【摘要】：“十二五”期間,我國(guó)將新能源產(chǎn)業(yè)列入國(guó)家重點(diǎn)支持的領(lǐng)域之一,從國(guó)家到地方政府都相應(yīng)出臺(tái)了大量的優(yōu)惠政策以鼓勵(lì)支持發(fā)展新能源產(chǎn)業(yè),使得新能源產(chǎn)業(yè)經(jīng)過(guò)幾年發(fā)展,不管是政策環(huán)境,還是市場(chǎng)、技術(shù)環(huán)境和公司內(nèi)部環(huán)境,都發(fā)生了重大的變化,為新能源企業(yè)帶來(lái)前所未有的發(fā)展機(jī)遇,使其有充足的資源如自由現(xiàn)金流和政策扶持等進(jìn)行擴(kuò)大規(guī)模的發(fā)展,但近期政府出臺(tái)的一系列政策顯示出新能源行業(yè)的“跟風(fēng)”現(xiàn)象,由于資源的大量浪費(fèi)導(dǎo)致了配置不優(yōu)化、非效率投資等問(wèn)題。因此將閑置資本如何進(jìn)行再投資以獲得高額收益成為企業(yè)擴(kuò)大競(jìng)爭(zhēng)力的關(guān)鍵。但是由于在具有操作過(guò)程中,公司管理層可能由于個(gè)人能力不足對(duì)市場(chǎng)方向把握不到位或是為了獲取個(gè)人利益,往往會(huì)做出不符合公司利益的投資決策,甚至將資金投放在凈現(xiàn)值為負(fù)的項(xiàng)目上,有損公司利益相關(guān)者的利益,因此如何正確有效地引導(dǎo)企業(yè)管理層的投資決策便成為了國(guó)內(nèi)外學(xué)者關(guān)注和研究的焦點(diǎn)。 本文選取滬深兩市103家新能源行業(yè)上市公司2008-2010年共309個(gè)樣本為研究對(duì)象,以自由現(xiàn)金流現(xiàn)金流量假說(shuō)和過(guò)度投資假說(shuō)理論為基礎(chǔ),在學(xué)習(xí)和總結(jié)國(guó)內(nèi)外相關(guān)研究成果的基礎(chǔ)上,結(jié)合我國(guó)新能源行業(yè)上市公司的實(shí)際情況,通過(guò)理論與實(shí)證的方法的結(jié)合,探究我國(guó)新能源行業(yè)上市公司是否存在過(guò)度投資行為,以及自由現(xiàn)金流量與過(guò)度投資行為的關(guān)系,并從公司內(nèi)部機(jī)構(gòu)投資者持股比例、獨(dú)立董事比例、高管持股比例以及現(xiàn)金股利的發(fā)放等角度分析其過(guò)度投資行為的影響因素,為減少和避免過(guò)度投資行為提供理論依據(jù)。 詹森的自由現(xiàn)金流量假說(shuō)理論,為公司過(guò)度投資行為提供了理論基礎(chǔ)；其次運(yùn)用委托代理理論、管理機(jī)會(huì)主義理論和公司控制權(quán)理論以及外部機(jī)會(huì)主義對(duì)過(guò)度投資行為的動(dòng)因進(jìn)行理論分析；然后借鑒國(guó)內(nèi)外學(xué)者的研究成果,在對(duì)自由現(xiàn)金流量更準(zhǔn)確的度量和分析的基礎(chǔ)上,構(gòu)建過(guò)度投資水平模型,確定上市公司過(guò)度投資水平,并對(duì)其進(jìn)行原因的實(shí)證分析,最后從公司治理因素：機(jī)構(gòu)投資者持股比例、獨(dú)立董事比例、高管持股比例以及現(xiàn)金股利的發(fā)放等四個(gè)方面,建立對(duì)公司過(guò)度投資行為影響的關(guān)系模型,并用回歸檢驗(yàn)的方法分析過(guò)度投資行為及其與四個(gè)控制變量因素的相關(guān)關(guān)系,并根據(jù)實(shí)證分析結(jié)果提出相關(guān)的建議。本文共分為以下五個(gè)章： 第一章,緒論。詳細(xì)的介紹了本文的研究背景和實(shí)踐與理論意義,并對(duì)國(guó)內(nèi)外的研究現(xiàn)狀進(jìn)行了梳理,從而引出了本文的框架結(jié)構(gòu)域研究方法,最后提出了本文的創(chuàng)新點(diǎn)和不足之處。 第二章,自由現(xiàn)金流量和過(guò)度投資理論概述。通過(guò)對(duì)自由現(xiàn)金流量和過(guò)度投資進(jìn)行概述,對(duì)其產(chǎn)生的動(dòng)因進(jìn)行分析,奠定了本文的理論基礎(chǔ)。 第三章,新能源行業(yè)的過(guò)度投資現(xiàn)狀及成因分析。通過(guò)對(duì)我國(guó)新能源行業(yè)的上市公司過(guò)度投資的現(xiàn)狀分析,分析其產(chǎn)生過(guò)度投資的成因。 第四章,新能源行業(yè)的過(guò)度投資與自由現(xiàn)金流量之間關(guān)系的實(shí)證分析。通過(guò)對(duì)研究假設(shè)和研究變量的設(shè)計(jì),對(duì)我國(guó)新能源行業(yè)上市公司自由現(xiàn)金流量對(duì)過(guò)度投資進(jìn)行描述性統(tǒng)計(jì)和回歸檢驗(yàn)方法,得出實(shí)證結(jié)果并進(jìn)行分析。 第五章,研究結(jié)論和政策建議。通過(guò)對(duì)實(shí)證檢驗(yàn)結(jié)果的分析,提出相應(yīng)的政策建議,以期對(duì)我國(guó)新能源行業(yè)上市公司基于自由現(xiàn)金流量產(chǎn)生的過(guò)度投資行為產(chǎn)生幫助。 本文通過(guò)實(shí)證分析結(jié)果,驗(yàn)證了所提假設(shè),證實(shí)了我國(guó)新能源行業(yè)上市公司存在自由現(xiàn)金流量,并與過(guò)度投資成正相關(guān)關(guān)系,且與公司治理因素獨(dú)立董事比例、機(jī)構(gòu)投資者持股比例、高管持股比例以及現(xiàn)金股利發(fā)放程度存在相應(yīng)的關(guān)系。
[Abstract]:During the "12th Five-Year", China included the new energy industry as one of the key support areas of the state. From the state to the local government, a large number of preferential policies were issued to encourage the development of new energy industries. The new energy industry has been developed for several years, whether it is the policy environment, the market, the technical environment and the internal environment of the company. Great changes have taken place to bring unprecedented opportunities for the development of new energy enterprises and make them have sufficient resources, such as free cash flow and policy support, to expand the scale of development. However, a series of policies issued by the government in the near future show the "follow the wind" phenomenon in the new energy industry, which has led to a poor allocation of resources. Therefore, the key to the expansion of competitiveness is how to reinvest the idle capital in order to obtain high income. However, because in the process of operation, the company management may not be able to grasp the market direction or gain personal interests due to the lack of personal ability, and often do not comply with the public. Investment decisions of the interests of the company even put funds on projects with negative net present value, which undermines the interests of the stakeholders of the company. So how to effectively and effectively guide the investment decision of the enterprise management level has become the focus of attention and research by scholars at home and abroad.
