發(fā)布時間：2018-01-01 18:44

  本文關(guān)鍵詞：中國煤炭企業(yè)信貸融資困境與效率研究　出處：《中國地質(zhì)大學(xué)（北京）》2014年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 煤炭企業(yè) 信貸融資 融資效率 融資風(fēng)險

【摘要】：在新的發(fā)展形勢下，轉(zhuǎn)型升級、整合重組、技術(shù)改造使得煤炭企業(yè)的融資需求尤為迫切。十八屆三中全會提出加快資源稅改革、推動環(huán)境保護費改稅等舉措，給煤炭企業(yè)發(fā)展預(yù)期造成一定壓力。由于煤礦產(chǎn)能過剩及進口煤沖擊等原因，煤炭企業(yè)面臨周期性拐點，業(yè)績下滑，信用環(huán)境惡化，給銀行帶來較大困擾。部分銀行采取了收縮、退出的授信政策，使身處困境的煤炭企業(yè)雪上加霜。在此背景下，為解決銀行和煤炭企業(yè)面臨的信貸融資困境，本文采用多種實證分析方法，從銀企雙視角對煤炭企業(yè)信貸融資的困境和效率進行了剖析，，以期對改善煤炭企業(yè)信貸融資問題提供一定的理論及實踐參考。 首先，本文選取煤炭規(guī)模以上企業(yè)、上市企業(yè)、銀行授信樣本企業(yè)等大量財務(wù)數(shù)據(jù)，通過計量統(tǒng)計方法對煤炭企業(yè)融資結(jié)構(gòu)特征及信貸融資特征進行了深入分析，發(fā)現(xiàn)煤炭企業(yè)已經(jīng)基本形成與優(yōu)序融資理論相符的內(nèi)源融資、債權(quán)融資、股權(quán)融資的融資順序。其次，結(jié)合煤炭企業(yè)信貸融資的表現(xiàn)特征，本文從煤炭企業(yè)和銀行雙視角對比分析信貸融資困境，發(fā)現(xiàn)信貸配給現(xiàn)象在該領(lǐng)域較為典型，規(guī)模歧視和所有制歧視普遍存在。當前，煤炭企業(yè)與銀行之間存在嚴重的信息不對稱，尤其近兩年煤炭企業(yè)市場下行的過程中，逆向選擇和道德風(fēng)險問題較為常見，加劇了銀行信貸風(fēng)險；煤炭企業(yè)面臨主要困境是資金需求難以滿足和融資效率低下。然后，本文選取了熵值法、DEA方法，以及主成分分析和因子分析法等方法，對煤炭企業(yè)信貸融資效率進行實證分析，通過統(tǒng)計指標特征和不同分析方法結(jié)果的比對，發(fā)現(xiàn)采用主成分分析和因子分析方法得出的結(jié)論可以更加全面地反映實際情況，為今后類似研究提供了方法選擇上的參考。實證發(fā)現(xiàn)，煤炭企業(yè)的整體發(fā)展水平、企業(yè)固定資產(chǎn)及股本占比與信貸融資效率呈現(xiàn)出顯著的正相關(guān)關(guān)系。最后，本文分別從煤炭企業(yè)、銀行以及政府的角度，以實現(xiàn)銀企共贏為目的，提出了解決煤炭企業(yè)信貸融資困境的策略建議。
[Abstract]:In the new situation of development, transformation and upgrading, integration and restructuring, technological transformation of the coal enterprise financing needs urgent. In the third Plenary Session of the 18th CPC Central Committee put the resource tax reform, tax reform to promote environmental protection and other initiatives, to cause some pressure on the development of coal enterprises in coal mine. The expected excess capacity and the impact of imported coal and other reasons, the coal enterprises are facing cycle the inflection point, the decline in performance, credit deterioration of the environment, bring great distress to the bank. Some banks to take the credit contraction, exit policy, the coal enterprises are in trouble one disaster after another. In this context, in order to solve the credit financing difficulty facing banks and coal enterprises, this paper uses empirical analysis method, analyzed from the two banks from the perspective of the credit financing plight of coal enterprises and efficiency, in order to improve the credit financing problems of coal enterprises to provide theoretical and practical references Test.
First of all, this paper selects coal above scale enterprises, listed companies, enterprises and other large sample bank credit financial data are analyzed by the statistical methods of coal enterprise financing structure and financing characteristics, found that coal enterprises has been basically formed and endogenous financing, with the pecking order theory of debt financing, equity financing, financing order secondly, combined with the features of coal enterprise credit financing, this paper analyzes the financing plight of coal enterprises and banks from the dual perspective of comparison, found the credit rationing phenomenon in the field of typical, scale discrimination and ownership discrimination exists. At present, there are serious information asymmetry between coal enterprises and banks, especially the last two years of coal enterprises the market down, the more common adverse selection and moral hazard problems, exacerbated the risk of bank credit; the coal enterprises are facing The main difficulty is difficult to meet the demand for funds and financing efficiency is low. Then, this paper selects the entropy method, DEA method and principal component analysis and factor analysis method, the efficiency of the coal enterprises credit financing empirical analysis, by comparing the results of statistical indicators and characteristics of different methods, it was found that by using the method of principal component analysis and the factor analysis conclusion can more fully reflect the actual situation, the choice of method provides a reference for future similar study. The empirical study indicates that the coal enterprise's overall development level, positive correlation between enterprise fixed assets and equity ratio and the efficiency of credit financing showed. Finally, this paper from the coal enterprises, banks and government the point of view, to achieve win-win situation between banks for the purpose, and proposes some suggestions for solving the dilemma of coal enterprises credit financing.

