金融理论与实践
金融理論與實踐
금융이론여실천
Financial Theory and Practice
2013年
2期
52~58
,共null页
债务融资水平 债务融资期限结构 绩效 汽车制造业 上市公司
債務融資水平 債務融資期限結構 績效 汽車製造業 上市公司
채무융자수평 채무융자기한결구 적효 기차제조업 상시공사
corporate debt financing level; maturity structure of debt financing; performance; the auto-motive industry; listed Companies
实证检验结果显示我国汽车制造业上市公司债务融资水平与公司绩效呈现显著负向影响，期限结构对绩效影响不显著。我国汽车制造业企业债务融资“边际要素生产力”下降、国企背景限制债务融资约束效力及债务期限结构失衡，是形成上述检验结果的原因。为此，应在降低债务融资总水平的同时适当增加长期债务融资比重、增加民营资本比重，进一步发挥企业债券市场作用、完善资本市场，以改善我国汽车制造业上市公司绩效。
實證檢驗結果顯示我國汽車製造業上市公司債務融資水平與公司績效呈現顯著負嚮影響，期限結構對績效影響不顯著。我國汽車製造業企業債務融資“邊際要素生產力”下降、國企揹景限製債務融資約束效力及債務期限結構失衡，是形成上述檢驗結果的原因。為此，應在降低債務融資總水平的同時適噹增加長期債務融資比重、增加民營資本比重，進一步髮揮企業債券市場作用、完善資本市場，以改善我國汽車製造業上市公司績效。
실증검험결과현시아국기차제조업상시공사채무융자수평여공사적효정현현저부향영향，기한결구대적효영향불현저。아국기차제조업기업채무융자“변제요소생산력”하강、국기배경한제채무융자약속효력급채무기한결구실형，시형성상술검험결과적원인。위차，응재강저채무융자총수평적동시괄당증가장기채무융자비중、증가민영자본비중，진일보발휘기업채권시장작용、완선자본시장，이개선아국기차제조업상시공사적효。
The empirical results show that the level of debt financing of China＇ s listed companies in the automotive industry has a significant negative impacts on firm performance and their term structures have no significant effects on performance. The marginal factor productivity declining, ＂State-owned enterprise mechanism＂ restricting the debt financing governance effect and imbalance of Debt maturity structure are the reasons for the test results. Therefore, Increasing the proportion of long-term debt fi- nancing while reducing the overall level of debt financing, increasing the proportion of private capital properly, further exerting enterprise bond market action and perfect capital markets, will be helpful to improve the performance of automobile manufacturing listed companies in China.
