电子类上市公司融资结构影响因素实证研究-会计学专业论文.docxVIP

Empirical Study on financing structure influencing factors of Electronics listed companies A Dissertation Submitted for the Degree of Master Candidate：Zhang Si Supervisor：Prof. Ding Yuewei Chang’an University, Xi’an, China  I  PAGE 4 摘 要 随着经济的快速发展，电子产业越来越发达。电子产业是资金密集型、技术密集型 和劳动密集型的产业，它的附加值高，关联度大，对发展我国经济、提高就业、带动相 关产业发展和提高人民生活水平都有着深远的影响。但是，2008 年国际金融危机影响开 始显现以来，电子产业首当其冲受到影响，出口快速下滑，产业增速甚至出现负增长， 负增长态势直至 2009 年中期才有所改观，重点领域和骨干企业经营出现困难，利用外 资额明显减少，电子产业发展面临严峻挑战。在参与国际竞争中，我国电子产业尤其缺 乏自主创新与国际合作相结合的能力，没有充分提高利用外资水平和拓展企业海外发展 空间。由此造成的资金短缺成为制约行业发展的瓶颈。 本文从电子产业融资结构的研究背景出发，明确研究目的，在融资结构理论的指导 下，联系我国电子产业融资方式的实际情况，提出合理的理论假设，建立多元线性回归 模型。选取代表电子产业的电子类上市公司 35 家，以 2006 年-2010 年的财务数据为样 本数据，对选取的变量进行多元线性回归分析，验证假设的正确性。由此总结影响融资 结构的主要因素为企业的盈利能力，其次是流动能力和资产结构，并且对研究结果进行 稳健性检验，以确保实证结果的稳定性。以期为我国电子类行业提供更好的理论和实践 指导，促使我国电子行业的持续、快速、健康发展。 关键字： 电子类上市公司，融资结构，影响因素 Abstract With the rapid development of economic, the electronic information industry developed more and more. The electronic industry is one of capital-intensive, technology-intensive and labor-intensive industries, and it which has high value-added and related degree, have a profound impact on Chinas economic development, increasing employment, development of related industries and improving peoples living standards. However, since the international financial crisis began to emerge in 2008, the electronic industry bear the brunt be affected by a rapid decline in exports and industrial growth or even negative growth. It was until the mid-2009 only by the change in key areas and key business difficulties. The use of foreign investment decreased significantly, the development of electronic industry was facing severe challenges. Participation in international competition, Chinas electronic industry is especially the lack of the ability of a combination of independent innovation and international cooperation. Not sufficiently increased the level of utilization of foreign investment and expand business overseas development space. The resulting shortage