On the basis of free cash flow cash flow hypothesis and overinvestment hypothesis theory, based on the free cash flow cash flow hypothesis and the theory of overinvestment hypothesis, this paper selects 309 samples of Listed Companies in Shanghai and Shenzhen two new energy industries. Based on the study and summary of relevant research results at home and abroad, the theory is combined with the actual situation of the listed companies in the new energy source industry in China and through the theory. With the combination of empirical methods, this paper explores the excessive investment behavior of Listed Companies in the new energy industry, and the relationship between free cash flow and excessive investment behavior, and analyzes its overinvestment behavior from the perspective of the proportion of institutional investors, the proportion of independent directors, the proportion of executive stock and the issuance of cash dividends. The influencing factors provide theoretical basis for reducing and avoiding over investment behavior.
Jansen's theory of free cash flow hypothesis provides a theoretical basis for the overinvestment behavior of the company. Secondly, it uses the principal-agent theory to manage the theory of opportunism and the theory of corporate control and the motivation of external opportunism on overinvestment behavior. On the basis of more accurate measurement and analysis of cash flow, the overinvestment level model is constructed to determine the level of overinvestment in listed companies, and the empirical analysis of the reasons is made. Finally, the four aspects of the corporate governance factors: the proportion of institutional investors, the proportion of independent directors, the proportion of executive stock and the issuance of cash dividends, and so on. The relationship model of the overinvestment behavior of the company is established, and the regression test method is used to analyze the relationship between over investment behavior and the four factors of control variables, and the relevant suggestions are put forward according to the results of the empirical analysis. This paper is divided into the following five chapters:
The first chapter, introduction, introduces the research background and practical and theoretical significance of this paper, and combs the research status at home and abroad, thus leads to the framework domain research method in this paper, and finally puts forward the innovation points and shortcomings of this paper.
The second chapter is an overview of free cash flow and overinvestment theory. Through an overview of free cash flow and excessive investment, the reasons for its production are analyzed, and the theoretical basis of this paper is laid.
The third chapter, the present situation and cause analysis of the over investment in the new energy industry. Through the analysis of the current situation of the overinvestment in the listed companies in the new energy industry of China, the causes of the excessive investment are analyzed.
The fourth chapter, the empirical analysis of the relationship between the over investment and free cash flow in the new energy industry. Through the design of the research hypothesis and the research variables, the free cash flow of the listed companies in the new energy industry is used to make a descriptive statistics and regression test on the overinvestment of the free cash flow of the listed companies in the new energy industry.
The fifth chapter, research conclusions and policy recommendations, through the analysis of the results of empirical test, put forward the corresponding policy recommendations, in order to help China's new energy industry listed companies based on free cash flow of excessive investment behavior.
Through the empirical analysis, the proposed hypothesis proves that the free cash flow of the listed companies in the new energy industry has a positive correlation with the over investment, and has the corresponding relationship with the proportion of independent directors of corporate governance, the proportion of institutional investors, the ratio of executive stock ownership and the degree of cash dividends.
【學(xué)位授予單位】：安徽大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類(lèi)號(hào)】：F275;F832.51

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本文編號(hào)：2170284