【作者】 张强；

【导师】 俞培果；

【作者基本信息】 西南科技大学 ， 工商管理， 2016， 硕士

【摘要】 负债融资是现代资本结构理论的核心组成部分,由于负债融资具有税盾等效应,对提高企业绩效有重要作用,同时负债融资还能够对代理人进行激励和约束,改善公司的治理效率,因此对负债融资的研究具有十分重要的意义。智能工业是伴随着科技发展出现的一种新的生产模式,是工业4.0时代制造业发展质量的决定性因素。我国的智能工业发展相对滞后,处于重要的转型和升级期,而智能工业对资本的运作效果,直接决定了我国制造业在工业4.0时代能否占得先机。因此,展现智能工业整体的负债融资状况,研究负债融资对企业绩效的影响,并基于研究结果进行相应的调整和优化很有必要。本文围绕负债融资对智能工业企业绩效的影响及关系展开研究。首先,进行已有研究的相关理论分析。其次,结合相关理论,研究负债融资对智能工业绩效影响,并提出相应的理论假设。再次,在量化分析中,构建企业绩效的量化模型,选取模型所需合适的研究自变量和控制变量,并与经过因子分析得出综合绩效得分、反映企业绩效的20个财务指标建立面板数据模型,通过回归分析得出被解释变量和解释变量的相关函数关系。最后,对量化分析结果进行总结,并在此基础上提出相关优化建议。本文实证研究表明,当前智能工业整体行业负债融资结构不合理,资产负债率与企业绩效呈负相关;资产负债率和企业绩效呈现非线性二次函数关系,随着负债比例的增加企业绩效呈先升高后降低的趋势,二者呈倒“U”型结构;短期负债率在期限负债结构中所占比例过高,与企业绩效呈较为明显的正相关关系;长期负债率在期限负债融资中所占比例较低,与企业绩效呈负相关关系。更多还原

【Abstract】 Debt financing is the important part of modern capital structure theory, due to the debt financing possess tax shield effect and other effects, it is good to improve business performance, simultaneously it can incentives and constraints agent and to improve the efficiency of corporate governance, so it has very important significance on Studying debt financing.Intelligent industrial is a new mode of production which is accompanied science development, is the core factor in the development of manufacturing of industry 4.0era. intelligent industrial in Our country is lagging behind other developed countries,and is at an important period of transformation and upgrading,the effect on the operation of the capital directly determine Our country can grasp good opportunity in the Industry 4.0 era. Therefore, it is essential to show the conditions intelligent industrial and debt financing, to research the impact of debt on enterprise performance,and to make the appropriate adjustments and optimization on the Research results.The study of this paper focuses on the influence and relationship between debt financing and business performance of intelligent industrial. Firstly, analyzing the relevant and existing research. Secondly, studying the impact of debt financing on intelligent industrial’s performance through some related theories. Thirdly, getting comprehensive performance score through structuring quantitative models and operating factor analysis on 20 financial indicators, and the result will establish panel data regression model with other research and control variables, correlation function of dependent variable and the explanatory variables will be showed. Finally, this paper will summary the empirical results and put forward relevant optimized suggestion.Empirical research of this paper show: the structure of the current Asset-liability ratio is irrational in intelligent industrial, debt financing and corporate performance have negative correlation; Asset-liability ratio and corporate performance have quadratic function relationship, corporate performance drop after increase by following debt financing, and they shape “U” structure cartoon; short-term Asset-liability ratio have high proportion in the debt structure and they have positivecorrelation; Long-term Asset-liability ratio financing have low proportion in the debt structure and they have negative correlation.更多还原