【學(xué)位授予單位】：中國地質(zhì)大學(xué)（北京）
【學(xué)位級別】：博士
【學(xué)位授予年份】：2014
【分類號】：F426.21;F832.4

【參考文獻】

相關(guān)期刊論文 前10條

1 宋增基,張宗益;上市公司融資效率實證分析[J];商業(yè)研究;2003年05期

2 李寶庫;國有煤炭企業(yè)債轉(zhuǎn)股問題新探[J];中國煤炭經(jīng)濟學(xué)院學(xué)報;2000年02期

3 樊鑫;李紅梅;;煤炭類上市公司融資方式優(yōu)序行為實證研究[J];山東工商學(xué)院學(xué)報;2011年06期

4 林曉蓉;;MM理論及其成就與缺陷[J];才智;2009年22期

5 肖勁,馬亞軍;企業(yè)融資效率及理論分析框架[J];財經(jīng)科學(xué);2004年S1期

6 屈耀輝;傅元略;;優(yōu)序融資理論的中國上市公司數(shù)據(jù)驗證——兼對股權(quán)融資偏好再檢驗[J];財經(jīng)研究;2007年02期

7 姜皓天;對中小企業(yè)融資問題的探討[J];財經(jīng)研究;1998年07期

8 程守紅 ,李中維 ,張雪梅;如何評價中小企業(yè)的融資效率[J];財會月刊;2003年14期

9 黃輝;王志華;;資本結(jié)構(gòu)行業(yè)差異及其影響因素的實證分析──來自我國上市公司的經(jīng)驗數(shù)據(jù)[J];財經(jīng)理論與實踐;2006年01期

10 楊艷;陳收;;我國上市公司融資啄序的實證分析[J];財經(jīng)理論與實踐;2009年02期

相關(guān)博士學(xué)位論文 前5條

1 許莉莉;煤炭企業(yè)債務(wù)融資風(fēng)險與對策研究[D];中國礦業(yè)大學(xué)（北京）;2011年

2 余江;我國大型商業(yè)銀行對中小企業(yè)信貸融資問題研究[D];西南財經(jīng)大學(xué);2008年

3 沈友華;我國企業(yè)融資效率及影響因素研究[D];江西財經(jīng)大學(xué);2009年

4 魯春雷;煤炭企業(yè)風(fēng)險識別、評估與防控研究[D];西安科技大學(xué);2010年

5 管仁榮;基于融資結(jié)構(gòu)理論的我國采礦業(yè)融資問題研究[D];中國地質(zhì)大學(xué)（北京）;2013年

本文編號：1365762