本文關(guān)鍵詞： 制度環(huán)境 債權(quán)治理 過度投資 投資不足　出處：《云南財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：2017年是“十三五”規(guī)劃的重要一年,加之目前我國經(jīng)濟(jì)發(fā)展呈現(xiàn)出新常態(tài)這一最新特征,國家宏觀調(diào)控的最主要目標(biāo)是在風(fēng)險(xiǎn)中尋求經(jīng)濟(jì)的穩(wěn)定增長。因此,以往粗放型的經(jīng)濟(jì)模式已經(jīng)不再適應(yīng)新時(shí)代的要求,集約的、穩(wěn)健的經(jīng)濟(jì)增長方式才是合理明智的選擇。投資,是促進(jìn)我國經(jīng)濟(jì)增長的主要推動(dòng)力,但是上市公司的投資效率并不樂觀,在這樣的時(shí)代背景下,投資效率開始被關(guān)注�，F(xiàn)如今,企業(yè)的經(jīng)營活動(dòng)不斷面向市場(chǎng),其行為也越來越容易受到外部環(huán)境的干擾。隨著全球經(jīng)濟(jì)的不斷發(fā)展以及人類技術(shù)的不斷革新,企業(yè)面臨的外部環(huán)境越來越復(fù)雜,各地區(qū)發(fā)展進(jìn)度的不同讓不同地區(qū)企業(yè)面臨的區(qū)域環(huán)境呈現(xiàn)出巨大差異。各地區(qū)制度環(huán)境的差異迫使企業(yè)管理者不得不放棄原有的經(jīng)營模式,選擇適應(yīng)不斷變化的外部制度環(huán)境,這給企業(yè)經(jīng)營戰(zhàn)略的制定帶來了巨大的挑戰(zhàn)。債權(quán)的治理作用在西方國家公司內(nèi)部治理中發(fā)揮的作用較為理想,但債權(quán)在我國的公司治理中并沒有發(fā)揮出預(yù)期效果,可這并不代表我國的債權(quán)人完全不能發(fā)揮作用,他們可以對(duì)企業(yè)的融資進(jìn)行限制。本文將債務(wù)融資的三大來源(銀行借款、商業(yè)信用和企業(yè)債券)全部納入債權(quán)治理變量當(dāng)中,針對(duì)我國債權(quán)治理研究的薄弱情況,對(duì)債權(quán)的相關(guān)指標(biāo)進(jìn)行系統(tǒng)深入的研究,綜合檢驗(yàn)債權(quán)在我國上市公司中能否發(fā)揮出一定的治理效果。本文首先從理論層面出發(fā),理論分析制度環(huán)境、債權(quán)治理與投資效率三者之間可能存在的關(guān)系,接著以2011-2015年的滬深A(yù)股上市公司為研究樣本,實(shí)證檢驗(yàn)了制度環(huán)境和債權(quán)治理對(duì)投資效率的影響,研究發(fā)現(xiàn):制度環(huán)境的改善會(huì)顯著提高上市公司的投資效率,主要表現(xiàn)為顯著抑制過度投資,對(duì)投資不足的緩解作用并不顯著;債權(quán)方面,長期借款和應(yīng)付債券會(huì)顯著降低投資效率,商業(yè)信用則會(huì)顯著提高投資效率,而短期借款的作用并不顯著。進(jìn)一步檢驗(yàn)后發(fā)現(xiàn),在過度投資樣本中,長期債務(wù)(長期借款和企業(yè)債券)能顯著加劇過度投資,商業(yè)信用會(huì)顯著抑制過度投資;在投資不足樣本中,起積極作用的主要是短期債務(wù)(短期借款和商業(yè)信用),它們對(duì)投資不足的緩解作用顯著。最后,在實(shí)證研究提供經(jīng)驗(yàn)證據(jù)的基礎(chǔ)上有針對(duì)性地提出相關(guān)的政策建議:改善上市公司投資效率低下的問題需重視宏觀層面的制度環(huán)境,這就需要健全法律環(huán)境、減少政府對(duì)企業(yè)行為的干預(yù)、促進(jìn)金融市場(chǎng)的發(fā)展、不斷提高市場(chǎng)化競爭程度等;深化推進(jìn)銀行與企業(yè)產(chǎn)權(quán)結(jié)構(gòu)的多元化改革,加強(qiáng)銀行對(duì)企業(yè)的監(jiān)督約束作用;完善商業(yè)信用體系和商業(yè)信用環(huán)境,發(fā)揮供應(yīng)商的監(jiān)督作用;大力促進(jìn)我國債券市場(chǎng)的積極發(fā)展,充分發(fā)揮企業(yè)債券的良好監(jiān)督作用。
[Abstract]:2017 is an important year of the 13th Five-Year Plan, coupled with the latest features of China's economic development showing a new normal. The main goal of national macro-control is to seek the stable growth of economy in the risk. Therefore, the extensive economic model in the past has no longer adapted to the requirements of the new era, intensive. Investment is the main driving force to promote China's economic growth, but the investment efficiency of listed companies is not optimistic. Nowadays, the business activities of enterprises are constantly facing the market, and their behavior is more and more vulnerable to the interference of the external environment. With the development of the global economy and the continuous innovation of human technology. The external environment faced by enterprises is becoming more and more complex. The difference of development progress in different regions makes the regional environment of enterprises in different regions present great difference. The differences of regional institutional environment force enterprise managers to give up the original business model. Choosing to adapt to the changing external institutional environment brings a great challenge to the formulation of