本文關(guān)鍵詞：創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)與非效率投資關(guān)系研究　出處：《東北石油大學》2014年碩士論文　論文類型：學位論文

  更多相關(guān)文章： 創(chuàng)業(yè)板上市公司 股權(quán)結(jié)構(gòu) 非效率投資 過度投資 投資不足

【摘要】：投資活動作為公司財務(wù)管理三大活動之一，直接影響公司的價值及發(fā)展前景，而股權(quán)結(jié)構(gòu)作為公司治理的基礎(chǔ)，通過影響公司的投資決策行為，進而影響公司的價值，因此不合理的股權(quán)結(jié)構(gòu)會導致公司非效率投資行為的發(fā)生。目前我國創(chuàng)業(yè)板上市公司普遍存在著非效率投資問題，這不僅制約了公司自身的發(fā)展，也間接影響了資本市場的資源配置效率。目前對上市公司股權(quán)結(jié)構(gòu)與非效率投資的研究主要集中在滬深主板上市公司，對創(chuàng)業(yè)板上市公司研究很少，同時由于創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)具有自身的特殊性，已有的研究結(jié)論無法為創(chuàng)業(yè)板上市公司提供有力參考，，因此研究創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)與非效率投資的關(guān)系具有重要意義。 論文采用規(guī)范研究和實證研究相結(jié)合的方法對創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)和非效率投資關(guān)系進行研究。首先，介紹了研究背景及意義及國內(nèi)外研究現(xiàn)狀；然后介紹了創(chuàng)業(yè)板市場、股權(quán)結(jié)構(gòu)和非效率投資概念，闡述了股權(quán)結(jié)構(gòu)與非效率投資研究的理論基礎(chǔ)。其次從股權(quán)集中度、股權(quán)制衡和股權(quán)性質(zhì)三個方面分析了創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)特征，并從投資領(lǐng)域和投資支出水平兩個角度描述了創(chuàng)業(yè)板上市公司的投資現(xiàn)狀。再次，對創(chuàng)業(yè)板上市公司股權(quán)結(jié)構(gòu)與非效率投資關(guān)系進行實證研究，以創(chuàng)業(yè)板上市公司2011-2013年相關(guān)數(shù)據(jù)作為研究樣本，通過借鑒Richardson殘差模型構(gòu)建了非效率投資度量模型和股權(quán)結(jié)構(gòu)與非效率投資關(guān)系回歸模型，并進行了描述性統(tǒng)計、相關(guān)性檢驗和回歸分析，實證研究表明：創(chuàng)業(yè)板上市公司第一大股東持股比例和管理層持股比例過高會加劇公司投資不足程度，股權(quán)制衡度較高和機構(gòu)投資者持股比例的增加都有利于提高公司投資效率，流通股比例的增加會導致過度投資，減少投資不足。最后，根據(jù)實證研究結(jié)論提出幾點有助于創(chuàng)業(yè)板上市公司提高投資效率的對策建議，如合理分配股權(quán)，發(fā)揮股權(quán)制衡作用，增加機構(gòu)投資者持股比例，建立有效的管理者激勵機制、完善信息披露制度等。
[Abstract]:As one of the three activities of corporate financial management, investment activities directly affect the value and development prospects of the company, while the equity structure as the basis of corporate governance, through the impact of corporate investment decision-making behavior. And then affect the value of the company, so unreasonable ownership structure will lead to the occurrence of inefficient investment behavior. At present, there is a general problem of inefficient investment in listed companies of gem in our country. This not only restricts the development of the company itself, but also indirectly affects the resource allocation efficiency of the capital market. There is little research on gem listed companies, and because of the particularity of the equity structure of gem listed companies, the existing research conclusions can not provide a strong reference for gem listed companies. Therefore, it is of great significance to study the relationship between equity structure and inefficient investment of gem listed companies. This paper uses normative and empirical research methods to study the equity structure and inefficient investment relationship of gem listed companies. Firstly, it introduces the background and significance of the research and the current research situation at home and abroad. Then introduced the gem market, equity structure and the concept of inefficient investment, elaborated the theoretical basis of equity structure and inefficient investment. Secondly, from the equity concentration. This paper analyzes the equity structure characteristics of gem listed companies from three aspects of equity balance and equity nature, and describes the investment status of gem listed companies from the aspects of investment field and investment expenditure level. Empirical study on the relationship between equity structure and inefficient investment of gem listed companies, taking the relevant data of gem listed companies from 2011 to 2013 as the research sample. By using Richardson residuals model as a reference, this paper constructs an inefficient investment measurement model and a regression model of the relationship between equity structure and inefficient investment, and carries out descriptive statistics, correlation test and regression analysis. The empirical study shows that the excessive proportion of the largest shareholders and the management share will aggravate the underinvestment of the listed companies. The high degree of equity balance and the increase of the proportion of institutional investors are conducive to improve the efficiency of the company's investment. The increase of the proportion of circulating shares will lead to excessive investment and reduce investment. Finally. According to the conclusions of empirical research, this paper puts forward some countermeasures and suggestions to help gem companies improve their investment efficiency, such as rational allocation of equity, exerting the role of equity balance, and increasing the proportion of institutional investors holding shares. Establish effective manager incentive mechanism, perfect information disclosure system and so on.
【學位授予單位】：東北石油大學
【學位級別】：碩士
【學位授予年份】：2014
【分類號】：F275;F832.51

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