중국 해운항만기업의 자본구조 분석

Abstract

More than 90 percent of the international trade of goods transported by sea, the shipping industry is the main artery of the global economy. In the recent years, Chinese shipping market has developed rapidly under the pushing of the Chinese and International economy and trades. Especially in the wake of the 2008 financial crisis, Chinese shipping market has brought hope and unprecedented opportunities to the shipping industry. The shipping industry is a capital-intensive industry, a huge demand for funds. The financing of the shipping companies has become a very important content of the shipping business activities. On the one hand, financing is a long cycle and complex activities; on the other hand it has the wide financing channels, various forms of financing, and the complex and changeable financing structure. This paper is mainly developed to provide a study on current development of China's shipping finance. The authors firstly summarize domestic and Chinese shipping finance development patterns and adopt comparative analysis approach to explore problems existing in China's shipping finance and start with financing of shipping industry to find out main factors that influence the financing structure and the relationship with asset-liability ratio through descriptive statistics analysis, and regression analysis. After that, the authors use panel data regression method to draw the conclusion that China's shipping financing structure is mainly affected by enterprise scale, profitability, operation risk and debt -paying ability. Finally, recommendations on China's shipping finance are given based on the four aforesaid factors, government policies and talent cultivation. From the empirical results, it can be seen that the financing structure of my country's shipping A-share listed companies has the following characteristics: the proportion of external financing is extremely high, and the company's ability to retain earnings is very poor. For the financing structure of my country's listed shipping companies, the principal component analysis of influencing factors and panel data regression results show that it is mainly affected by profitability, enterprise size, operating risk and debt solvency. This paper suggests that: (1)Government institutions should improve the construction of shipping financing legal system, increase financial support and tax preferential policies. (2)Financial institutions should increase the investment of shipping loans and improve the construction of shipping financial service system. (3)Shipping enterprises themselves should determine the appropriate proportion of the amount of financing, enhance the operating capacity and profitability in order to further improve the efficiency of financing.