本文選題：企業(yè)生命周期　切入點(diǎn)：融資約束　出處：《西南大學(xué)》2017年碩士論文

【摘要】：隨著我國經(jīng)濟(jì)發(fā)展市場化進(jìn)程加快,資本市場滯后使我國企業(yè)發(fā)展受到了巨大限制。企業(yè)在融資渠道、融資方式、融資條件等方面受到諸多限制,加之金融資源稀缺、資本市場信息不對稱等情況,我國部分上市企業(yè)難以通過外部融資有效地獲得資金,因此企業(yè)不得不放棄某些良好的投資機(jī)會(huì),從而出現(xiàn)投資不足行為。另一方面,當(dāng)企業(yè)擁有較多自由現(xiàn)金流時(shí),也可能因代理成本等因素出現(xiàn)投資過度行為。一些學(xué)者的實(shí)證研究表明,我國多數(shù)上市企業(yè)存在投資不足行為或投資過度行為,融資約束、投資機(jī)會(huì)不足等是導(dǎo)致投資不足的主要原因,代理成本、自由現(xiàn)金流過多等是導(dǎo)致投資過度的主要原因,而融資約束能抑制企業(yè)投資過度行為。但企業(yè)處于不同生命周期階段時(shí),其財(cái)務(wù)特征、治理結(jié)構(gòu)等存在差異,那么企業(yè)面臨的融資約束程度在不同生命周期階段是否存在差異?企業(yè)投資效率的表現(xiàn)形式在不同生命周期階段是否相同?融資約束對投資不足、投資過度的影響又是否會(huì)因企業(yè)處于不同生命周期階段而不同呢?現(xiàn)有文獻(xiàn)并未對這些問題進(jìn)行系統(tǒng)研究。基于此,本文以生命周期理論為基礎(chǔ),研究企業(yè)面臨的融資約束程度、投資效率表現(xiàn)形式以及融資約束對投資不足、投資過度的影響在不同生命周期的差異性,有利于解釋企業(yè)融資約束對投資不足、投資過度的影響在不同生命周期的異同,進(jìn)而有針對性地采取措施提高企業(yè)投資效率,提升企業(yè)價(jià)值。本文采用理論研究和實(shí)證研究兩種方法。首先,本文闡述了研究背景、研究意義與目的、研究思路與研究方法、研究內(nèi)容與研究框架等內(nèi)容。第二,本文系統(tǒng)地回顧了國內(nèi)外學(xué)者關(guān)于企業(yè)生命周期、融資約束、投資效率的研究文獻(xiàn),并對相關(guān)文獻(xiàn)進(jìn)行梳理,在此基礎(chǔ)上進(jìn)行文獻(xiàn)述評,提出本文研究主題。第三,本文結(jié)合相關(guān)理論分析融資約束與投資效率的關(guān)系,并對企業(yè)生命周期、融資約束、投資效率的概念進(jìn)行界定。第四,本文根據(jù)前述理論分析,結(jié)合我國學(xué)者已有研究和我國上市企業(yè)實(shí)際情況,提出了本文研究假設(shè),基于前述假設(shè),以深A(yù)主板和中小板制造業(yè)上市企業(yè)為研究對象,選取合理的方法衡量各變量并構(gòu)建了研究模型。第五,本文采用實(shí)證分析方法對前述研究假設(shè)進(jìn)行驗(yàn)證,主要包括描述性分析、相關(guān)性分析、多元線性回歸分析等方法。最后,結(jié)合前述實(shí)證分析結(jié)果得出本文研究結(jié)論,提出提高企業(yè)投資效率的合理建議,并總結(jié)本文研究的不足之處。本文主要研究結(jié)論如下:(1)我國制造業(yè)上市企業(yè)面臨一定的融資約束問題,企業(yè)處于不同生命周期階段時(shí),企業(yè)面臨的融資約束程度存在差異。(2)我國制造業(yè)上市企業(yè)普遍存在投資不足行為和投資過度行為,投資不足行為明顯多于投資過度行為。(3)我國制造業(yè)上市企業(yè)面臨的融資約束程度與投資不足行為正相關(guān),企業(yè)面臨的融資約束程度越大,越易出現(xiàn)投資不足行為,且不同企業(yè)生命周期階段,融資約束對投資不足的影響不同。(4)我國制造業(yè)上市企業(yè)面臨的融資約束程度與投資過度行為負(fù)相關(guān),企業(yè)面臨的融資約束程度越大,越不易發(fā)生投資過度行為,即融資約束能抑制企業(yè)投資過度行為,且不同企業(yè)生命周期階段,融資約束對投資過度的影響不同。根據(jù)前述研究結(jié)論,本文針對不同生命周期階段的企業(yè),提出了相關(guān)建議,包括加強(qiáng)企業(yè)融資能力、積極尋找有利投資機(jī)會(huì)、加強(qiáng)管理層和大股東與企業(yè)價(jià)值的相關(guān)性、充分利用融資約束的約束作用、嚴(yán)格控制管理層對資金的支配力度等,以期對提高企業(yè)投資效率提供相關(guān)借鑒和參考。
[Abstract]:With the development of China's economy to accelerate the process of market, the capital market lags behind the development of enterprises in our country have great limitations. In the way of financing enterprises, financing channels, financing conditions and other restrictions, coupled with the financial resources are scarce, the situation of information asymmetry in the capital market, part of China's listed companies to obtain funds through external financing effectively. Therefore, enterprises have to give up some good investment opportunities, and shortage of investment behavior. On the other hand, when the enterprise has more free cash flow, agency costs and other factors may also lead to overinvestment behavior. Empirical research of some scholars suggest that the majority of our listed enterprises have insufficient investment behavior or excessive investment behavior, financing constraints, lack of investment opportunities are the main reasons lead to insufficient investment, agency cost, free cash flow and is caused by excessive investment The main reason, and financing constraints can inhibit overinvestment. But enterprises in different stages of the life cycle, the characteristics of the financial governance structure, differences exist, so enterprises are facing financing constraints in different stages of the life cycle differences exist? Form of enterprise investment efficiency in different stages of the life cycle is the same financing? Constraints on the investment effect of excessive investment or by enterprises in different stages of the life cycle and different? The existing literature does not make a systematic study on these problems. Based on this, this paper is based on the life cycle theory of