【摘要】：融資與投資是現(xiàn)代企業(yè)資金運(yùn)動(dòng)的兩個(gè)主要方面，是企業(yè)的兩項(xiàng)基本財(cái)務(wù)活動(dòng)。財(cái)務(wù)管理就是討論投資、融資與公司治理績(jī)效之間關(guān)系的一門(mén)學(xué)科，而負(fù)債融資對(duì)投資行為的影響直接關(guān)系到公司治理績(jī)效的優(yōu)劣。國(guó)內(nèi)學(xué)者早已研究過(guò)我國(guó)企業(yè)的投資行為大都存在過(guò)度投資的非效率投資行為，而對(duì)于非國(guó)有控股上市公司的研究尚未涉足。本文從負(fù)債融資的視角研究我國(guó)非國(guó)有控股上市公司是否存在投資不足的非效率投資行為，進(jìn)而研究非國(guó)有控股上市公司中，負(fù)債融資及負(fù)債期限結(jié)構(gòu)和負(fù)債來(lái)源結(jié)構(gòu)的不同是否會(huì)對(duì)非效率投資行為產(chǎn)生影響。 本文前三章為理論分析，介紹了研究意義，對(duì)相關(guān)理論及文獻(xiàn)進(jìn)行了梳理。第四章與第五章運(yùn)用實(shí)證研究方法，在已有研究的基礎(chǔ)上，結(jié)合我國(guó)資本市場(chǎng)現(xiàn)狀以及非國(guó)有控股上市公司市場(chǎng)環(huán)境等因素，選取滬深A(yù)股非金融、保險(xiǎn)行業(yè)非國(guó)有控股上市公司為研究樣本，通過(guò)建立多元回歸模型實(shí)證分析負(fù)債融資對(duì)企業(yè)投資行為的影響機(jī)制。第六章通過(guò)研究結(jié)論提出政策建議。本文在理論方面采用了文獻(xiàn)法，對(duì)國(guó)內(nèi)外相關(guān)文獻(xiàn)進(jìn)行了梳理。在實(shí)證方面，，將描述性統(tǒng)計(jì)、相關(guān)分析和回歸分析相結(jié)合。本文的數(shù)據(jù)處理均運(yùn)用EXCEL和SPSS16.0數(shù)據(jù)分析軟件來(lái)完成。 本文對(duì)我國(guó)非國(guó)有控股上市公司的非效率投資行為進(jìn)行了實(shí)證檢驗(yàn)，進(jìn)一步檢驗(yàn)了負(fù)債融資及負(fù)債融資期限結(jié)構(gòu)和來(lái)源結(jié)構(gòu)對(duì)非效率投資行為的影響機(jī)制，結(jié)果表明：（1）非國(guó)有控股上市公司確實(shí)存在投資不足的非效率投資行為；（2）資產(chǎn)負(fù)債率與投資不足呈負(fù)相關(guān)關(guān)系，即負(fù)債融資能緩解投資不足程度；（3）短期負(fù)債對(duì)非國(guó)有控股上市公司投資不足的作用不明顯，長(zhǎng)期負(fù)債緩解非國(guó)有控股上市公司投資不足的作用顯著；（4）商業(yè)信用和銀行借款可以緩解非國(guó)有控股上市公司的投資不足，而且銀行借款相對(duì)于商業(yè)信用的緩解作用更顯著。 本文存在以下幾個(gè)創(chuàng)新點(diǎn)：（1）從研究角度上，本文從負(fù)債來(lái)源及負(fù)債期限角度研究非國(guó)有控股上市公司負(fù)債融資對(duì)投資行為的影響，與之前文獻(xiàn)中大多從負(fù)債融資與投資規(guī)模的關(guān)系角度不同。（2）從研究方法上，學(xué)者研究負(fù)債融資對(duì)企業(yè)投資行為影響的實(shí)證研究大多是以投資支出規(guī)模與資產(chǎn)負(fù)債率的相關(guān)關(guān)系來(lái)判斷企業(yè)的非效率投資行為，而且不能以量化的形式來(lái)檢驗(yàn)負(fù)債融資對(duì)非效率投資程度的影響。本文通過(guò)具體的模型來(lái)判斷企業(yè)的非效率投資行為，并通過(guò)預(yù)期投資水平模型找出非效率投資的代理變量，對(duì)非效率投資進(jìn)行量化的檢驗(yàn)。（3）從研究對(duì)象上，現(xiàn)有文獻(xiàn)大多是以國(guó)有上市公司或全部上市公司為研究樣本，本文以非國(guó)有控股上市公司為研究對(duì)象，并且通過(guò)實(shí)證發(fā)現(xiàn)，非國(guó)有控股上市公司的非效率投資行為主要是投資不足，這與現(xiàn)有文獻(xiàn)中國(guó)有上市公司大多存在過(guò)度投資的結(jié)論不同。
[Abstract]:Financing and investment are two main aspects of the capital movement of modern enterprises and two basic financial activities of enterprises. Financial management is a discipline that discusses the relationship between investment, financing and corporate governance performance, and the impact of debt financing on investment behavior is directly related to the quality of corporate governance performance. Domestic scholars have already studied the investment behavior of Chinese enterprises, but the research on non-state-owned holding listed companies has not been involved. From the perspective of debt financing, this paper studies whether there is inefficient investment behavior of non-state-owned holding listed companies in China, and then studies the non-state-owned holding listed companies. Whether the difference of debt financing and debt maturity structure and debt source structure will affect the inefficient investment behavior. The first three chapters of this paper are theoretical analysis, introducing the significance of the research, and combing the relevant theories and literature. The fourth and fifth chapters use empirical research methods, on the basis of existing research, combined with the current situation of China's capital market and the market environment of non-state-owned holding listed companies, select Shanghai