發(fā)布時(shí)間：2018-01-12 11:42

  本文關(guān)鍵詞：異質(zhì)機(jī)構(gòu)投資者持股對(duì)企業(yè)融資約束影響的研究　出處：《西安科技大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 上市公司 異質(zhì)機(jī)構(gòu)投資者 融資約束 債務(wù)融資

【摘要】：融資約束問題一直是我國財(cái)務(wù)領(lǐng)域研究的熱點(diǎn)問題之一,也是影響企業(yè)長遠(yuǎn)發(fā)展的關(guān)鍵因素。實(shí)踐表明,機(jī)構(gòu)投資者對(duì)于減緩融資約束問題發(fā)揮了重要的作用。本文根據(jù)機(jī)構(gòu)投資者與持股公司的商業(yè)關(guān)系,將其分為壓力抵抗型和壓力敏感型機(jī)構(gòu)投資者,并探討了不同產(chǎn)權(quán)性質(zhì)下,異質(zhì)性機(jī)構(gòu)投資者對(duì)我國上市公司融資約束的影響。本文首先分析了我國機(jī)構(gòu)投資者的現(xiàn)狀和我國上市公司當(dāng)前的融資結(jié)構(gòu)和融資約束的現(xiàn)狀,然后對(duì)我國機(jī)構(gòu)投資者持股比例和上市公司負(fù)債比例進(jìn)行統(tǒng)計(jì)分析,得出我國機(jī)構(gòu)投資者規(guī)模在迅速增加和上市公司傾向于股權(quán)融資和短期債務(wù)融資的結(jié)論;接著分析機(jī)構(gòu)投資者對(duì)融資約束的作用機(jī)理,為實(shí)證部分的分析奠定了理論基礎(chǔ);最后實(shí)證分析選取了 2013-2015年滬深A(yù)股上市公司共6415個(gè)樣本數(shù)據(jù)進(jìn)行回歸分析,其中非國有企業(yè)3814個(gè)樣本,國有企業(yè)2601個(gè)樣本。研究結(jié)果表明:(1)我國上市公司普遍面臨融資約束問題,其中非國有上市公司的融資約束問題強(qiáng)于國有上市公司。(2)在非國有上市公司中,壓力抵抗型機(jī)構(gòu)投資者能夠顯著緩解上市公司的融資約束問題,壓力敏感型持股對(duì)降低上市公司的融資約束問題沒有作用或者作用很小。(3)在國有上市公司中,壓力抵抗型和壓力敏感型機(jī)構(gòu)投資者對(duì)緩解上市公司的融資約束問題作用不大或沒有。(4)在非國有上市公司中,機(jī)構(gòu)總體和壓力抵抗型以及壓力敏感型機(jī)構(gòu)投資者均能夠增強(qiáng)長期債務(wù)的融資比例。最后,本文根據(jù)我國上市公司機(jī)構(gòu)投資者特征和實(shí)證結(jié)果提出:大力發(fā)展機(jī)構(gòu)投資者,特別是壓力抵抗型機(jī)構(gòu)投資者,更要發(fā)展多元化的機(jī)構(gòu)投資者,推進(jìn)企業(yè)年金、私募基金等的發(fā)展和壯大;保障機(jī)構(gòu)投資者參與治理通暢,加強(qiáng)機(jī)構(gòu)投資者和管理層之間的溝通與合作,保障機(jī)構(gòu)投資者有效參與公司融資治理;大力倡導(dǎo)混合所有制經(jīng)濟(jì),有利于國有資本放大功能、保值增值、提高競爭力。
[Abstract]:Financing constraint problem has been one of the hot issues in the financial field of our country, and it is also the key factor to affect the long-term development of enterprises. Institutional investors play an important role in alleviating the problem of financing constraints. According to the commercial relationship between institutional investors and shareholding companies, institutional investors are divided into pressure resistance and pressure sensitive institutional investors. And discussed under the different property right nature. The influence of heterogeneous institutional investors on the financing constraints of listed companies in China. Firstly, this paper analyzes the current situation of institutional investors in China and the current financing structure and financing constraints of listed companies in China. Then, the author makes a statistical analysis on the proportion of institutional investors holding shares and debt of listed companies, and draws the conclusion that the scale of institutional investors in China is increasing rapidly and the listed companies are inclined to equity financing and short-term debt financing. Secondly, it analyzes the mechanism of institutional investors' action on financing constraint, which lays a theoretical foundation for the empirical analysis. Finally, the empirical analysis selects a total of 6415 sample data of Shanghai and Shenzhen A-share listed companies from 2013-2015 to carry on regression analysis, including 3814 samples of non-state-owned enterprises. The research results show that China's listed companies generally face financing constraints. Among them, the non-state-owned listed companies' financing constraint problem is stronger than the state-owned listed companies.) in the non-state-owned listed companies, the pressure resistant institutional investors can significantly alleviate the financing constraints of listed companies. The pressure-sensitive shareholding has no effect on reducing the financing constraint of listed companies or has little effect in state-owned listed companies. The stress-resistant and pressure-sensitive institutional investors have little or no effect on alleviating the financing constraints of listed companies. Institutional aggregate and stress-resistant as well as stress-sensitive institutional investors can increase the financing ratio of long-term debt. Finally. According to the characteristics and empirical results of institutional investors of listed companies in China, this paper puts forward: vigorously develop institutional investors, especially pressure resistant institutional investors, but also develop diversified institutional investors to promote enterprise annuity. The development and expansion of private equity funds; Guarantee institutional investors to participate in governance smooth, strengthen the communication and cooperation between institutional investors and management, ensure institutional investors to participate in corporate financing governance effectively; Advocate mix ownership economy energetically, be advantageous to state-owned capital magnify function, maintain value and increase value, improve competitiveness.
【學(xué)位授予單位】：西安科技大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F832.51

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