山西省中小企业债务融资与公司绩效的实证研究.pdf

山西财经大学
硕士学位论文
山西省中小企业债务融资与公司绩效的实证研究
姓名:阿力
申请学位级别:硕士
专业:金融学
指导教师:油晓峰
2010-03-28
摘要
促进中小企业发展,是保持稳较快发展的重要基础,是关系民
生和社会稳定的重大战略任务。山西全省有中小企业余万家,主要集中在煤
炭、冶金、化学、机械、建材等行业。目前,中小企业的发展过程中面临着许
多瓶颈和挑战。其中,最重要的问题就表现在融资困难。因此,通过优化债务
融资提高山西省中小企业的公司绩效,对于研究和解决山西省中小企业融资问
题具有重要的理论价值和现实意义。
本文首先通过对山西省中小企业的债务融资的现状进行分析,探索并总结
山西省中小企业债务融资的特点及其债务融资结构的不足之处。在实证研究部
分,本文选取了家样本企业的年和年的财务报表作为样本数据进
行回归分析,得出的结论为债务融资对公司绩效表现出显著的负相关关系,债
务融资对山西省中小企业存在着软约束。文章最后指出,改善山西省中小企业
的债务融资治理效应要做好两个方面的工作。在完善企业内部治理结构方面,
我们应当加强山西省中小企业信用制度建设;规范山西省中小企业的企业财务
制度;大力发展中小企业集群,提高中小企业的核心竞争力以及积极推进职业
经理人制度。在优化外部治理结构方面,应当深化商业银行改革,提升银行对
企业债务监督的地位和作用;推行山西省中小企业债券市场的试点建设和完善
破产退出机制等相关偿债保障机制等。
【关键词】山西省中小企业债务融资公司绩效治理效应
1
Abstract
Motivating the development of small- and medium-sized enterprises is the important
foundation of maintaining steady, fast and sound development of national economy and great
strategic task which influences people’s living and society’s stability. There are more than
million small- and medium-sized enterprises, which are mostly in the industries of coal, metallurgy,
chemistry, machinery and building materials. Currently, the developments of small- and
medium-sized enterprises are facing with many challenges and obstacles. The most important
problem is the difficulty in financing. So it is meaningful to optimize the debt finance and improve
the corporate performance of small- and medium-sized enterprises in Shanxi Province for
researching and solving the problem of Shanxi’ small- and medium-sized enterprises’ finance
theoretically and realistically.
The paper firstly analyzes the current situation of small- and medium-sized enterprises’ debt
finance in Shanxi Province, exploring and concluding characteristics of small- and medium-sized
enterprises’ debt finance in Shanxi Province and disadvantages of their structures. In the empirical
study part, the papers select the financial statements of 99 enterprises in 2007 and 2008 as the
sample data