企業(yè)高增長對財務(wù)危機(jī)影響的研究.pdf

1、分類號:t_!I)C:密級:學(xué)號:斗。5牛O40，071南昌大學(xué)碩土研究生學(xué)位論文企業(yè)高增長對財務(wù)危機(jī)影響的研究—基于我國上市公司的經(jīng)驗證據(jù)StudyontheImPaetofEnterPriseHighGrowthonFinaneialCrisis—EmPiriealEvideneefromChineseListedComPany陳麗鶴培養(yǎng)單位(院、系):經(jīng)濟(jì)與竹理學(xué)院指導(dǎo)教師姓名、職稱:曹小秋、教授中i青學(xué)位的’、汁科門類:份理學(xué)學(xué)

2、科專業(yè)名稱:會公!學(xué)論文答辯【!紗」:2011‘112月31】答辯委員會1一)吊評閱人:，、︸!，一山..盈2(川丁AbstraCtABSTRACTAsthePenetrationofthesystemofmarketeeonomyandtheraPiddeveloPmentoftheeapitalmarketinChina，nationaleeonomyhasrealizedthesustainableandhigh一sPeedgro

3、wth.Intheeontextofthemacro一economieenvironment，thelistedeomPaniesinChinagrasPtheoPPortunitytealizetheirowndeveloPmentamongdifferentindustries，andmosteomPanieshasaehievedhighgrowthoftheoPeratingineome.However，thehighgrowt

4、heoverseomPanies.aeeumulatedereditrisksWithrisingdebtratio.IfonecomPanyjusttriestoPursuetheinfinitegrowth，theenterprisevaluewillnotbeinereased.OPPositely，thehighgrowthmayeausetheresoureesshortageandincaPabilityofthemanag

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6、zetherelationshiPbetweenthehighgrowthandeomPanies’financialresoureesandthenbasedontheanalysis二investigatetheinflueneeofhighgrowthonthefinancialerisis.BasedontheHigginssustainablegrowthmodel，thisartieledefinesthehigh一grow

7、th.Ontheanalysisoffinaneialsustainablegrowththeory，weseleetthefourfinaneialratiosandtheissuanceofnewsharesastheexPlanatoryvariablesoftheregressionmodeltoanalyzetheeorrelationbetweenthehigh一growthandfinancialresourees.Aee

8、ordingtotheregressionresults.weeanknowthatthefinaneialresoureesneededduringthehighgrowthProeessmainlyeomefrornthesuPPortofinternalfinaneinganddebrfinancing.Thedebtfinaneing15thePrefereneeoftheeomPaniesinChinaduringtheirP

9、roeessofdeveloPment.Then，basedonthetheoryofcaPitalstruetureandtheanalysisoftllereasonscausingthefinaneialcrisis，weProPosetheresearehhyPothesisandseleettheZ一seore(beingseenasthevariablerePresentingtheoceurreneeProbability

10、ofthefinaneialerisis)astheexPlainedvariable，over一sPeedgrowthfaetorastheexPlanatoryvariableandaserialofrelatedcontrolvariablesabouttheenterpriseeamings，finaneialleverage.cashflo代eorporategovernaneeandthesealeofeomPan‘.The

11、nwesetuPthemultivariateregressionmodeltodotheemPiriealtest.TI飛eresultsshowthattheover一sPeedgrowthfaetor15negativeeorrelatedwithZ一seoresignifieantly.AeeordingtothedefinitionofZ一seore，thelargertheZ一seore15.themorelikel)之th