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MBA硕士论文_债权融资模式选择的影响因素研究DOC

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文本描述
摘要
融资是企业一项重要的经营活动,融资方式影响着企业的资本结构和治理结构,
因此对企业的价值也会产生重大的影响。通常融资分为内源融资和外源融资。内源
融资通常来自企业内部的经营活动;外源资金则是指企业向外部经济体筹集的资
金。外源资金包括股权融资、债权融资两类

由于信息不对称,投资者会通过公司的资本结构对公司的经营状况和价值进行
判断,因此公司的资本结构会对公司的市场价值造成一定影响。企业通过偾权融资
对投资者而言是一个积极的市场信号,企业的市场价值与债务呈正相关关系,而企
业通过股权融资则是一个消极的市场信号,投资者会认为只有股价高于公司实际的
价值时,企业管理者才会选择发行股票融资,因此企业宣布发行股票的消息,现有
的股票市场价值会下降。所以企业在融资时存在优序融资理论

企业通过债权进行融资的方式有许多种,包括银行贷款、发行公司债、中期票
据、短期融资债券、可转换债券等等,本文主要是针对我国水利、环境和公共设施
管理业上市公司的相关数据对发行债券进行融资的的影响因素进行讨论的

2016年9月27日国家发改委和环境保护部印发的《关于培育环境治理和生态
保护市场主体的意见》提出了要加快形成良好规范的市场环境培育环境治理和生态
保护市场主体,为市场提供更多更好的生态环境产品,培育新的经济增长点,以适
应经济发展新常态。《意见》中明确提出要构建多元化市场投融资体系,拓宽融资
渠道,鼓励符合条件的环境治理和生态保护建设项目通过债券市场筹集投资资金

但是我国水利、环境和公共设施管理业通过债券市场通过发行债券的方式进行
融资的比例还是很低,因此本文试图通过我国对水利、环境和公共设施管理业的上
市公司债权融资模式选择的影响因素进行研究,探宄影响环境和公共设施管理业的
上市公司选择债券模式的因素,为相关企业选择融资方式提供一些参考

本文按照“研宂背景一文献综述一我国企业债权融资发展概况一以水利、环境
和公共设施管理业上市公司为例对上市公司债权融资模式选择的影响因素进行研
究一结论与建议”的思路进行,首先介绍研究背景及目的,然后对本文涉及到的一
些文献及理论进行综述,接着介绍了我国企业债权融资发展的概况,接下来就是利
用相关数据对我国水利、环境和公共设施管理业上市公司债券融资方式的影响因素
进行实证分析得出结论,本文的主要结论有:公司规模、资产负债率会对我国水利、
环境和公共设施管理业上市公司发行债券进行融资产生正向显著影响;营业收入会
II 硕士学位论文
MASTER
&39;
S THESIS
对我国水利、环境和公共设施管理业上市公司发行债券融资会产生显著的负向影
响,其他变量现金流、每股收益和公司年龄的影响都不显著。最后根据相关结论提
出建议

关键词.债权融资模式;影响因素,实证分析
III 硕士学位论文
MASTER
&39;
S THESIS
Abstract
Financing is an important business activities, the financing of the enterprise&39;s capital
structure and governance structure, so the value of the enterprise will have a significant
impact. Often financing is divided into endogenous financing and external financing.
Internal financing is usually from within the enterprise business activities; external funds
refers to the enterprise to the external economies to raise funds. Foreign funds include
equity financing and debt financing.
As the information asymmetry, investors will be through the company’s capital
structure of the company&39;s operating conditions and value to judge, so the company&39;s
capital structure will have a certain impact on the company&39;s market value. Enterprises
through the debt financing is a positive market signal for investors, the market value of
the enterprise and the debt was positively related to the enterprise through equity
financing is a negative market signal, investors will think that only the stock price is
higher than the actual Value, the enterprise managers will choose to issue equity
financing, so the company announced the issue of shares of the news, the existing stock
market value will decline. So the enterprise in the financing of the existence of optimal
order financing theory.
There are many kinds of ways that enterprises can finance through the creditor&39;s
rights, including bank loans, corporate bonds, medium-term notes, short-term financing
bonds, convertible bonds and so on. This paper mainly deals with the relevant data of
listed companies in China&39;s water conservancy, environment and public facilities
management The factors influencing the financing of the issue of bonds are discussed.
September 27,2016,the National Development and Reform Commission and the
Ministry of Environmental Protection issued the on the cultivation of environmental
management and ecological protection market,the main body of the views” proposed to
IV 硕士学位论文 MASTER&39;S THESIS
accelerate the formation of a well-regulated market environment to cultivate
environmental management and ecological protection market, to provide more good
ecological environment products, cultivate new economic growth point to adapt to the
new normal economic development. Opinions” clearly put forward to build a diversified
market investment and financing system, broaden the financing channels to encourage
qualified environmental management and ecological protection construction projects
through the bond market to raise investment funds.
However, China&39;s water conservancy, environment and public facilities management
industry through the bond market through the issuance of bonds to the proportion of
financing is still very low, so this paper attempts to China&39;s water conservancy,
environmental and public facilities management industry listed companies credit
financing model selection factors To study the factors that affect the choice of bond
mode by the listed companies that affect the environment and public facilities
management industry, and provide some reference for the enterprises to choose the
financing mode.
In this paper, according to the ’’research backgroundliterature review - the
development of corporate credit financing in China - to water conservancy, the
environment and public facilities management industry listed companies as an example
of listed companies creditor financing model selection factors - conclusions and
recommendations Firstly, it introduces the research background and purpose, then
summarizes some of the literatures and theories involved in this paper, then introduces
the development of corporate credit financing in China, and then uses the relevant data to
analyze the corporate bonds of listed companies in China&39;s water conservancy,
environment and public facilities The main conclusions of this paper are as follows: the
scale of the firm and the asset-liability ratio will have a significant positive impact on the
financing of the issuers of listed companies in China’s water conservancy, environment
v 颂士学位论文
MASTER
&39;
S THESIS
and public facilities management industry. There is a significant negative impact on the
issuance of bond financing by listed companies in China&39;s water conservancy,
environment and public facilities management. The impact of other variables on cash
flow, earnings per share and company age is not significant. Finally, make
recommendations based on the relevant conclusions.
Key words: creditor&39;s financing model;influencing factors;empirical analysis
VI 硕士学位论文 MASTER&39;S THESIS
目录
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Abstract IV
第一章绪论 1
l.i选题背景与意义1.2基本思路与研宄框架1.3研宄方法1.4论文的创新与不足第二章文献综述2.1基本概念的界定2.1.1融资方式2.1.2融资成本2.2早期企业资本结构理论2.2.1净收入理论2.2.2净营运收入理论2.2.3传统
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