本文關(guān)鍵詞： 股權(quán)性質(zhì) 非效率投資 融資約束 代理成本 公司績(jī)效　出處：《復(fù)旦大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：投資決策是企業(yè)可持續(xù)發(fā)展的重要?jiǎng)右蚝臀磥憩F(xiàn)金流穩(wěn)步增長(zhǎng)保證,投資效率的優(yōu)劣會(huì)直接影響企業(yè)的長(zhǎng)遠(yuǎn)發(fā)展和整體價(jià)值。要想研究我國(guó)上市公司的非效率投資行為,必須將股權(quán)性質(zhì)納為考察因素,分析不同股權(quán)性質(zhì)下公司的投資行為。另外,我們研究企業(yè)投資行為的最終目的是為了更好地促進(jìn)企業(yè)價(jià)值的提高,因此我們有必要對(duì)上市公司的投資效率與公司績(jī)效之間的關(guān)聯(lián)性進(jìn)行探究,并考察在不同股權(quán)性質(zhì)下這種關(guān)聯(lián)是否存在差異。 本文以2005—-2011年我國(guó)496家上市公司的經(jīng)驗(yàn)數(shù)據(jù)(3472個(gè)觀測(cè)值,其中2005、2006年數(shù)據(jù)用于構(gòu)建滯后項(xiàng))為樣本,對(duì)公司的非效率行為進(jìn)行相關(guān)研究。實(shí)證部分主要包括兩個(gè)模型：模型(1)是以Vogt(1994)和Richardson(2006)模型為基礎(chǔ),參考張功富(2007)使用的研究方法所構(gòu)建的用于檢驗(yàn)企業(yè)非效率投資類型的模型。模型(2)建立在模型(1)的基礎(chǔ)之上,以模型(1)得出的殘差數(shù)值作為非效率投資程度的量化數(shù)據(jù),與公司績(jī)效指標(biāo)進(jìn)行多元線性回歸后得到非效率投資程度與公司績(jī)效之間的關(guān)聯(lián)性。 本文的主要結(jié)論有： 在對(duì)非效率投資行為進(jìn)行的研究中,我們發(fā)現(xiàn)樣本總體表現(xiàn)出了投資不足傾向,企業(yè)的資產(chǎn)負(fù)債率和內(nèi)部現(xiàn)金流量是影響企業(yè)投資不足行為的顯著因素。按股權(quán)性質(zhì)對(duì)上市公司進(jìn)行分組回歸后,發(fā)現(xiàn)國(guó)有企業(yè)和民營(yíng)企業(yè)均表現(xiàn)出整體的投資不足傾向,但民營(yíng)企業(yè)的顯著性更強(qiáng),并且民營(yíng)企業(yè)的現(xiàn)金持有行為更容易受宏觀經(jīng)濟(jì)環(huán)境的影響。而從個(gè)體上看,國(guó)有企業(yè)和民營(yíng)企業(yè)中都同時(shí)存在投資過度和投資不足的企業(yè),并且在樣本期內(nèi)投資不足的企業(yè)數(shù)量明顯多于投資過度的企業(yè)數(shù)量。 在對(duì)投資效率與公司績(jī)效的相關(guān)性研究中,我們得出了樣本總體的公司績(jī)效與非效率投資程度之間呈負(fù)相關(guān)關(guān)系的結(jié)論。按股權(quán)性質(zhì)分類回歸后,國(guó)有企業(yè)和民營(yíng)企業(yè)的非效率投資程度都與公司績(jī)效的負(fù)相關(guān),但民營(yíng)企業(yè)的顯著性更大。并且從系數(shù)的絕對(duì)值大小來看,民營(yíng)企業(yè)的公司績(jī)效對(duì)非效率投資的敏感度更高,企業(yè)的資產(chǎn)負(fù)債率是形成該差異的顯著因素。
[Abstract]:Investment decision is the important motivation for the sustainable development of enterprises and the guarantee of steady increase of cash flow in the future. The quality of investment efficiency will directly affect the long-term development and overall value of enterprises. We must consider the nature of equity as an investigation factor and analyze the investment behavior of companies under different ownership properties. In addition, the ultimate purpose of our research is to promote the improvement of enterprise value. Therefore, it is necessary to explore the relationship between the investment efficiency and corporate performance of listed companies, and to see if there are differences in this relationship under different equity nature. In this paper, the empirical data of 496 listed companies in China from 2005 to 2011 are taken as samples, of which the data of 2005 and 2006 are used to construct lag terms. The empirical part mainly includes two models: model 1) is based on Vogtl (1994) and Richardson's (2006) model. Referring to the research method used by Zhang Gongfu (2007), the model used to test the types of inefficient investment of enterprises is constructed. Model 2) is based on model 1), and the residual value obtained by model 1) is used as the quantitative data of the degree of inefficient investment. The correlation between the degree of inefficient investment and corporate performance is obtained after multivariate linear regression with corporate performance indicators. The main conclusions of this paper are as follows:. In the study of inefficient investment behavior, we found that the sample showed an overall tendency to underinvest. The asset-liability ratio and internal cash flow of enterprises are the significant factors that influence the underinvestment behavior of enterprises. After regressing the listed companies according to the nature of equity, it is found that both state-owned enterprises and private enterprises have the overall tendency of underinvestment. But the private enterprises are more significant, and the cash holding behavior of the private enterprises is more vulnerable to the influence of the macroeconomic environment. From the individual point of view, both state-owned enterprises and private enterprises have overinvestment and underinvestment enterprises at the same time. Moreover, the number of underinvested enterprises in the sample period is significantly higher than that of overinvested enterprises. In the study of the correlation between investment efficiency and corporate performance, we draw the conclusion that there is a negative correlation between corporate performance and the degree of inefficient investment. The degree of inefficient investment in both state-owned enterprises and private enterprises is negatively correlated with corporate performance, but the private enterprise is more significant, and from the absolute value of the coefficient, private enterprise corporate performance is more sensitive to non-efficiency investment. The ratio of assets to liabilities is a significant factor in the formation of this difference.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F832.51;F275;F276.6

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本文編號(hào)：1546685