【作者】 黄晓青；

【导师】 鲁爱民；

【作者基本信息】 浙江工业大学 ， 企业管理， 2008， 硕士

【摘要】 随着外部融资渠道的多样化,公司在作融资决策时也越来越难选择,而融资行为的选择直接影响着公司的经营业绩。因此,本文以上市公司为研究对象,致力于分析外部融资与公司经营业绩的相关性,希望通过分析外部融资与经营业绩的相关性以及外部融资如何影响公司融资前后的业绩,从而能为我国上市公司在外部融资过程中提供一些参考。笔者首先对国内外外部融资与公司经营业绩关系的理论和实证研究文献进行简单的回顾和总结;其次从理论上分析融资结构与公司价值、治理结构等存在的内在联系,为解释融资结构如何影响经营业绩提供理论基础;之后还分析了我国上市公司外部融资的特点及其成因,并且对融资资金使用现状作了描述;在此基础上,以沪市上市公司为样本,从不同融资方式和融资资金的使用方式两个角度对外部融资与公司经营业绩之间的相关性进行实证分析,结果得出,外部净融资额与公司的经营业绩成负相关关系,不同融资方式与经营业绩的相关程度存在差异,而且不同融资方式对公司经营业绩影响的持续时间也不同;同时得出将融资资金用于投资公司的运营资产或以现金方式保留在企业都与业绩存在负相关,若将资金用于当期费用直接转化成利润回流则有利于公司业绩的提高;最后针对我国当前外部融资的特点及其成因,结合实证分析的结果,提出相关的政策建议。更多还原

【Abstract】 With the channels of external financing are diversified, it is more difficult for firms to make choices on financing, and the choice of financing will influence the operating performance directly. So, the essay uses listed companies as the research subject to investigate the relationship between external financing and operating performance. Hoping it can give a reference for listed companies in the process of external financing by studying the coefficients on external financing and the firm’s previous and future performance.First, the author reviews the theory and empirical research literatures on the relationship between external financing and operating performance, and sums up them briefly. Secondly, we enduce the inherent relationship among financing structure, corporate values and management structure, in order to provide a theoretical basis for explaining how the financing structure influences operating performance. Next, we analyse the characters and its cause of the external financing of listed companies in our country, and describe the actuality of the using of financing fund. On this basis, we sample for the shanghai stock exchange listed companies, and empirically investigate financing-performance linkages both in the type and fund using of financing. The empirical results show the operating performance is negatively related to the net external financing, and there are discrepancies with different types of financing related to the operating performance. Moreover, the duration of affection which different types of financing affect the operating performance is different. At the same time, the financing fund that used for new investment in net operating assets or retained as cash in company has a negtive relationship with operating performance. If the financing fund used for current cost which back into the company with profit directly can improve the performance of company. Finally, the author aims at the character of external financing and its cause in our country, links with the empirical results, raises a related policy recommendations.更多还原