本文關(guān)鍵詞： 地區(qū)活力 公司投資 同步性 溢出效應(yīng)　出處：《山西財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：改革開(kāi)放三十年來(lái),我國(guó)經(jīng)濟(jì)發(fā)展取得了舉世矚目的成就。與世界上一些其他經(jīng)濟(jì)體的發(fā)展經(jīng)驗(yàn)相類似,投資增長(zhǎng)對(duì)推動(dòng)我國(guó)經(jīng)濟(jì)增長(zhǎng)起到了舉足輕重的作用。但在經(jīng)濟(jì)高速增長(zhǎng)的背后卻存在著投資額不足、投資效率低等問(wèn)題,中國(guó)改革過(guò)程中形成的粗放式投資模式不足以支撐經(jīng)濟(jì)持續(xù)增長(zhǎng)的需要,上市公司的投資規(guī)模和投資效率均有提升空間。我國(guó)又是一個(gè)多地區(qū)與產(chǎn)業(yè)發(fā)展不平衡的國(guó)家,若對(duì)經(jīng)濟(jì)發(fā)展的研究能夠從一個(gè)獨(dú)特的視角切入,著眼于在有關(guān)人的相互作用下企業(yè)之間的相互傳染與聯(lián)動(dòng),既有利于加強(qiáng)企業(yè)技術(shù)、知識(shí)、人才等的交流,促進(jìn)企業(yè)投資與成長(zhǎng),又在很大程度上能活躍區(qū)域經(jīng)濟(jì),促進(jìn)地區(qū)與產(chǎn)業(yè)之間的協(xié)同發(fā)展。本文的目的在于研究我國(guó)公司投資是否具有地區(qū)同步性,并分析說(shuō)明地區(qū)活力是造成公司投資同步性的一個(gè)重要影響因素。文章選取我國(guó)997個(gè)A股上市公司2001—2015年的數(shù)據(jù)為樣本,借鑒Casey Dougal等對(duì)地區(qū)活力的度量方法,研究了地區(qū)活力對(duì)公司投資同步性的作用,具有理論和現(xiàn)實(shí)意義。本文的創(chuàng)新之處在于將我國(guó)地區(qū)活力和公司投資放在同一研究框架進(jìn)行分析,并立足于地區(qū)活力作用的角度研究公司投資的同步性。本文先將地區(qū)活力定義為某地區(qū)范圍內(nèi)的公司在經(jīng)濟(jì)活動(dòng)中由人的內(nèi)生相互作用所引起的溢出效應(yīng),通過(guò)傳染、擴(kuò)散等方式對(duì)周圍其他公司產(chǎn)生影響;其次結(jié)合理論和實(shí)際分析發(fā)現(xiàn),樣本期間我國(guó)各地區(qū)公司投資率在數(shù)值上有明顯差異,且這種差異是持續(xù)性的,說(shuō)明同一地區(qū)公司投資具有地區(qū)性特征;隨后在掌握計(jì)量經(jīng)濟(jì)學(xué)研究方法及借鑒前人研究的基礎(chǔ)上,運(yùn)用投資率相關(guān)指標(biāo)對(duì)樣本公司進(jìn)行了實(shí)證分析,發(fā)現(xiàn)單一公司投資受到同一地區(qū)不同行業(yè)其他公司投資的顯著影響,且該影響為正,由此得出結(jié)論:同一地區(qū)的公司投資具有同步性;而后,從地區(qū)外生特性、宏觀因素、公司之間的活力作用三方面探究造成公司投資同步性的原因,通過(guò)分析比較與實(shí)證研究,在排除“非活力”因素的基礎(chǔ)上更加明確內(nèi)生“活力”因素的作用,文中以房屋土地等不動(dòng)產(chǎn)價(jià)值變動(dòng)為例進(jìn)行說(shuō)明地區(qū)活力的影響。最后提出增強(qiáng)我國(guó)地區(qū)活力、促進(jìn)經(jīng)濟(jì)增長(zhǎng)的政策建議。政策建議從多個(gè)角度全面闡釋,一方面企業(yè)應(yīng)加強(qiáng)其自主創(chuàng)新能力與自身管理和建設(shè),另一方面社會(huì)及政府也急需完善相關(guān)政策措施,建立良好的人才機(jī)制,加快產(chǎn)業(yè)結(jié)構(gòu)調(diào)整與轉(zhuǎn)型升級(jí),同步推進(jìn)區(qū)域經(jīng)濟(jì)可持續(xù)發(fā)展。
[Abstract]:During the past 30 years of reform and opening up, China has made remarkable achievements in economic development, which is similar to the development experience of some other economies in the world. Investment growth has played an important role in promoting China's economic growth. However, behind the rapid economic growth, there are problems such as insufficient investment, low investment efficiency, etc. The extensive investment model formed in the course of China's reform is not enough to support the need for sustained economic growth, and the investment scale and efficiency of listed companies have room for improvement. If the study of economic development can be carried out from a unique perspective and focus on the interaction and interaction between enterprises under the interaction of relevant people, it will be helpful to strengthen the exchange of technology, knowledge, talents, etc., among enterprises. To promote the investment and growth of enterprises, to a large extent, it can activate the regional economy and promote the coordinated development between the regions and industries. The purpose of this paper is to study whether corporate investment in our country has regional synchronism. The regional vitality is an important factor that causes the synchronism of company investment. This paper selects the data of 997 A-share listed companies from 2001 to 2015 as a sample, and draws lessons from Casey Dougal to measure the regional vitality. It is of theoretical and practical significance to study the effect of regional vitality on the synchronism of corporate investment. The innovation of this paper lies in the analysis of regional vitality and corporate investment in the same research framework. Firstly, this paper defines regional vitality as the spillover effect caused by the endogenous interaction of human beings in the economic activities of a certain region, through contagion, the regional vitality is defined as the spillover effect caused by the endogenous interaction of human beings in the economic activities of a certain region. Secondly, combined with theoretical and practical analysis, it is found that during the sample period, there are significant differences in the investment rate of companies in different regions of our country, and this difference is persistent. It shows that corporate investment in the same area has regional characteristics, and then, on the basis of mastering econometric research methods and drawing lessons from previous studies, the paper makes an empirical analysis on the sample companies by using the relevant indicators of investment rate. It is found that the investment of a single company is significantly affected by the investment of other companies in different industries in the same area, and the influence is positive. It is concluded that the investment of a company in the same region is synchronous, and then, from the regional extrinsic characteristics, the macro factors, This paper probes into the causes of the synchronism of the company's investment from three aspects of the dynamic function of the company. Through the analysis, comparison and empirical research, it makes clear the role of the endogenous "vitality" factor on the basis of excluding the "non-dynamic" factor. This paper takes the change of real estate value, such as housing and land, as an example to illustrate the influence of regional vitality. Finally, it puts forward some policy suggestions for enhancing regional vitality and promoting economic growth. On the one hand, enterprises should strengthen their independent innovation ability and their own management and construction. On the other hand, the society and government also need to improve relevant policies and measures, establish a good talent mechanism, and accelerate the adjustment and upgrading of industrial structure. Promote the sustainable development of regional economy simultaneously.
【學(xué)位授予單位】：山西財(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)】：F127;F832.51;F275

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