business strategy. The governance role of creditor's rights plays an ideal role in the internal governance of companies in western countries. However, the creditor's rights have not played the expected effect in the corporate governance of our country, but this does not mean that the creditors in our country can not play a role at all. They can restrict the financing of enterprises. In this paper, the three major sources of debt financing (bank loans, commercial credit and corporate bonds) are all included in the debt governance variables. In view of the weak situation of the study of creditor's rights governance in our country, this paper makes a systematic and in-depth study on the related indexes of creditor's rights. Comprehensive test of creditor's rights in the listed companies in China can play a certain governance effect. Firstly, this paper from the theoretical level, theoretical analysis of the institutional environment, creditor's rights governance and investment efficiency of the relationship between the three possible. Then taking the Shanghai and Shenzhen A-share listed companies from 2011-2015 as the research sample, the paper empirically tests the impact of institutional environment and creditor's rights governance on the investment efficiency. The results show that: the improvement of institutional environment can significantly improve the investment efficiency of listed companies, mainly as a significant inhibition of excessive investment, the mitigation of insufficient investment is not significant; On the creditor's side, long-term loans and bonds payable will significantly reduce the investment efficiency, commercial credit will significantly improve the investment efficiency, but the role of short-term borrowing is not significant. Long-term debt (long-term borrowing and corporate bonds) can significantly increase overinvestment, while business credit significantly inhibits overinvestment; Among the underinvestment samples, short-term debt (short-term borrowing and business credit) plays an active role (short-term borrowing and business credit), which play a significant role in alleviating underinvestment. Finally. On the basis of empirical research to provide empirical evidence to put forward relevant policy recommendations: to improve the investment efficiency of listed companies need to pay attention to the macro-level of institutional environment, which needs to improve the legal environment. To reduce government intervention in enterprise behavior, to promote the development of financial markets, and to continuously improve the degree of market-oriented competition; Deepening the diversification of the property rights structure of banks and enterprises and strengthening the supervision and restraint role of banks to enterprises; Improve the commercial credit system and commercial credit environment, give play to the role of supplier supervision; We will vigorously promote the positive development of our bond market and give full play to the good supervisory role of corporate bonds.
【學(xué)位授予單位】：云南財(cái)經(jīng)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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