【作者】 尹庆伟；

【导师】 张双才；

【作者基本信息】 河北大学 ， 世界经济， 2023， 博士

【摘要】 在我国,债务融资是企业最主要的融资渠道,但现实中企业的债务融资具有两面性。一方面债务融资给企业提供资金便利,在资金使用绩效超过债务融资成本的情况下,债务融资能够提升股东投资者收益水平;相反债务融资利用不当,融资绩效低将会贬损企业价值,给企业带来财务风险。近些年来,我国企业债务融资水平呈明显上升的趋势,与此同时,企业债务违约案例也不断发生。不断上升的债务水平和债务违约,预示企业债务融资风险在不断累积,提示我们必须时刻注意债务融资引发的财务风险问题。既往研究企业债务融资风险防范多从债务总量控制、宏观政策的角度出发,本文跳出传统思维从债务融资绩效的角度思考缓解债务风险的方法。通过对比中美企业股权结构差异,分析企业股权结构效应,探究企业股权结构与债务融资绩效的联系,并以中美两国非金融类上市公司2011—2020年的实际经营数据为依据,测定并比较评价债务融资绩效,并实证检验两国企业股权结构对债务融资绩效的影响,根据比较结果,结合我国企业股权结构变化发展趋势及改革方向,提出通过优化我国企业股权结构,建立企业自身债务风险的内生控制机制,防范企业债务融资风险的思路。本文的主要内容由八部分构成:一是引言部分,内容主要介绍研究的现实背景、目的、方法,涉及的基本概念,如对债务融资绩效进行了界定,阐释相关内涵。二是理论基础及文献综述,针对股权结构与债务融资绩效的相关理论和文献研究成果进行了梳理,构建论文研究的理论和文献基础。第三章对比分析中美两国企业股权结构识别我国企业股权结构特征。在认识我国企业股权结构特征基础上,分析股权结构效应即股权结构对企业产生的影响。第四章在第三章分析股权结构效应基础上,研究股权结构影响债务融资绩效的途径,用数理方法推导债务融资效率影响因素,构建分析模型推导企业股权结构影响企业债务融资绩效的机理。第五章以我国A股和美国上市公司为样本,选取其2011年—2020年债务融资相关数据,对样本公司的债务融资效率和债务融资治理绩效方面进行测定与评价,并结合中美上市公司债务融资绩效测定情况进行对比分析,分析我国企业债务融资绩效的实际情况。第六章以第五章测定的样本公司债务融资效率为基础,采用Tobit模型对于股权结构对债务融资效率的影响进行实证检验,对比分析中美上市公司股权结构对于企业债务融资效率的影响。第七章以第五章评价的债务融资规模对企业过度投资的影响为基础,通过构建模型,实证检验股权结构对于债务融资治理绩效的影响,并对比分析中美上市公司股权结构对债务治理绩效的影响。第八章根据以上分析结果,对我国企业优化股权结构,提高企业债务融资绩效,降低债务融资风险水平提出建议。根据本论文的研究得出以下结论:1.我国企业债务融资水平偏高,债务风险积聚。债务风险的重要表现是企业债务融资绩效偏低,长期发展将恶化企业债务风险。同时我国企业股权集中度偏高、股权制衡度偏弱、高管持股比例低,企业第一大股东的国有属性给企业经营带来广泛影响,股权结构通过各种途径,最终会影响企业债务融资绩效。2.我国企业债务融资绩效偏弱体现在两个方面,一方面从债务融资的投入产出角度,2011年-2020年间样本公司债务融资效率呈现下降趋势,与美国企业比较,我国企业债务融资效率偏低。另一方面,我国企业债务融资外部治理效应不理想,债务融资规模对于企业过度投资缺乏抑制能力。3.企业股权结构对债务融资效率产生影响,以股权集中度、股权制衡度、第一大股东股权属性为代表的股权结构特征与债务融资效率显著相关。样本实证检验数据表明,第一大股东的国有股权属性弱化债务融资效率,股权制衡度提高有利于提高债务融资效率,股权集中度与债务融资效率弱负相关。4.股权结构会影响企业债务外部治理绩效。股权集中度越高将降低债务融资治理绩效,同时加剧债务规模提升对债务治理绩效的不利影响;股东之间制衡度加强有助于提升债务融资治理效应,同时债务制衡度加强能缓解债务融资规模提升对债务治理绩效的不利影响;高管持股占比与债务融资外部治理关系不明显,第一大股东国有股权属性对于债务融资治理绩效影响显著,第一大股东的国有资本属性将加剧债务规模提升对债务治理绩效的不利影响。更多还原

