【摘要】：2010年以來，隨著宏觀經(jīng)濟(jì)環(huán)境發(fā)生變化，在原材料價格上漲，通貨膨脹，人民幣升值和國際環(huán)境不明朗的形勢下，，在央行為抑制通脹而采取“超高存款準(zhǔn)備金率加長期實際負(fù)利率”的貨幣政策背景中，企業(yè)的生存狀況成為經(jīng)濟(jì)界最為關(guān)心的話題之一，而企業(yè)的投資和融資作為企業(yè)最重要的財務(wù)管理決策關(guān)系著企業(yè)的生死存亡。同時企業(yè)總是在一定的制度環(huán)境中生存和發(fā)展壯大的，這些制度環(huán)境影響著企業(yè)各個方面的活動，而作為企業(yè)最重要的管理活動的投融資活動不僅受到一系列的制度的影響和制約，而且它們本身的決策過程就是一整套的制度和制度的運行過程。因此，本文選擇新制度經(jīng)濟(jì)學(xué)作為研究視角，結(jié)合我國的金融環(huán)境變遷，以企業(yè)理論、產(chǎn)權(quán)理論和制度變遷理論作為基礎(chǔ)理論來研究企業(yè)的投融資決策。 本文首先選擇金融體系改革和財政體制改革作為金融環(huán)境變遷的背景，并以此為基礎(chǔ)，闡述了我國企業(yè)投融資體制的改革及其對企業(yè)投融資動機的影響。然后描述了在金融體系改革的前提下，我國的政策制定與企業(yè)之間的博弈關(guān)系；其次，在論述了我國金融環(huán)境變遷的背景下，重點探討了我國特殊的經(jīng)濟(jì)轉(zhuǎn)軌時期下企業(yè)投融資的現(xiàn)狀及其成因分析，這為我們準(zhǔn)確認(rèn)知企業(yè)投融資現(xiàn)狀進(jìn)而為企業(yè)提供解決方案和提升我國政府管理和調(diào)節(jié)企業(yè)投融資行為奠定了基礎(chǔ)。 最后，針對當(dāng)前我國企業(yè)投融資行為所存在的現(xiàn)實問題，提出了規(guī)范和改進(jìn)我國企業(yè)自身投融資行為的建議以及優(yōu)化金融環(huán)境的政策建議。一是從改善公司股權(quán)結(jié)構(gòu)、完善上市公司治理結(jié)構(gòu)兩個方面來規(guī)范和改進(jìn)我國企業(yè)自身投融資行為。二是結(jié)合博弈論的觀點，從優(yōu)化金融環(huán)境的角度出發(fā)，旨在提升我國政府管理能力和調(diào)節(jié)力度，來規(guī)范政府的自身行為。具體做法是建立重復(fù)博弈機制、加快金融機構(gòu)改革和利率市場化改革和大力發(fā)展企業(yè)債券市場。
[Abstract]:Since 2010, as the macroeconomic environment has changed, under the circumstances of rising prices of raw materials, inflation, appreciation of the RMB, and the uncertain international environment, In the context of the central bank's monetary policy of "super-high reserve ratio plus long-term negative real interest rate" in order to curb inflation, the survival of enterprises has become one of the most concerned topics in the economic world. As the most important financial management decision, the enterprise's investment and financing are related to the survival of the enterprise. At the same time, enterprises always exist and develop in a certain institutional environment, which affects the activities of all aspects of the enterprise. As the most important management activities of enterprises, investment and financing activities are not only influenced and restricted by a series of systems, but also their decision-making process is a whole set of system and system operation process. Therefore, this article chooses the new institutional economics as the research angle, unifies our country's financial environment vicissitude, takes the enterprise theory, the property right theory and the system change theory as the basic theory to study the enterprise's investment and financing decision. This paper first chooses the reform of financial system and financial system as the background of the change of financial environment, and on this basis, expounds the reform of investment and financing system of Chinese enterprises and its influence on the motivation of investment and financing of enterprises. Then it describes the game relationship between policy making and enterprises under the premise of financial system reform. Secondly, it discusses the background of the change of financial environment in our country. This paper mainly discusses the present situation and causes of investment and financing of enterprises in the special economic transition period of our country. This has laid the foundation for us to understand the present situation of enterprise investment and financing accurately and then to provide the solution for the enterprise and to improve the management of our government and regulate the behavior of enterprise investment and financing. Finally, aiming at the practical problems existing in the investment and financing behavior of enterprises in our country, this paper puts forward some suggestions to standardize and improve the investment and financing behavior of enterprises in our country, as well as some policy suggestions to optimize the financial environment. One is to standardize and improve the investment and financing behavior of Chinese enterprises from two aspects: improving the ownership structure of the company and perfecting the governance structure of the listed company. Second, from the point of view of game theory and from the angle of optimizing the financial environment, the aim is to improve our government's management ability and adjust strength, to standardize the government's own behavior. The specific measures are to establish the repeated game mechanism, to accelerate the reform of financial institutions and the marketization of interest rates, and to develop the enterprise bond market vigorously.
【學(xué)位授予單位】：河北大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.2

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