and Shenzhen A shares non-financial. Non-state-owned holding listed companies in insurance industry as the research sample, through the establishment of multiple regression model empirical analysis of debt financing on the impact of corporate investment behavior mechanism. The sixth chapter puts forward the policy suggestion through the research conclusion. In this paper, the literature method is used in the theoretical aspect, and the related literature at home and abroad is combed. In the empirical aspect, descriptive statistics, correlation analysis and regression analysis are combined. The data processing in this paper is accomplished by excel and SPSS 16.0 data analysis software. This paper makes an empirical test on the non-efficiency investment behavior of non-state-owned holding listed companies, and further examines the influence mechanism of debt financing and debt financing term structure and source structure on the non-efficiency investment behavior. The results show that: (1) the non-state-owned holding listed companies do have inefficient investment behavior, (2) the ratio of assets and liabilities is negatively related to the insufficient investment, that is, debt financing can alleviate the degree of insufficient investment; (3) the effect of short-term debt on the underinvestment of non-state-owned holding listed companies is not obvious, and the long-term debt can alleviate the insufficient investment of non-state-owned holding listed companies. (4) Commercial credit and bank loan can alleviate the underinvestment of non-state-owned holding listed company, and the bank loan is more obvious than commercial credit. This paper has the following innovations: (1) from the perspective of research, this paper studies the impact of debt financing on the investment behavior of non-state-owned holding listed companies from the perspective of debt sources and debt duration. The relationship between debt financing and investment scale is different from the previous literature. (2) from the perspective of research methods, Most of the empirical studies on the influence of debt financing on enterprises' investment behavior are based on the correlation between the scale of investment expenditure and the ratio of assets and liabilities to judge the inefficient investment behavior of enterprises. Moreover, the influence of debt financing on the degree of non-efficient investment can not be tested in the form of quantification. In this paper, the inefficiency investment behavior of enterprises is judged by the specific model, and the agent variable of the inefficient investment is found out by the expected investment level model. (3) from the research object, the paper makes a quantitative test on the inefficient investment. Most of the existing literature is based on the state-owned listed companies or all listed companies as a research sample, this paper takes non-state-owned holding listed companies as the research object, and through empirical findings, The main inefficient investment behavior of non-state-owned holding listed companies is insufficient investment, which is different from the conclusion that most of the listed companies in China have overinvestment.
【學(xué)位授予單位】：山東財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F224;F832.51

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