【Abstract】 In China,debt financing is the most important financing channel for enterprises,but in reality,the debt financing of enterprises has two sides.On the one hand,debt financing provides financial convenience for enterprises.When the performance of fund use exceeds the cost of debt financing,debt financing can improve the level of shareholder investors’ income;On the contrary,improper use of debt financing and low financing performance will degrade the value of the enterprise and bring financial risks to the enterprise.In recent years,the level of corporate debt financing in China has shown a significant upward trend,while corporate debt default cases continue to occur.Rising debt levels and debt defaults indicate that corporate debt financing risks are accumulating,suggesting that we must always pay attention to the financial risks caused by debt financing.In the past,research on the prevention of corporate debt financing risks has mostly focused on the perspective of total debt control and macro policy.This article has jumped out of traditional thinking and considered ways to mitigate debt risks from the perspective of debt financing performance.By comparing the differences in equity structure between Chinese and American companies,analyzing the effects of corporate equity structure,exploring the relationship between corporate equity structure and debt financing performance,and based on the actual operating data of non-financial listed companies in China and the United States from 2011 to 2020,measuring and comparing debt financing performance,and empirically testing the impact of corporate equity structure on debt financing performance in both countries,Based on the development trend and reform direction of China’s enterprise equity structure,this paper proposes the idea of optimizing China’s enterprise equity structure,establishing an endogenous control mechanism for enterprise debt risk,and preventing enterprise debt financing risk.The main content of this article consists of eight parts: The first part is the introduction,which mainly introduces the practical background,purpose,methods,and basic concepts involved in the study,such as defining debt financing performance and explaining relevant connotations.The second is theoretical basis and literature review,which combs the relevant theories and literature research results of equity structure and debt financing performance,and constructs the theoretical and literature basis for this paper’s research.The third chapter compares and analyzes the equity structure of Chinese and American enterprises to identify the characteristics of Chinese enterprises’ equity structure.Based on the understanding of the characteristics of equity structure in Chinese enterprises,this paper analyzes the impact of equity structure on enterprises.Based on the analysis of equity structure effects in Chapter 3,Chapter 4 studies the ways in which equity structure affects debt financing performance,uses mathematical methods to derive the impact of debt financing efficiency on response to litigation,and constructs an analytical model to derive the mechanism by which corporate equity structure affects corporate debt financing performance.Chapter 5 takes Chinese A-share and American listed companies as samples,selects their debt financing related data from 2011 to 2020,and measures and evaluates the debt financing efficiency and debt financing governance performance of the sample companies.It also compares and analyzes the debt financing performance of Chinese and American listed companies,and analyzes the actual situation of debt financing performance of Chinese enterprises.Based on the debt financing efficiency of sample companies measured in Chapter 5,Chapter 6 uses the Tobit model to empirically test the impact of equity structure on debt financing efficiency,and compares and analyzes the impact of equity structure on corporate debt financing efficiency of listed companies in China and the United States.Based on the impact of debt financing scale on corporate overinvestment evaluated in Chapter 5,Chapter 7 empirically tests the impact of equity structure on debt financing governance performance by constructing a model,and compares and analyzes the impact of equity structure on debt governance performance of listed companies in China and the United States.Based on the above analysis results,Chapter VIII proposes suggestions for Chinese enterprises to optimize their equity structure,improve their debt financing performance,and reduce the level of debt financing risk.Based on the research in this paper,the following conclusions are drawn:1.China’s enterprises have a relatively high level of debt financing and accumulated debt risks.An important manifestation of debt risk is the low performance of corporate debt financing,and long-term development will worsen corporate debt risk.At the same time,China’s enterprises have a high degree of equity concentration,a weak degree of equity checks and balances,and a low proportion of senior executives’ shareholding.The state-owned nature of the largest shareholder in an enterprise has a broad impact on enterprise operations.The equity structure will ultimately affect the performance of enterprise debt financing through various channels.2.The weak debt financing performance of Chinese enterprises is reflected in two aspects.On the one hand,from the perspective of input and output of debt financing,the debt financing efficiency of sample companies showed a downward trend between 2011 and2020.Compared with American enterprises,the debt financing efficiency of Chinese enterprises is relatively low.On the other hand,the external governance effect of corporate debt financing in China is not ideal,and the scale of debt financing lacks the ability to inhibit excessive investment by enterprises.3.The equity structure of enterprises has an impact on the efficiency of debt financing.The characteristics of equity structure represented by equity concentration,equity balance,and the ownership attribute of the first largest shareholder are significantly related to the efficiency of debt financing.The sample empirical test data shows that the state-owned equity attribute of the largest shareholder weakens the efficiency of debt financing,and an increase in equity checks and balances is conducive to improving the efficiency of debt financing.Equity concentration is weakly negatively correlated with debt financing efficiency.4.The ownership structure will affect the external governance performance of corporate debt.The higher the concentration of equity,the lower the performance of debt financing governance,while exacerbating the adverse impact of increased debt scale on debt governance performance;Strengthened checks and balances between shareholders can help improve the governance effect of debt financing,while strengthening debt checks and balances can alleviate the adverse impact of increased debt financing scale on debt governance performance;The relationship between executives’ shareholding ratio and external governance of debt financing is not significant.The state-owned equity attribute of the first largest shareholder has a significant impact on debt financing governance performance.The state-owned capital attribute of the first largest shareholder will exacerbate the adverse impact of debt scale improvement on debt governance performance.更多还原