本文關鍵詞： 債務資本成本 股權資本成本 加權平均資本成本 企業(yè)投資規(guī)模　出處：《聊城大學》2017年碩士論文　論文類型：學位論文

【摘要】：投資活動是企業(yè)立足和發(fā)展的重要基礎,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)經營過程面臨的眾多決策選擇中,投資決策是企業(yè)最應關注和最為核心的難題。科學、合理的投資決策包括投資戰(zhàn)略、投資時機和投資規(guī)模三方面內容。在實際研究中,學者們更多的關注投資戰(zhàn)略和投資時機的選擇,對投資規(guī)模的注重相對較弱。當企業(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和考量,也可以說,以資本成本為標桿進行的投資決策才能保障其科學性和合理性。近年來,國內外學者大都從自由現(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,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。本文研究的主要內容包括:背景及問題提出、理論與文獻梳理、資本成本與企業(yè)投資規(guī)模關系的理論分析以及實證檢驗等。基于前期學者的研究成果,圍繞資本成本的性質,首先扼要闡述本文的研究背景,提出相關問題,研究的意義、內容和思路以及創(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)模研究的有關理論及國內外文獻,為進一步的探究提供理論支持。接著,考慮到資本成本的主要構成或融資主要渠道,分債務資本成本、股權資本成本以及加權平均資本成本三方面探討各自與企業(yè)投資規(guī)模關系的理論機制,并在此前提下提出研究假設。再次,利用我國上市企業(yè)的財務數(shù)據(jù),以實證分析方法驗證所提出假設的合理性。最后總結本文主要的研究結論,依據(jù)結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行展望。本文經過科學的理論分析和實證檢驗,得出以下幾點重要結論:(1)企業(yè)債務資本成本與企業(yè)投資支出負相關,即債務資本成本越高,企業(yè)投資支出越少,企業(yè)投資規(guī)模越小。(2)企業(yè)股權資本成本與企業(yè)投資支出呈明顯負相關關系,股權資本成本對企業(yè)投資規(guī)模起到一定的制約作用。(3)企業(yè)加權平均資本成本與企業(yè)投資規(guī)模顯著負相關,加權平均資本成本對企業(yè)投資規(guī)模的綜合約束力強于債務資本成本或股權資本成本的單約束力,且兩者之間存在明顯的線性函數(shù)關系。該結論與前期有關學者得出的資本成本與企業(yè)投資規(guī)模呈倒U型關系的結論不同,對于產生這種不同的原因,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.

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

【參考文獻】

相關期刊論文 前10條

1 李桂萍;;基于Jorgenson理論的資本成本概念研究[J];財會月刊;2014年22期

2 汪平;鄒穎;袁光華;;資本成本約束與公司財務政策——來自中國上市公司的經驗證據(jù)[J];財會通訊;2013年30期

3 李桂萍;劉薇;;國外資本成本微觀應用研究脈絡及未來展望[J];經濟研究參考;2012年66期

4 汪平;鄒穎;;資本成本的錨定效應與財務政策的優(yōu)化[J];財務與會計(理財版);2012年08期

5 汪平;;股權資本成本性質與估算技術分析[J];財會通訊;2011年28期

6 張功富;宋獻中;;我國上市公司投資:過度還是不足?——基于滬深工業(yè)類上市公司非效率投資的實證度量[J];會計研究;2009年05期

7 辛清泉;林斌;王彥超;;政府控制、經理薪酬與資本投資[J];經濟研究;2007年08期

8 唐雪松;周曉蘇;馬如靜;;上市公司過度投資行為及其制約機制的實證研究[J];會計研究;2007年07期

9 王治;周宏琦;;負債、負債結構與企業(yè)投資行為——來自中國上市公司的經驗證據(jù)[J];海南大學學報(人文社會科學版);2007年02期

10 辛清泉;林斌;;債務杠桿與企業(yè)投資:雙重預算軟約束視角[J];財經研究;2006年07期

，

本文編號：1453843