本文關鍵詞：國際資本流入對我國上市公司財務風險的影響研究　出處：《浙江財經大學》2017年碩士論文　論文類型：學位論文

  更多相關文章： 國際資本流入 財務風險 資本管制 融資約束

【摘要】：隨著國際經濟、金融一體化進程加速,一國的經濟波動會對其他國家經濟產生沖擊,而連接各國經濟的關鍵要素是國際資本。國際資本的流動不僅對流入國的宏觀經濟造成沖擊,同時會對微觀企業(yè)的生產經營、生存狀況產生影響。本文試圖研究國際資本流入對我國上市公司財務風險的影響,進一步根據國際資本的性質分為外商直接投資、證券投資和其他投資,分析各種不同類型的資本流入是否對企業(yè)財務狀況有不同的影響;最后考慮到信貸市場的特殊性,由于對政府的信任,銀行更愿意放貸給國有企業(yè),而不愿輕易放貸給非國有企業(yè),造成資本沒有得到最優(yōu)配置,由于融資約束存在差異,將企業(yè)分為國有企業(yè)和非國有企業(yè),進一步研究國際資本流入對不同所有制企業(yè)財務風險的影響。本文研究的創(chuàng)新之處是將宏觀國際資本波動與微觀企業(yè)相聯系,這樣的文獻研究較為少見;另一創(chuàng)新之處是國際資本流入使用了外國投資者驅動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內投資者和國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象大多為發(fā)展中國家,發(fā)展中國家為主要的資本流入國,資本流出規(guī)模較少甚至可以忽略不計,因此以往的研究用凈資本流入可以代表外國投資者的投資行為。然而隨著我國政治、經濟、文化等各方面的發(fā)展,我國的國際地位也提高了,國內資本流出規(guī)模不斷增加已經是不容忽視的一個數目,因此本文用總資本流入而非凈資本流入作為代理變量。僅考慮外國投資者的投資行為,剔除本國投資者投資行為的干擾。為了解決以上三個問題,本文綜合運用文獻研究法、規(guī)范分析和實證研究等方法進行研究。在理論上,推導國際資本流入影響企業(yè)財務風險的傳導機制;在實證分析上,以我國上市公司為樣本,選取2004—2014年的面板數據,利用固定效應模型進行回歸分析。數據的處理以及回歸分析借助excel、spss、stata等軟件進行。經過理論和實證分析,本文研究發(fā)現國際資本流入總體上可以改善企業(yè)的財務狀況,降低企業(yè)財務風險;不同類型的資本流入對企業(yè)財務風險的影響并不相同,外商直接投資和其他投資流入可以降低企業(yè)財務風險,證券投資流入則由于波動性較大會增大企業(yè)的財務風險。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)財務風險,而且可以通過“干中學效應”、“示范效應”、“競爭效應”等將先進的技術和管理經驗引入我國企業(yè),促進企業(yè)又快又好的發(fā)展;而其他投資由于其組成成分較為復雜,甚至有些非法資本也夾雜著其他投資的外衣流入我國,因此對其他投資資本流入對企業(yè)財務風險影響的研究有待進一步深入分析。本文的研究可以完善企業(yè)財務預警模型,以往的財務預警模型中很少考慮宏觀經濟的變動,本文的研究為企業(yè)進行財務風險預測時考慮國際資本流動的變化提供理論支持。為政府的資本管制也提供理論依據,在資本賬戶未完全開放的情況下,針對不同類型的資本流動實行不同程度的資本管制,可以逐步放松對外商直接投資的管制,重視對證券投資的資本管制,重新審視對其他投資的管制。
[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.

【學位授予單位】：浙江財經大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F832.6;F832.51;F275

【參考文獻】

相關期刊論文 前10條

1 許敏敏;王紫s，

本文編號：1386420