本文關(guān)鍵詞：國(guó)際資本流入對(duì)我國(guó)上市公司財(cái)務(wù)風(fēng)險(xiǎn)的影響研究　出處：《浙江財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類(lèi)型：學(xué)位論文

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【摘要】：隨著國(guó)際經(jīng)濟(jì)、金融一體化進(jìn)程加速,一國(guó)的經(jīng)濟(jì)波動(dòng)會(huì)對(duì)其他國(guó)家經(jīng)濟(jì)產(chǎn)生沖擊,而連接各國(guó)經(jīng)濟(jì)的關(guān)鍵要素是國(guó)際資本。國(guó)際資本的流動(dòng)不僅對(duì)流入國(guó)的宏觀經(jīng)濟(jì)造成沖擊,同時(shí)會(huì)對(duì)微觀企業(yè)的生產(chǎn)經(jīng)營(yíng)、生存狀況產(chǎn)生影響。本文試圖研究國(guó)際資本流入對(duì)我國(guó)上市公司財(cái)務(wù)風(fēng)險(xiǎn)的影響,進(jìn)一步根據(jù)國(guó)際資本的性質(zhì)分為外商直接投資、證券投資和其他投資,分析各種不同類(lèi)型的資本流入是否對(duì)企業(yè)財(cái)務(wù)狀況有不同的影響;最后考慮到信貸市場(chǎng)的特殊性,由于對(duì)政府的信任,銀行更愿意放貸給國(guó)有企業(yè),而不愿輕易放貸給非國(guó)有企業(yè),造成資本沒(méi)有得到最優(yōu)配置,由于融資約束存在差異,將企業(yè)分為國(guó)有企業(yè)和非國(guó)有企業(yè),進(jìn)一步研究國(guó)際資本流入對(duì)不同所有制企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)的影響。本文研究的創(chuàng)新之處是將宏觀國(guó)際資本波動(dòng)與微觀企業(yè)相聯(lián)系,這樣的文獻(xiàn)研究較為少見(jiàn);另一創(chuàng)新之處是國(guó)際資本流入使用了外國(guó)投資者驅(qū)動(dòng)的總資本流入而非凈資本流入作為代理變量,凈資本流入包含了國(guó)內(nèi)投資者和國(guó)外投資者的投資行為,以前分析中主要利用凈資本流入是由于研究對(duì)象大多為發(fā)展中國(guó)家,發(fā)展中國(guó)家為主要的資本流入國(guó),資本流出規(guī)模較少甚至可以忽略不計(jì),因此以往的研究用凈資本流入可以代表外國(guó)投資者的投資行為。然而隨著我國(guó)政治、經(jīng)濟(jì)、文化等各方面的發(fā)展,我國(guó)的國(guó)際地位也提高了,國(guó)內(nèi)資本流出規(guī)模不斷增加已經(jīng)是不容忽視的一個(gè)數(shù)目,因此本文用總資本流入而非凈資本流入作為代理變量。僅考慮外國(guó)投資者的投資行為,剔除本國(guó)投資者投資行為的干擾。為了解決以上三個(gè)問(wèn)題,本文綜合運(yùn)用文獻(xiàn)研究法、規(guī)范分析和實(shí)證研究等方法進(jìn)行研究。在理論上,推導(dǎo)國(guó)際資本流入影響企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)的傳導(dǎo)機(jī)制;在實(shí)證分析上,以我國(guó)上市公司為樣本,選取2004—2014年的面板數(shù)據(jù),利用固定效應(yīng)模型進(jìn)行回歸分析。數(shù)據(jù)的處理以及回歸分析借助excel、spss、stata等軟件進(jìn)行。經(jīng)過(guò)理論和實(shí)證分析,本文研究發(fā)現(xiàn)國(guó)際資本流入總體上可以改善企業(yè)的財(cái)務(wù)狀況,降低企業(yè)財(cái)務(wù)風(fēng)險(xiǎn);不同類(lèi)型的資本流入對(duì)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)的影響并不相同,外商直接投資和其他投資流入可以降低企業(yè)財(cái)務(wù)風(fēng)險(xiǎn),證券投資流入則由于波動(dòng)性較大會(huì)增大企業(yè)的財(cái)務(wù)風(fēng)險(xiǎn)。其中外商直接投資是最可靠有利的資本流入,不僅可以緩解企業(yè)的融資約束,降低企業(yè)財(cái)務(wù)風(fēng)險(xiǎn),而且可以通過(guò)“干中學(xué)效應(yīng)”、“示范效應(yīng)”、“競(jìng)爭(zhēng)效應(yīng)”等將先進(jìn)的技術(shù)和管理經(jīng)驗(yàn)引入我國(guó)企業(yè),促進(jìn)企業(yè)又快又好的發(fā)展;而其他投資由于其組成成分較為復(fù)雜,甚至有些非法資本也夾雜著其他投資的外衣流入我國(guó),因此對(duì)其他投資資本流入對(duì)企業(yè)財(cái)務(wù)風(fēng)險(xiǎn)影響的研究有待進(jìn)一步深入分析。本文的研究可以完善企業(yè)財(cái)務(wù)預(yù)警模型,以往的財(cái)務(wù)預(yù)警模型中很少考慮宏觀經(jīng)濟(jì)的變動(dòng),本文的研究為企業(yè)進(jìn)行財(cái)務(wù)風(fēng)險(xiǎn)預(yù)測(cè)時(shí)考慮國(guó)際資本流動(dòng)的變化提供理論支持。為政府的資本管制也提供理論依據(jù),在資本賬戶未完全開(kāi)放的情況下,針對(duì)不同類(lèi)型的資本流動(dòng)實(shí)行不同程度的資本管制,可以逐步放松對(duì)外商直接投資的管制,重視對(duì)證券投資的資本管制,重新審視對(duì)其他投資的管制。
[Abstract]:Along with the international economic and financial integration to accelerate the process of economic fluctuations, the impact on the economy of other countries, and the key elements of the economic connection is the international capital. The flow of international capital inflow country not only macroeconomic shocks, while on the micro enterprise production and management, this paper attempts to influence survival. Study on the effect of international capital inflow on financial risk of Listed Companies in China, according to the nature of international capital into foreign direct investment, portfolio investment and other investment, analysis of various types of capital inflows will have different effects on the financial situation of enterprises; finally, considering the particularity of the credit market, the trust in government banks are more willing to lend to state-owned enterprises, and reluctant to lend to the non state-owned enterprises, resulting in the optimal allocation of capital is not, because the financing constraints exist difference Different enterprises