零售业上市公司融资偏好分析研究 金融财务会计学专业VIP专享VIP免费

零售业上市公司融资偏好分析摘要：因国民经济的发展，零售业逐步成为生产消费的主导行业。然而，近年来由于我国市场经济的高速发展，使得越来越多的潜在问题浮出水面，金融变革也就成为了必不可少的经历。这也就意味着我国零售业上市公司的融资结构，也会受其影响得到改变。对此，通过比较我国零售业上市公司的数据可知，资本结构处于不对称性的局面。其具体表现为：天秤倾斜在外源融资这一方，并具有股权融资偏好等特点。不健康的资本结构会影响行业的综合实力，为此探究我国零售业上市公司的融资偏好的任务就成了重中之重。笔者选取了63家零售业上市公司作为样本数据，进行实证分析，选取6个变量，分别是企业规模、盈利能力、成长性、资产担保价值、偿债能力、营运效率。得出了企业规模和偿债能力是影响我国零售业上市公司的主要因素。当企业规模越大时，企业会偏好于债券融资。而偿债能力越强，则会使得企业偏好于股权融资。最后，根据实证分析结果，本文在优化外部环境和提升自身管理等方面提出了建议。关键词：零售业融资方式融资结构偏好Abstract:Duetothedevelopmentofthenationaleconomy,theretailindustryhasgraduallybecometheleadingindustryforproductionandconsumption.However,duetotherapiddevelopmentofChina'smarketeconomyinrecentyears,moreandmorepotentialproblemshavesurfacedandfinancialreformshavebecomeanindispensableexperience.ThismeansthatthefinancingstructureoflistedcompaniesinChina'sretailindustrywillalsobeaffectedbythechanges.Inthisregard,bycomparingthedataoflistedcompaniesinChina'sretailindustry,thecapitalstructureisinasymmetry.Itsspecificperformanceis:Libratiltsintheforeignfinancingside,andhasthecharacteristicsofequityfinancingpreferences.Unhealthycapitalstructurewillaffecttheoverallstrengthoftheindustry.Therefore,thetaskofexploringthefinancingpreferenceoflistedcompaniesintheretailindustryinChinahasbecomeatoppriority.Theauthorselects63listedcompaniesintheretailindustryoftheparenttriangletriangleasthesampledata,conductsempiricalanalysis,andselectssixvariables,whichareenterprisesize,profitability,growth,assetguaranteevalue,solvency,andoperationalefficiency.ItisconcludedthatthesizeofthecompanyanditsdebtrepaymentabilityaremajorfactorsaffectingthelistedcompaniesintheretailindustryinChina.Ascompaniesgrowlarger,companieswillpreferbondfinancing.Thestrongerthesolvency,thecompanywillpreferequityfinancing.Finally,accordingtotheempiricalanalysisresults,thispaperputsforwardsuggestionsonoptimizingtheexternalenvironmentandimprovingitsownmanagement.Keywords:RetailindustryFinancingStructureFinancingpreferences目录1绪论...................................................................11.1研究目的及意义....................................................11.1.1研究目的.......................................................11.1.2研究意义......................................................11.2国内外文献综述....................................................21.2.1国外研究现状...................................................21.2.2国内研究现状...................................................31.3研究内容与方法....................................................51.3.1研究内容.......................................................51.3.2研究方法......................................................52企业融资偏好的相关理论基础.........................................62.1资本结构理论......................................................62.2优序融资偏好理论..................................................62.3基于代理成本理论的融资偏好理论...........................