theory.(2) With a listed company with the financial flexibility to the overall proportion of35%, the listed companies of China pay high attention to the financial flexibility. However,the different industry has a greater difference in the level of financial flexibility, where thehi
14、ghest financial flexibility in the manufacturing sector, farming, forestry, animalhusbandry and fisher in relatively low level.(3) Via the research of companies leverage change in net debt levels, financialflexibility mainly derived from the spare debt capacity of the company.(4) Financial flexibili
15、ty has a strong explanation to the companys performance. Andit has a significant impact on the performance in statistics. Meanwhile, in terms ofcorporate governance structure, size of boards and the proportion of the independentdirector have no remarkable influence to corporate performance.Keywords: Long-run target leverageFinancial flexibilityFinancial performanceMarket performanceIVABSTRACT.论.论.华中科技大学硕士学位论文目 录摘 要. I. III1绪论. （2）1.1 研究背景及意义 . （2）1.2 研究方法和主要框架 . （2）1.3 本文