are divided into state-owned enterprises and non state-owned enterprises, further study on the effect of international capital inflow on different ownership enterprises financial risk. The innovation of this paper is the macro international capital fluctuations and micro enterprise related literature research this is rare; another innovation is the use of the total capital inflow of international capital the foreign investor driven flows instead of net capital inflows as a proxy for net capital inflows, including domestic and overseas investors investment behavior, analysis the main use of net capital inflows is due to the research object mostly developing countries, developing countries as the main capital inflows, capital outflows less or even negligible, so the investment behavior previous studies with net capital inflows can represent foreign investors. However, as China's political, economic, cultural etc. All aspects of development, China's international status has improved, increasing the size of the domestic capital outflow is a number that can not be ignored, so the total capital inflows and net capital inflows as a proxy variable. Only considering the investment behavior of foreign investors, the investment behavior of investors in eliminating interference. In order to solve the above the three problem, this paper uses literature research method, research methods of normative analysis and empirical research. In theory, the transmission mechanism is international capital flows affect the enterprise's financial risk; in the empirical analysis, the listed companies in China as samples, the panel data from 2004 to 2014, through the regression analysis of fixed effects model. The data processing and regression analysis by Excel, SPSS, Stata and other software. Through theoretical and empirical analysis, this study found that international capital inflows can be generally To improve the financial situation of enterprises, reduce financial risk of enterprises; the different types of capital flows impact on enterprise financial risk is not the same, foreign direct investment and other investment inflows can reduce the risk of corporate finance, securities investment inflows due to more volatility will increase the enterprise's financial risk. The foreign direct investment is the most reliable favorable capital flow can not only ease the financing constraints of enterprises, reduce the financial risks of enterprise, but also through the "dry effect", "demonstration effect", "competition" and other advanced technology and management experience into Chinese enterprises, promote enterprise development faster and better; and other investment due to its complex composition and even some illegal capital is also mixed with other coat investment flowing into our country, so we need to research on other investment capital inflows impact on corporate financial risk Further in-depth analysis. This research can improve the enterprise financial pre-warning model, financial early-warning model in the past rarely consider the macroeconomic changes, to provide theoretical support to consider changes in international capital flows this research predicting financial risk for enterprises. To provide theoretical basis for the government's capital controls, in the capital account is not fully open under the condition of implementing capital control in different degrees according to different types of capital flows, you can gradually relax restrictions on FDI, emphasis on securities investment capital controls, to re-examine the other investment regulation.

【學(xué)位授予單位】：浙江財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F832.6;F832.51;F275

【參考文獻(xiàn)】

相關(guān)期刊論文 前10條

1 許敏敏;王紫s，

本文編號(hào)：1386420