融资结构、债务差异、扩张能力与汽车制造业上市公司绩效  

Financing Structure,Debt Discrepancy,Expansion Ability and Automobile Manufacturing Listed Companies'Performance

作　　者：彭熠[1] 邵桂荣[2] 

机构地区：[1]浙江理工大学经济管理学院,浙江杭州31001 [2]绍兴文理学院经济与管理学院,浙江绍兴312000

出　　处：《改革》2012年第3期117-123,共7页Reform

基　　金：国家社会科学基金项目"建立多元环保投融资机制研究"(批准号:11BJY135);浙江省自然科学基金项目"浙江民营资本介入农业产业化的组织创新与绩效提升研究"(批准号:Y6090628);浙江省哲学社会科学规划项目"二元联盟与浙江省产业集群动态升级--基于新制度经济学视角的分析"项目(批准号:11YD20YB)

摘　　要：汽车制造业上市公司融资结构表现为债务融资水平偏高。长期债务融资比重偏低、短期债务融资水平过高加重了企业破产风险。债务融资水平与企业盈利能力、营运能力、资本扩张能力呈正向协同趋势;长期债务融资比重与企业盈利能力和股本扩张能力呈正向协同趋势,而与企业营运能力呈负向变化趋势。应发展债券市场、完善资本市场立法、推动国有股减持和民营资本介入、适应产融结合趋势、降低资产负债率、提高长期融资比重以发挥债务融资的正面效应。As its representative the car industry listed company financing structure performance for debt financing level on the high side,the proportion of the long-term debt financing in the structure of total debt financing is relatively low and the short-term debt financing in the structure of whole debt financing is too high.The debt financing characteristics increases the enterprise bankruptcy risk.The trend with debt financing level is positively same with the trend of enterprise profitability,operation ability,the ability of capital expansion and with the enterprise operation ability is negative trends.Debt financing tax avoidance,increasing profit and corporate governance role is the reason for the positive trend.The negative changes between the proportion of long-term debt financing and operational capacity reflect the negative impact of the irrational structure of corporate debt financing on business.Developing the bond market,improving the capital market legislation,promoting the reduction of state-owned shares and private capital involved,adapting to the trend of the combination with the industry and financial sector,reducing asset-liability ratio,increasing the proportion of long-term financing in order to play its positive effect.

关 键 词：企业融资 企业债务 汽车制造业上市公司 

分 类 号：F830.91[经济管理—金融学]