财务状况对融资决策的影响探究——基于二元选择Probit模型

Impact of Financial Status on Financing Decisions Based on Binary Selection Probit Model

现代企业主要的融资方式有很多种,包括债权融资、股权融资等,由于企业筹资方式不同,所以不同属性的资金构成的比例关系就形成了企业的资本结构。在财务管理研究中,不难发现上市公司的财务状况会对企业的融资方式产生影响。本文从上市公司盈利能力、偿债能力和营运能力三个方面来代表上市公司的财务状况,分别用总资产利润率、流动比率和总资产周转率三个财务比率来衡量上市公司这三种能力。本文以我国沪市A股上市公司作为研究对象,从中选取了50家上市公司2016年的各项财务指标作为样本进行分析,基于二元选择Probit模型回归分析,对我国沪市A股上市公司财务状况对融资方式的影响进行实证分析。

There are many major financing methods for modern enterprises,including debt financing and equity financing.Due to different financing methods, the proportional relationship of capital composition with different attributes forms the capital structure of enterprises.In the research on financial management,it is easy to find that the financial status of listed companies will have an impact on the financing methods of enterprises.This paper presents the financial status of listed companies in terms of their profitability,solvency and operational capability,and use the three financial ratios of total assets,current ratio,and total asset turnover rate to measure the three capabilities of listed companies.The paper takes one of China's Shanghai A-share listed company as the research object,and selects the financial indicators of 50 listed companies in 2016 as a sample for analysis.Based on the binary selection Probit model regression analysis,an empirical analysis of the impact of financial conditions of the Shanghai A-share listed company on financing methods is conducted.