【作者】 陈颖；

【导师】 薛祖云；

【作者基本信息】 厦门大学 ， 工商管理（EMBA）（专业学位）， 2017， 硕士

【摘要】 近几十年来,我国证券市场由小到大,呈现高速发展势头,上市公司数量和质量均实现质的飞跃,而随着我国证券市场的发展壮大,上市公司委托理财也日益普遍,2011年共有55家上市公司发布了购买理财产品的公告,理财总额为245亿元,2012年购买理财产品的上市公司增长为104家,资金规模达到614亿元,2013年上市公司购买理财产品资金规模进一步增长至2000亿元,达到2107亿元。而到2015年上市公司购买理财产品的公司达到582家,金额接近5000亿元,我国上市公司购买理财产品规模呈现迅猛的发展态势。为什么上市公司热衷于委托理财,影响上市公司委托理财的机制是什么?上市公司委托理财对于提高公司业绩的效应如何?上市公司委托理财发展中面临哪些潜在问题?这些问题的回答,对于更好的认识上市公司委托理财行为的成因及内在机制,以及了解上市公司委托理财的成效具有重要的现实意义。本文结合理论和实证研究方法,从微观的企业视角,考察上市公司委托理财的影响因素及效应,与此同时利用案例分析方法,对上市公司委托理财开展中存在的问题也进行了较为详细的探讨。首先是对上市公司委托理财的发展现状进行简要的分析,,接着利用2011-2015年103家购买委托理财产品的上市公司为考察样本,从企业微观视角,考察了影响委托理财的因素,实证研究表明上市公司委托理财规模受到上市公司债务水平、股权集中度、现金流量、企业规模及盈利水平的影响,其中债务水平的提高、盈利水平的提高不利于委托理财规模的增长,而现金流量的增加、企业规模的扩大以及股权集中度的提高均有利于委托理财规模的增长。本文实证研究还发现委托理财对上市公司业绩的提升具有显著的正向影响。虽然,上市公司委托理财对公司绩效提升有积极的意义,然而本文通过兆驰股份委托理财案例研究发现,忽视公司主业,而过度强调委托理财,对公司长期发展将产生不利影响,同时当前企业委托理财中,也面临着一系列问题需要解决,依据实证研究和案例研究,本文最后提出了促进上市公司委托理财健康发展的若干对策建议。更多还原

【Abstract】 In recent decades,China’s securities market from small to large,presents the momentum of rapid development,both quantity and quality of listed companies realize the qualitative leap,as the development of securities market in our country,entrust financing of listed companies are increasingly common,a total of 55,2011 listed companies released the announcement to buy financial products,financial management totaled 24.5 billion RMB,buy products listed company growth in 2012 to 104,the funds reached 61.4 billion RMB,2013 listed companies to buy financial products further funds growth to 200 billion RMB,210.7 billion RMB.In 2015 of 582 listed companies to buy financial products company,amount to 500 billion RMB,the scale of Chinese listed companies to buy financial products show rapid development momentum.Why listed companies keen to entrust financing,effect mechanism of entrust financing of listed companies is what?Effect of entrust financing of listed companies to improve company performance?What are the potential problems faced in the entrust financing of listed company development?Answers to these questions,for better understanding the causes and the internal mechanism of entrust financing behavior of listed companies,as well as the understanding of entrust financing of listed companies results have important practical significance.This paper combines the theory and empirical research methods,from the micro enterprise perspective,to study the factors affecting the effect of entrust financing of listed companies and at the same time,using the case analysis method,the entrust financing problems in the implementation are discussed in detail.The first is a brief analysis of the development status of entrust financing of listed companies,and then based on the data of 2011-2015 and used 103 company which to buy financial products commissioned by the listed companies as samples,from the micro perspective,analyzes the influence of trust financing,empirical studies show that the influence of entrust financing of listed companies by the scale of debt,equity,cash flow,enterprise scale and profit level set,which raise the level of profitability of debt,is not conducive to the improvement of trust financing scale growth and cash flow increased and the expansion of business scale and ownership concentration are conducive to the improvement of trust financing scale growth.In this paper,the empirical study also found that the financial management of listed companies to improve the performance of a significant positive impact.Although,entrust financing of listed companies has a positive significance to improve corporate performance,but the Siu Chi shares authorized financial management case study found that ignoring the main business of the company,and the excessive emphasis on trust management,long-term development will have an adverse effect on the company,at the same time,the current enterprise entrusted financial management,is also facing a series of problems to be solved,on the basis of the empirical research and case study,this paper finally puts forward some countermeasures and suggestions to promote the healthy development of entrust financing of listed companies.更多还原