發(fā)布時間：2018-01-22 05:39

  本文關(guān)鍵詞： 債務(wù)資本成本 股權(quán)資本成本 加權(quán)平均資本成本 企業(yè)投資規(guī)模　出處：《聊城大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：投資活動是企業(yè)立足和發(fā)展的重要基礎(chǔ),是企業(yè)獲取利潤、優(yōu)化規(guī)模的重要源泉,投資效果的好壞決定了企業(yè)能否在競爭日益激烈的市場中長久發(fā)展,這表明在企業(yè)經(jīng)營過程面臨的眾多決策選擇中,投資決策是企業(yè)最應(yīng)關(guān)注和最為核心的難題�？茖W(xué)、合理的投資決策包括投資戰(zhàn)略、投資時機(jī)和投資規(guī)模三方面內(nèi)容。在實際研究中,學(xué)者們更多的關(guān)注投資戰(zhàn)略和投資時機(jī)的選擇,對投資規(guī)模的注重相對較弱。當(dāng)企業(yè)面臨眾多的投資項目時,如何做出判斷才是對企業(yè)最有利的決策呢?一個最基本、最直接的原則是比較項目投資回報率和企業(yè)資本成本的大小,合理、有效的投資決策體現(xiàn)在投資回報率不低于資本成本,而且資本成本的實質(zhì)要求與企業(yè)投資獲取的最低回報率吻合,這使得資本成本成為企業(yè)投資決策選擇的基準(zhǔn)和考量,也可以說,以資本成本為標(biāo)桿進(jìn)行的投資決策才能保障其科學(xué)性和合理性。近年來,國內(nèi)外學(xué)者大都從自由現(xiàn)金流量和融資約束等角度研究企業(yè)的投資決策,以資本成本視角進(jìn)行探討的較少,甚至以資本成本為因素研究對企業(yè)投資規(guī)模影響的更少�；谶@種現(xiàn)狀,本文系統(tǒng)研究我國上市企業(yè)資本成本對企業(yè)投資規(guī)模的影響效應(yīng),并提出使投資規(guī)模最優(yōu)化的合理意見,使得企業(yè)更好的把握投資支出。本文研究的主要內(nèi)容包括:背景及問題提出、理論與文獻(xiàn)梳理、資本成本與企業(yè)投資規(guī)模關(guān)系的理論分析以及實證檢驗等�；谇捌趯W(xué)者的研究成果,圍繞資本成本的性質(zhì),首先扼要闡述本文的研究背景,提出相關(guān)問題,研究的意義、內(nèi)容和思路以及創(chuàng)新點等。其次,本文梳理與分析了企業(yè)投資決策、投資決策中資本成本影響投資規(guī)模研究的有關(guān)理論及國內(nèi)外文獻(xiàn),為進(jìn)一步的探究提供理論支持。接著,考慮到資本成本的主要構(gòu)成或融資主要渠道,分債務(wù)資本成本、股權(quán)資本成本以及加權(quán)平均資本成本三方面探討各自與企業(yè)投資規(guī)模關(guān)系的理論機(jī)制,并在此前提下提出研究假設(shè)。再次,利用我國上市企業(yè)的財務(wù)數(shù)據(jù),以實證分析方法驗證所提出假設(shè)的合理性。最后總結(jié)本文主要的研究結(jié)論,依據(jù)結(jié)論對文中涉及的問題提出政策性建議,并對本文的局限性和未來研究進(jìn)行展望。本文經(jīng)過科學(xué)的理論分析和實證檢驗,得出以下幾點重要結(jié)論:(1)企業(yè)債務(wù)資本成本與企業(yè)投資支出負(fù)相關(guān),即債務(wù)資本成本越高,企業(yè)投資支出越少,企業(yè)投資規(guī)模越小。(2)企業(yè)股權(quán)資本成本與企業(yè)投資支出呈明顯負(fù)相關(guān)關(guān)系,股權(quán)資本成本對企業(yè)投資規(guī)模起到一定的制約作用。(3)企業(yè)加權(quán)平均資本成本與企業(yè)投資規(guī)模顯著負(fù)相關(guān),加權(quán)平均資本成本對企業(yè)投資規(guī)模的綜合約束力強(qiáng)于債務(wù)資本成本或股權(quán)資本成本的單約束力,且兩者之間存在明顯的線性函數(shù)關(guān)系。該結(jié)論與前期有關(guān)學(xué)者得出的資本成本與企業(yè)投資規(guī)模呈倒U型關(guān)系的結(jié)論不同,對于產(chǎn)生這種不同的原因,文章也給出了比較有說服力的觀點。
[Abstract]:Investment activity is an important foundation and development of enterprises based on the enterprise, is an important source of profit, optimize the scale, investment effect determines whether the enterprise can long-term development in the increasingly fierce market competition, this shows that in many decision facing the business process in the choice of investment decision is the most difficult problem and should pay attention to at the core of scientific, rational investment decisions including investment strategy, investment opportunity and investment in three aspects. In the actual research, the scholars pay more attention to the investment strategy and investment timing, to focus on the investment scale is relatively weak. When the enterprise is faced with many investment projects, how to judge is the most beneficial to enterprise decision? One of the most basic, the most direct is the principle of project investment returns and the cost of capital size, reasonable and effective investment decisions in investment The rate of return is not less than the cost of capital, and returns the minimum substantive requirements of the cost of capital and investment gain rate agreement, which makes the cost of capital to become the enterprise investment decision-making datum selection and consideration, it can be said that the cost of capital for investment decision-making in order to guarantee the benchmark of science and rationality. In recent years, both at home and abroad most of the scholars study on the investment decision from the free cash flow and financing constraints and other point of view, to explore less capital cost perspective, even at the cost of capital for investment scale of research on enterprise less. Based on this situation, study on the effects of the capital cost of listed companies on corporate investment scale in China and put forward the system. The reasonable opinion of investment scale optimization, makes the enterprise to better grasp the investment spending. The main contents of this paper include: the background and questions of science, Theory and literature review, the cost of capital and the scale of investment in the relationship between theoretical analysis and empirical test. Based on the former research achievements, the nature of the cost of capital, first introduced the research background of this paper, put forward related problems, research significance, content and way of thinking and innovation. Secondly, this paper analyzes the the enterprise investment decision-making, affect the cost of capital investment decision in the scale of investment in research related theory and literature at home and abroad, to provide theoretical support for further research. Then, considering the main components of the cost of capital or financing main channel, divided the cost of debt capital, mechanism of the theory of the cost of equity capital and the weighted average cost of capital and enterprise three aspects respectively the relationship between the scale of investment, and under this premise hypothesis. Thirdly, by using the financial data of Chinese listed companies, by empirical analysis of test method Under the assumption that the rationality. Finally summarize the main conclusions of this study, according to the conclusion put forward policy suggestion on the problems involved in this paper, and the limitations of this paper and the future research was discussed in this paper. Through theoretical analysis and empirical scientific test, draw the following important conclusions: (1) the cost of debt capital and enterprises business investment spending is negatively related to the debt capital cost is high, investment is less, the enterprise investment scale is smaller. (2) showed a significant negative correlation between the enterprise and the cost of equity capital investment, equity capital into the investment scale of enterprises plays a certain role constraints. (3) the weighted average capital enterprises cost and investment scale is significantly negatively correlated, single binding binding comprehensive weighted average cost of capital of the enterprise investment scale is stronger than the cost of debt capital and equity capital cost, and between deposit In conclusion, the conclusion is different from the conclusion that the cost of capital and the scale of investment in enterprises are inverted U type.

【學(xué)位授予單位】：聊城大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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