發(fā)布時(shí)間：2018-05-21 14:20

  本文選題：融資約束 + 投資-現(xiàn)金流敏感性��； 參考：《復(fù)旦大學(xué)》2014年碩士論文

【摘要】：在信息不對(duì)稱的市場(chǎng)前提下,由于外部融資與內(nèi)部融資的不對(duì)等,公司在做投資決策時(shí)會(huì)受到融資的約束,不同的公司的融資約束也不同。本文旨在研究?jī)蓚�(gè)因素對(duì)中國(guó)上市公司的融資約束的影響,一個(gè)是所有制結(jié)構(gòu),也就是民營(yíng)與國(guó)有兩種所有制；另一個(gè)是股權(quán)集中度,衡量標(biāo)準(zhǔn)為第一大股東持股比例。我們從理論和實(shí)證上論述了融資約束的存在以及造成融資約束的原因,選取較為普遍的歐拉模型作為推導(dǎo)實(shí)證模型的基礎(chǔ),用投資-現(xiàn)金流敏感性代表融資約束程度,并總結(jié)了以往對(duì)中國(guó)影響公司融資約束的微觀因素研究的成果與不足,在樣本時(shí)間段和變量控制上加以創(chuàng)新。在實(shí)證環(huán)節(jié),我們選取了2008-2012年上市制造業(yè)企業(yè)的數(shù)據(jù),避開(kāi)了股權(quán)分置改革的影響,對(duì)總體樣本按實(shí)際控制人進(jìn)行國(guó)有企業(yè)、民營(yíng)企業(yè)的劃分,以及按第一大股東持股比例進(jìn)行股權(quán)集中度低、中、高的劃分,按照總體以及分類別進(jìn)行實(shí)證計(jì)量。在實(shí)證模型中,由于解釋變量中存在被解釋變量的滯后項(xiàng),所以我們選擇用動(dòng)態(tài)面板廣義矩估計(jì)(GMM)作為計(jì)量手段,并使用一步系統(tǒng)GMM作為估計(jì)的具體方法。此外,為了控制行業(yè)中觀層面和市場(chǎng)宏觀層面對(duì)公司融資約束的影響,我們用平均行業(yè)銷售增長(zhǎng)率來(lái)控制行業(yè)影響,用表示金融中介發(fā)展水平和股票市場(chǎng)發(fā)展水平的參數(shù)來(lái)控制市場(chǎng)影響,從而得出更準(zhǔn)確的結(jié)果。在得出結(jié)果后,我們又用托賓Q模型和銷售加速模型證明了本模型結(jié)果是穩(wěn)健的。最終結(jié)果顯示,總體樣本中的投資-現(xiàn)金流敏感性顯著為正,說(shuō)明上市制造業(yè)企業(yè)普遍存在融資約束,國(guó)有企業(yè)的融資約束相對(duì)民營(yíng)企業(yè)更為顯著,這與國(guó)有企業(yè)的融資規(guī)模、融資決策、以及對(duì)投資者的吸引力有關(guān)；股權(quán)集中度低和高的企業(yè)融資約束都顯著,說(shuō)明股權(quán)的集中度也對(duì)融資決策、外部融資成本有顯著影響,并呈U形曲線關(guān)系。通過(guò)上述結(jié)果，我們可以得出相關(guān)結(jié)論,為國(guó)有企業(yè)改革和公司股權(quán)分布提供建議。
[Abstract]:On the premise of asymmetric information market, because of the unequal external and internal financing, companies will be constrained by financing when making investment decisions, and different companies will have different financing constraints. The purpose of this paper is to study the influence of two factors on the financing constraints of listed companies in China, one is ownership structure, that is, private ownership and national ownership, and the other is equity concentration, which is measured by the proportion of the largest shareholders. We discuss the existence of financing constraints and the causes of financing constraints theoretically and empirically. We select Euler model as the basis for deducing the empirical model and use the sensitivity of investment-cash flow to represent the degree of financing constraints. It also summarizes the achievements and shortcomings of the previous researches on the microcosmic factors affecting corporate financing constraints in China, and innovates in sample time periods and variable control. In the empirical link, we select the data of listed manufacturing enterprises from 2008 to 2012, avoid the impact of the split share structure reform, and divide the total samples into state-owned enterprises and private enterprises according to actual controllers. And according to the proportion of the largest shareholder ownership concentration of low, medium, high division, according to the overall and sub-categories of empirical measurement. In the empirical model, because there is the lag term of the explained variable in the explanatory variable, we choose the dynamic panel generalized moment estimation (GMM) as the measurement method and the one-step system GMM as the concrete method of estimation. In addition, in order to control the impact of industry meso level and market macro level on corporate financing constraints, we use the average industry sales growth rate to control the industry impact. The parameters representing the level of development of financial intermediation and the level of development of stock market are used to control the influence of the market, so that more accurate results can be obtained. After the results are obtained, we use Tobin Q model and sales acceleration model to prove that the results of this model are robust. The final results show that the sensitivity of investment-cash flow in the total sample is significantly positive, indicating that financing constraints are common in listed manufacturing enterprises, and the financing constraints of state-owned enterprises are more significant than those of private enterprises, which is related to the financing scale of state-owned enterprises. The low degree of ownership concentration and the high constraint on financing are significant, which indicates that the concentration of equity also has a significant impact on financing decisions, external financing costs, and a U-shaped curve relationship. Through the above results, we can draw the relevant conclusions for the reform of state-owned enterprises and corporate equity distribution recommendations.
【學(xué)位授予單位】：復(fù)旦大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51

【參考文獻(xiàn)】

相關(guān)期刊論文 前1條

1 郭麗虹;馬文杰;;融資約束與企業(yè)投資-現(xiàn)金流量敏感度的再檢驗(yàn):來(lái)自中國(guó)上市公司的證據(jù)[J];世界經(jīng)濟(jì);2009年02期

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本文編號(hào)：1919535