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MBA论文_生命周期视角下批零企业债务融资与财务绩效的关系研究DOC

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文本描述
摘要
企业生命周期的概念是始于仿生学之中,目前已经有越来越多的学者开始关
注其在财务管理领域的应用。虽然国外的很多学者在此领域做出了较多的贡献,
但在我国应用的范围还不够广泛

论文以批发零售上市公司为研究对象,以企业生命周期理论、MM 理论等为
理论基础,采用文献研究、实证分析相结合的研究方法,对企业生命周期视角下
债务融资与财务绩效的关系进行研究。首先,筛选出 95 家批发零售上市公司,
再采用增长率分类法将批发零售业的生命周期分为:成长期 27 家、成熟期 24
家、衰退期 44 家。其次,选取因变量:总资产收益率;自变量:资产负债率、
短期负债率、长期负债率;控制变量:总资产的对数、总资产增长率、全部资产
现金回收率,并且借助 SPSS 软件对 2010-2015 年我国批发零售上市公司 570 个
样本数据进行统计分析。VIF 多重共线性检验结果显示,各变量指标之间不存在
严重的多重共线性问题,排除变量间共线性问题对实证结果影响。研究结论:(1)
批发零售上市公司的负债比率、负债期限和财务绩效在生命周期的不同阶段具有
显著差异;(2)批发零售上市公司在生命周期的不同阶段,资产负债率与财务
绩效负相关,资产负债率的增加会导致财务绩效的减少;(3)在成长期和衰退
期,短期负债与财务绩效正相关,长期负债率与财务绩效负相关;在成熟期,短
期负债率与财务绩效负相关,长期负债率与财务绩效正相关。根据理论与实践分
析,提出建议:根据企业实际情况,确定适度债务融资比重;合理配置短期负债
与长期负债的比例,增加长期负债的比重;积极拓宽债务融资渠道,鼓励多种方
式融资

论文的研究内容具有一定的意义,既可以丰富相关理论,也为批发零售上市
公司的融资策略提供建议

关键词:企业生命周期;债务融资;财务绩效II
Abstract
The concept of the enterprise life cycle began in bionics, and more and more
scholars have begun to focus on its application in financial management. Although
many scholars abroad have made more contributions in this area, the scope of
application in China is not wide enough.
Paper to wholesale and retail listed companies as the research object,with
enterprise life cycle theory,MM theory as the theoretical basis,using literature
research,the research method of combining empirical analysis to the enterprise life
cycle perspective of debt financing to study the impact on financial performance.First,
select 95 wholesale and retail of listed companies,and then USES the growth rate of
classification to wholesale and retail life cycle is divided into:growth 24 27,mature
period, decline phase 44.Second,select the dependent variable:the total return on
assets,the independent variable:asset-liability ratio,short-term debt ratio and long-term
asset-liability ratio, control variables: the logarithm of total assets, total assets growth
rate, total assets cash recovery rate,and with the help of SPSS software, wholesale and
retail listed companies in China from 2010 to 2015,570 sample data for statistical
analysis. 2 VIF is based multicollinearity test results show that the variable index does
not exist between serious multicollinearity problems,eliminate collinearity problem
between variables affect the empirical results. Research conclusion: (1) wholesale and
retail in the different stages of life cycle, the ratio of debt financing and financial
performance has the remarkable difference; (2) wholesale and retail listed companies
in the different stages of life cycle,asset-liability ratio is negatively related to financial
performance,the increase of the asset-liability ratio will lead to a drop in financial
performance:(3)the growth and decline of short-term debt ratio and financial
performance is related,the long-term debt ratio is negatively related to the financial
performance;Mature period of short-term debt ratio is negatively related to the
financial performance,long-term debt ratio and financial performance are related.
According to the theory and practice analysis,put forward the proposal:wholesale and
retail of listed companies to choose debt financing strategy according to the
characteristics of the life cycle;Keep the reasonable asset-liability ratio;To determine
reasonable term structure of debt financing;Widen the channel of the debt financing.
That is to say,the paper research content has a certain meaning,can not only enrichIII
related theory,as well as wholesale and retail listed companies financing strategy
advice.
Key Words: Firm Life Cycle;Debt Financing;Financial PerformanceIV
目录
摘要.......I
Abstract . II
第 1 章 引言......1
1.1 研究背景......... 1
1.2 研究意义......... 2
1.3 文献综述......... 2
1.3.1 债务融资与财务绩效相关综述.......... 2
1.3.2 企业生命周期相关综述.......... 5
1.3.3 文献评述.......... 7
1.4 研究方法......... 8
1.5 研究内容与框架......... 8
1.6 论文的创新..... 9
第 2 章 研究的理论基础........11
2.1 相关概念界定........... 11
2.1.1 债务融资........ 11
2.1.2 财务绩效........ 11
2.1.3 企业生命周期 12
2.2 相关理论基础........... 12
2.2.1 债务融资对财务绩效影响的相关理论........ 12
2.2.2 企业生命周期理论.... 15
第 3 章 我国批发零售上市公司的现状分析17
3.1 基本情况....... 17
3.1.1 定义.... 17
3.1.2 分类.... 17
3.1.3 数量分析........ 18
3.2 财务绩效的现状分析........... 18
3.3 债务融资的现状分析........... 20
3.3.1 资产负债率分析........ 20
3.3.2 短期负债率分析........ 22
第 4 章 债务融资对财务绩效影响的模型设计........24V
4.1 企业生命周期阶段的划分... 24
4.2 研究假设的提出....... 25
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