ST公司摘帽后债务融资结构与公司绩效关系的研究.pdfVIP

摘要 债务融资一直是公司的一项重要的财务决策，有关债务融资的治理效应问题也是学术界 广泛关注的焦点。然而，学者们在研究债务融资的治理效应时往往剔除ST 公司。从 1998 年 4 月第一只ST 股的出现至2007 年 12 月，陆续有370 多家上市公司被ST ，所以 ST 板块无论 从数目、市值、交易量，还是板块的影响力来说，都已不容忽视。本文吸收了国内外有关债 务融资治理效应的理论和实证研究成果，结合ST 公司的特殊制度背景，探讨了ST 公司摘帽 后的负债融资结构与公司绩效的关系。 本文从深、沪两市A 股中选取了102 家上市公司，它们是截止 2006 年 12 月31 日曾被 ST 但已成功摘帽的上市公司，对其进行5 年的跟踪研究。为了更好的探讨 ST 公司摘帽后的 债务融资结构与公司绩效关系，本文除了对ST 公司摘帽后的债务结构和公司绩效进行了统计 回归以外，还对各研究变量的变化量进行了统计回归。本文得出结论如下：（1）ST 公司摘帽 后的资产负债率居高不下，因此资产负债率与公司绩效负相关；（2 ）短期负债与公司绩效负 相关，长期负债与公司绩效正相关；（3）随着ST 公司摘帽后经营状况得到稳定，商业信用和 银行借款与公司绩效正相关；（4 ）ST 公司在其摘帽后一段时期内会对其债务结构进行良性调 整。 关键词：ST上市公司；债务融资结构；公司绩效 I ABSTRACT Debt financing is one of companies ’important financing decisions. Also it is a central issue in finance that how debt affects firm’s performance. However, existing researches ignore listed company under special treatment. From Apr.1998 to Dec.2007, there are more than 370 listed companies, which are under special treatment. Therefore, its quantity, value of listed stock, trading volume or influence tells us that listed company under special treatment cannot be neglected. On the basis of theory and practical researches about debt managerial function home and abroad, and also considering realistic status of Chinese listed companies under special treatment, the paper discusses the relationship of debt financing structure and performance of listed companies after being fled from the special camp. The paper chooses 102 A share listed companies as samples, which were once listed companies under special treatment, and analyzes their five years’dates with SPSS13.0 for windows. In order to understand the relation between them, the paper shows the regressions not only between dependent variable and independent variables, but also between changes of them. Our statistics show that (1) with the debt proportion becomi