摘要
制造业是我国现代经济发展的支柱型产业，随着市场经济的不断发展，我国
制造业在全球制造业中占据了重要地位，其总产值占全球总产值的 20%。但是，
我国制造业企业在飞速发展的过程中，暴露出了许多债务、信用问题，如造假、
债务拖欠、生产产品质量及安全问题等等，这一系列的债务与信用问题严重影响
了我国制造业企业的长期发展。目前，国内外学者在研究制造业行业领域时，主
要集中于公司债务融资的选择、企业的信用评价体系建设等等，将企业的信用和
债务期限结构相互联系，共同探讨两者对企业绩效的作用关系的文献较少，使得
该研究领域缺乏理论的参考与实证的支撑

本文首先通过对前期相关学者有关企业债务期限结构和企业信用的相关文
献总结归纳，对有关的理论梳理总结，探讨了债务期限结构、企业信用对企业绩
效的理论影响关系。其次，依据本文的研究目的来定义本文研究的基本概念，并
构建了研究的变量与假设，针对制造行业，选择了 323 家在沪市 A 股主板上市的
制造业企业作为研究分析的样本。然后，运用 Stata12.0 计量分析软件，对制造
业上市企业年的样本数据进行实证分析，建立债务期限结构、企业信
用对企业绩效的关系研究模型，通过描述性统计、相关性分析、回归分析与稳健
性检验对本文的研究假设进行验证。研究发现，企业的债务期限结构与企业绩效
总体显著负相关，企业信用与企业绩效则表现为正相关的关系，且相关度较高，
另外，债务期限结构与企业信用也表现出负相关。最后，从优化债务期限结构、
建立与完善债券市场、增强企业信用建设三个方面对制造业企业的绩效水平提高
提出建议，最终使得企业的绩效能够获得长久的发展与提升

关键词：制造业企业；债务期限结构；企业信用；企业绩效II
Abstract
Manufacturing industry is a pillar industry of China's modern economic
development,With the continuous development of market economy, China's
manufacturing industry occupies an important position in the global manufacturing
industry, the total output value of the global total output value of 20%.However,
China's manufacturing enterprises in the process of rapid development, exposed a lot
of debt, credit problems, such as fraud, debt default, production quality and safety
issues and so on,This series of debt and credit problems have seriously affected the
long-term performance of China's manufacturing enterprises.At present, domestic and
foreign scholars in the study of the manufacturing industry, the main focus on the
choice of corporate debt financing, corporate credit rating system construction,
etc.,The relationship between enterprise's credit and debt maturity structure and the
relationship between them is less,Makes the research field lack of theoretical
reference and empirical support.
In this paper, first, through the relevant literature on corporate debt maturity
structure and corporate credit related literature summary,To summarize the relevant
theory, the thesis discusses the relationship between debt maturity structure and
corporate credit on enterprise performance.Secondly, based on the purpose of this
study, this paper defines the basic concepts of this study, and constructs the variables
and assumptions of the study,According to the manufacturing industry, the selection
of the 323 in Shanghai A shares listed on the main board of the manufacturing
enterprises as research sample.Then, using Stata12.0 analysis software, the listed
manufacturing enterprisesyears of sample data for empirical analysis,A
study on the relationship between debt maturity structure and corporate credit to firm
performance,Through descriptive statistics, correlation analysis, regression analysis
and robustness test to verify the research hypothesis of this paper.The study found that
the corporate debt maturity structure and corporate performance is significantly
negative correlation, corporate credit and corporate performance is positive
correlation, and the correlation is higher,In addition, the debt maturity structure and
corporate credit also showed a negative correlation.Finally, from the optimization of
debt maturity structure, establish and improve the bond market, strengthen enterprise
credit construction three aspects to improve the manufacturing industry enterprise'sIII
performance level and make recommendations. Ultimately, the performance of
enterprises to obtain long-term development and promotion.
Key words: manufacturing enterprise; debt maturity structure; enterprise credit;
enterprise performanceIV
目 录
第 1 章 引言1
1.1 研究背景和意义...1
1.1.1 研究背景........1
1.1.2 研究意义........3
1.2 国内外研究综述...3
1.2.1 企业债务期限结构的研究...3
1.2.2 企业信用的研究........5
1.3 研究目的和方法...8
1.3.1 研究目的........8
1.3.2 研究方法........8
1.4 研究内容和框架...8
1.5 创新点与不足........9
1.5.1 本文的创新点9
1.5.2 存在的不足..10
第 2 章 债务期限结构、企业信用对企业绩效影响的理论研究.....11
2.1 债务期限结构的理论研究........ 11
2.1.1 债务期限结构的概念.........11
2.1.2 债务期限结构的理论基础.11
2.1.3 制造业债务期限结构度量.13
2.2 企业信用的理论研究.....14
2.2.1 企业信用的概念界定.........14
2.2.2 企业信用的特征与功能.....14
2.2.3 企业信用的度量..... 16
第 3 章 研究假设与模型构建..20
3.1 研究假设..20
3.1.1 债务期限结构与企业绩效.20
3.1.2 企业信用与企业绩效.........21
3.1.3 债务期限结构与企业信用.22
3.2 实证模型构建......23
3.2.1 研究方法和数据收集.........23
3.2.2 变量的选取与定义.24V
3.2.3 模型构建......26
第 4 章 实证研究及结果分析....28
4.1 描述性统计..........28
4.2 相关性分析..........29
4.3 回归性分析..........31
4.3.1 债务期限结构与企业绩效.31
4.3.2 企业信用与企业绩效.........34
4.3.3 债务期限结构与企业信用.36
4.4 实证结果分析......38
第 5 章 结论及政策建议.40
5.1 研究结论..40
5.2 政策建议..41
参考文献....44
致谢.48
个人简历、在学期间发表的学术论文与研究成果.....491
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