本文關(guān)鍵詞： 內(nèi)部現(xiàn)金流投資 自由現(xiàn)金流 融資約束 股權(quán)結(jié)構(gòu)　出處：《南京財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：在當(dāng)前后金融危機(jī)時(shí)代，國家積極推動(dòng)經(jīng)濟(jì)復(fù)蘇計(jì)劃，從財(cái)務(wù)的視角研究有關(guān)投資問題具有一定的現(xiàn)實(shí)意義。本文通過梳理內(nèi)部現(xiàn)金流投資的相關(guān)理論脈絡(luò)，，在代理理論和信息不對(duì)稱理論的基礎(chǔ)上，結(jié)合我國的制度背景和上市公司的股權(quán)特征，從理論上分析了股權(quán)結(jié)構(gòu)與內(nèi)部現(xiàn)金流投資的關(guān)系。 本文主要用SPSS軟件對(duì)經(jīng)過篩選的2007-2010年1213家滬深兩市上市公司的面板數(shù)據(jù)進(jìn)行了回歸分析。經(jīng)過實(shí)證研究發(fā)現(xiàn)，上市公司投資行為與現(xiàn)金流具有顯著的敏感性，即投資會(huì)隨著現(xiàn)金流的增減而增減�？紤]到我國上市公司股權(quán)集中度高，國有股終極所有者缺位，社會(huì)公眾股股權(quán)分散等特征，本文引入反映股權(quán)結(jié)構(gòu)的第一大股東性質(zhì)、股權(quán)集中度、股權(quán)制衡度三個(gè)指標(biāo)作為現(xiàn)金流的交叉項(xiàng)，分析股權(quán)結(jié)構(gòu)對(duì)我國上市公司內(nèi)部現(xiàn)金流投資行為的影響。 研究發(fā)現(xiàn)，投資-現(xiàn)金流敏感性與社會(huì)公眾股呈現(xiàn)顯著的負(fù)相關(guān)關(guān)系。這說明，當(dāng)社會(huì)公眾股比例越大，社會(huì)公眾股股東就越能通過上市公司控制權(quán)市場(chǎng)的斗爭，運(yùn)用市場(chǎng)的機(jī)制，對(duì)管理層的投資行為進(jìn)行監(jiān)督。當(dāng)?shù)谝淮蠊蓶|為國有股時(shí)，投資-現(xiàn)金流敏感性與國有股比例呈現(xiàn)顯著的正相關(guān)關(guān)系；第一大股東為社會(huì)法人股時(shí)，隨著社會(huì)法人股持股比例的增加，大股東監(jiān)督管理者行為的動(dòng)機(jī)及能力增強(qiáng)，并且由于大股東利益與企業(yè)價(jià)值的一致性，大股東更注重企業(yè)的長遠(yuǎn)發(fā)展，因此表現(xiàn)為較弱的投資-現(xiàn)金流敏感性。對(duì)于股權(quán)集中度，本文按照第一大股東持股比例進(jìn)行了分組，分為股權(quán)高度分散，相對(duì)控股，股權(quán)高度集中三個(gè)部分進(jìn)行對(duì)比分析，結(jié)果發(fā)現(xiàn)，股權(quán)集中度與內(nèi)部現(xiàn)金流投資行為呈現(xiàn)U形的非線性關(guān)系。經(jīng)過對(duì)股權(quán)制衡度的回歸分析，發(fā)現(xiàn)股權(quán)制衡在一定程度上可以有效降低投資對(duì)現(xiàn)金流的敏感性。
[Abstract]:In the current post-financial crisis era, the government actively promotes the economic recovery plan, and it has certain practical significance to study the investment issues from the perspective of finance. On the basis of agency theory and information asymmetry theory, combined with the institutional background of our country and the equity characteristics of listed companies, this paper theoretically analyzes the relationship between equity structure and internal cash flow investment. In this paper, the panel data of 1213 listed companies in Shanghai and Shenzhen from 2007 to 2010 are analyzed by SPSS software. The empirical results show that the investment behavior and cash flow of listed companies are significantly sensitive. That is, the investment will increase or decrease with the increase and decrease of cash flow. Considering the characteristics of high concentration of equity of listed companies in China, absence of ultimate owners of state-owned shares and dispersion of public shares, this paper introduces the nature of the largest shareholder, which reflects the ownership structure. This paper analyzes the influence of equity structure on the internal cash flow investment behavior of listed companies in our country as three indexes of equity concentration and equity checks and balances as cross items of cash flow. It is found that the sensitivity of investment-cash flow is negatively correlated with the social public shares, which indicates that when the proportion of public shares is larger, the shareholders of public shares will be able to struggle through the market control of listed companies. When the first shareholder is state-owned, the sensitivity of investment-cash flow is positively correlated with the proportion of state-owned stock, and the first shareholder is social legal stock. With the increase of the proportion of social legal shares, the motivation and ability of the large shareholders to supervise the managers' behavior is enhanced, and because of the consistency between the interests of the large shareholders and the value of the enterprises, the majority shareholders pay more attention to the long-term development of the enterprises. As a result, the sensitivity of investment-cash flow is weak. For the degree of ownership concentration, this paper divided into three parts according to the first largest shareholder's shareholding ratio: highly dispersed equity, relatively controlling, and high concentration of equity. The results show that there is a nonlinear U-shaped relationship between equity concentration and internal cash flow investment behavior, and through the regression analysis of equity balance degree, it is found that equity balance can effectively reduce the sensitivity of investment to cash flow to a certain extent.
【學(xué)位授予單位】：南京財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F275;F832.51;F224

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本文編號(hào)：1516549