融资效应

结果显示在一定范围内我国上市公司债务融资效应的综合得分F与债务存量及增量在一定范围内成正比关系，表明上市公司利用债务融资有利于公司绩效的改善。

The analyses show that the comprehensive scores of debt financing effect " F " goes in the same direction as debt stock and debt increment does in certain scope , and show that a listed company may improve it 's performance through debt financing .

第二，债务融资效应的综合得分F随资产负债率的上升而上升，到某一临界值以后，F随资产负债率的上升而下降，存在最优资本结构。

Secondly , Comprehensive score F of the financing effect of the debt rises with the rising of the asset-liability ratio . After reaching a certain critical value , F drops with the rising of the rising of the asset-liability ratio , there is optimum capital structure .

最后提出了改善电力上市公司债务融资效应的对策建议。

The paper ends up with suggestions for improving effect of financing .

投资的融资效应、自由现金流与企业价值

Effects of Investment on Financing , Free Cash Flows and Enterprise Value

固定资产折旧的融资效应分析

Analysis on the Financing Effects of Depreciation Fund

我国可转换债券市场投融资效应分析

The Research on Effects of Investment and Financing of the Convertible Bond Market in China

过度自信管理者运用信用融资效应如何？学者们还未对此进行实证研究。

How do overconfident managers utilize the effect of credit financing ? The scholars have not conducted empirical research on this aspect yet .

本研究首先对债务结构基本概念进行了界定，阐明债务结构对债务融资效应的影响，并分别基于三类假说对企业债务结构影响因素进行了理论分析。

The dissertation first defines the basic concept such as debt maturity structure , debt priority structure and debt placement structure , explains how the debt structure influences debt financing effect , and analyses what kind of factors affect the companies ' debt structure based on hypothesis theoretically .

本文通过研究发现，我国可转换债券市场的风险收益特征等投资效应和考虑发行人资金成本等融资效应，与传统理论以及国外成熟市场现状基本相符。

Through empirical research , the author argues that , after considering the effects such as risk-return features and the cost of financing , China convertible bond market has similar characteristics with mature market , and is reasonably in accord with the classic theories of financial market and instruments .

其次，对债务融资治理效应的理论基础进行了简要回顾。

Secondly , give a brief review of the basic theory .

随后对国内外关于再融资公告效应已有的研究进行总结归纳。

Summarize study on the refinancing announcement effect at home and abroad .

配股融资股价效应的实证研究

Empirical Research on Stock Price Effect of Rights Issuance

债务融资治理效应对现金股利政策影响的研究

A Research on the Impact of Debt 's Corporate Governance over Cash Dividends Policy

正是以上这些原因导致了我国负债融资治理效应的弱化。

Above reasons have eventually led to weaken the efficiency of debt financing governance .

第二，我国医药生物上市公司存在内部资本市场融资替代效应。

Second , there exactly exists internal capital market financing substitution effect of bio-pharmaceutical industry .

其中，挤出效应、负财富效应以及融资危机效应对实体经济是严重不利的；

Among them , Crowding out Effect , Negative Wealth Effect and Financing Crisisdamage real economy seriously ;

本文认为产业集群具有便利中小企业融资的效应。

From the study , we can see that the financing is easier for the SMEs which is in the industrial cluster .

郑百文等一系列国有上市公司舞弊事件也暴露出国有上市公司债务融资治理效应的弱化状态。

A series of state-owned listed companies ' financial fraud has exposed the weakening process of the governance effect of debt financing .

但是多数文献侧重于对股权治理效应的研究，而对债务融资治理效应未予以应有的关注。

However , most literature focuses on equity of treatment effect , The control effect of debt financing should not be concerned about .

然后，利用我国上市公司2004-2006年数据样本，进行了多元回归实证分析，全面验证债务融资治理效应的存在性。

Using the data from 2004 to 2006 , an empirical research is conducted to fully test the governance effect of debt financing .

文章最后指出了债务融资治理效应失效的原因，从而提出了要改善债务融资治理效应，就要做好以下几个方面的工作：大力发展企业债券市场；

From all above the paper ends with the reasons of the debt financing governance failure and the suggestions : develops enterprise bond market .

融资约束效应和企业的现金管理是公司理财研究领域的两个重要课题。

Two important areas of research in corporate finance are the effects of financial constraints , and the manner in which firms perform cash management .

我国上市公司股权结构不合理导致了内部人控制严重，不利于债务融资治理效应的发挥。

The stock equity structure in China is unreasonable and it leads to internal control which is harmful to bring governance effect of debt financing into force .

通过建立真正的债权债务关系等具体措施来提高债务融资治理效应，积极利用公司价值的信号作用完善资本结构，大力促成债务融资与公司价值的良性互动循环。

Actively use the signal corporate value role to improve the capital structure , and vigorously promote the value of debt financing with the company cycle of positive interaction .

同时，对于不同终极控制权下的上市公司，市场化进程对债务融资治理效应的影响也不尽相同。

The findings also show that the effects of the process of marketization to the governance effects of debt financing are quite not the same under different ultimate control rights .

本文首先从终极控制权的角度研究了债务融资治理效应，并进一步关注了公司所处地区的市场化进程对债务融资治理效应的影响。

This paper gives a research on the governance effects of debt financing not only from the perspective of ultimate control rights , but also paying attention to the institution environment .

其次，对贸易融资的效应尤其是对商业银行的影响做了重点介绍，并对影响贸易融资发展和创新的因素进行了分析和研究。

Secondly , the paper elaborates on the effects of the financing business especially the impacts on the commercial banks , and analyses the factors affecting the development and innovation of the trade financing by empirical research .

在分析债务融资整体效应时，以上资本结构理论只能作为分析背景，用其中任何一种理论作为前提或判定标准都是不恰当的。

In analyzing the effect of debt financing as a whole , more than the capital structure theory as the only analysis of the background . Using any of these theories or as a prerequisite for determining standards is inappropriate .

最后，文章提出了如何改善上市公司债务融资治理效应的建议，包括重塑银企关系、完善破产机制、改善债务结构、发展债券市场和经理人市场。

Finally , the thesis ends up with some suggestions to change the corporate effect of debt financing , such as reconstructing the relationship of bank-firm , perfecting the bankruptcy mechanism , ameliorating debt structure , developing the corporate bond market and manager market .

负债融资具有杠杆效应，有节税收益。

Debt financing has leverage effect and tax benefit .