上市公司融资行为对公司业绩的影响——基于对中泰化学案例的研究

Financing Behavior of Listed Companies Impacts on Their Performance: A Case Study of Zhongtai Chemical

自20世纪90年代以来,由于我国资本市场的快速发展,给企业的融资提供了更多选择的渠道。融资不仅保证了企业所需要的资金,而且融资方式和频率的选择,将会影响企业的资本结构,进而影响了企业的业绩和企业价值。融资可以扩大企业的规模,创造更大的价值,但是企业的频繁过度融资会导致资本市场配置效率低下,并不能企业带来预期的经济利益。本文通过 对中泰化学近几年频繁融资对其业绩的影响进行考察,发现企业2008年到2010年期间的融资给企业带来了良好的收益,使得企业得到快速的发展。而近几年中泰化学的频繁过度融资,使企业陷入了融资、扩张、再融资的一种循环,而此种循环并没有给企业带来预期的经济利益。本文通过对中泰化学财务报表的分析,来探究企业融资行为对其业绩的影响情况,从而为其他公司在进行融资时提供参考依据,提醒其他公司不要因为盲目融资而影响公司的长远发展。

Since the 1990s, the rapid development of China’s capital markets have provided a broader plat-form to corporate finance. Financing not only guarantees the funds needed by the enterprise, and the choice of financing and frequency will affect the capital structure of the company, thereby affecting the performance and enterprise value of the business. It can expand the size of the business of financing and create greater value, but excessive financing can lead to low allocative efficiency of capital markets and can’t be expected to bring economic benefits. Based on the Zhongtai Chemical in recent years, frequently inspect its facilities affected the results, it was found from 2008 to 2010 to bring a good income, so that enterprises had developed rapidly. In recent years, Zhongtai Chemical has been into a financing, a cycle of expansion, refinancing, and this cycle is not expected to bring economic benefits. Based on the analysis of financial statements of Zhongtai Chemical, this paper is to explore the behavior of corporate finance impact on its results, and thereby provides a reference for other companies making financing and reminds others not to affect the long-term financing because of the blind development of the company.