enterprises are facing financing constraints, investment efficiency forms and financing constraints on investment, influence excessive investment in the different life cycle, is conducive to the interpretation of the enterprise financing constraints on investment, excessive investment in effect Similarities and differences with the life cycle, and then take targeted measures to improve investment efficiency, improve enterprise value. This paper uses theoretical research and empirical research in two ways. First, this paper describes the research background, research purpose and significance, research ideas and research methods, research content and research framework of this paper. Second. A systematic review of the domestic and foreign scholars on the enterprise life cycle, financing constraints, research investment efficiency, and analyzes the related literature, on the basis of literature review, this paper puts forward the research subject. Third, this paper analysis the relationship between financing constraints and investment efficiency theory, and the enterprise life cycle, financing constraints. The definition of investment efficiency. Fourth, according to the theoretical analysis, combined with the existing research in our country and the actual situation of China's listed companies, this paper put forward the Based on the above assumptions, assumptions, the manufacturing industry with deep A board and small board listed companies as the research object, select a reasonable method of measuring variables and builds a research model. Fifth, this paper adopts empirical analysis method to verify the hypothesis of the research, including descriptive analysis, correlation analysis, multiple linear regression analysis method. Finally, combining the results of empirical analysis draw conclusions, put forward reasonable suggestions to improve investment efficiency, and summarizes the shortcomings of this study. The main conclusions are as follows: (1) Chinese listed manufacturing enterprises are facing financing constraints of enterprises in different stages of the life cycle, enterprise financing the constraint degree difference. (2) Chinese listed manufacturing enterprises are generally lack of investment behavior and investment behavior, investment behavior significantly more than excessive investment . (3) is positively related to the degree of financing constraints and investment behavior of Chinese listed manufacturing enterprises face the financing constraints faced by enterprises is bigger, more prone to insufficient investment behavior, and different enterprise life cycle stage, impact of financing constraints on investment shortage. (4) the degree of financing constraints and investment faces China's manufacturing industry listed companies excessive behavior negatively related to the degree of financing constraints faced by enterprises is more big, the more difficult the occurrence of excessive investment behavior, namely financing constraints can restrain overinvestment, and different enterprise life cycle stage and the impact of financing constraints on excessive investment. According to the above research conclusion, this paper is different the life cycle of the enterprise, and puts forward related suggestions, including strengthening the ability of financing and actively seek favorable investment opportunities, strengthen the relationship between management and shareholders and the value of enterprises, fully In order to provide reference and reference for improving the efficiency of enterprise investment, we can strictly control the control of management by the constraint of financing constraints.

【學(xué)位授予單位】：西南大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F425;F406.7

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