本文關(guān)鍵詞：影響新疆上市公司非效率投資的因素研究　出處：《新疆財(cái)經(jīng)大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 新疆 上市公司 非效率投資

【摘要】：上市公司不僅代表一個(gè)地區(qū)優(yōu)勢產(chǎn)業(yè)、支柱產(chǎn)業(yè),它同時(shí)是該地區(qū)經(jīng)濟(jì)發(fā)展及經(jīng)濟(jì)增長中最具活力的源泉。對于企業(yè)，上市公司投資活動是公司現(xiàn)金流增長的重要源泉；而對于一個(gè)地區(qū)，上市公司投資活動是地區(qū)產(chǎn)業(yè)發(fā)展趨勢的重要指示標(biāo)。上市公司投資效率如何直接關(guān)系到企業(yè)的生產(chǎn)經(jīng)營及發(fā)展，，同時(shí)對一個(gè)地區(qū)經(jīng)濟(jì)的推動也發(fā)揮著極其重要的作用。有效的投資能夠使得企業(yè)資源及生產(chǎn)要素達(dá)到最優(yōu)配置，促使企業(yè)實(shí)現(xiàn)價(jià)值最大化目標(biāo)。然而隨著資本市場的不斷發(fā)展,上市公司非效率投資現(xiàn)象卻十分普遍：調(diào)查研究不充分且低估風(fēng)險(xiǎn)進(jìn)行過度投資、盲目多元化投資、不公平的關(guān)聯(lián)交易投資、變更募集資金進(jìn)行委托理財(cái)而損失嚴(yán)重、大量資金閑置而造成投資不足現(xiàn)象等，概括起來，主要是過度投資和投資不足的非效率投資行為，這嚴(yán)重地影響了企業(yè)的正常運(yùn)營及后續(xù)發(fā)展，損害企業(yè)利益相關(guān)者的利益。 近年來，新疆上市公司的影響力逐漸提升。依托資源優(yōu)勢，發(fā)展地區(qū)特色經(jīng)濟(jì)使得新疆某些品牌知名度越來越高（如中糧屯河、伊力特、特變電工等）。作為當(dāng)?shù)佚堫^企業(yè)，新疆上市公司的發(fā)展壯大不論對自身還是整個(gè)地區(qū)經(jīng)濟(jì)發(fā)展質(zhì)量，其作用是至關(guān)重要的。加快新疆上市公司的發(fā)展，離不開科學(xué)的現(xiàn)代企業(yè)制度，離不開完善的公司治理，更離不開企業(yè)合理的投資決策。因此，對企業(yè)投資進(jìn)行研究是非常重要的。 本文系統(tǒng)地回顧了國內(nèi)外學(xué)者關(guān)于企業(yè)非效率投資相關(guān)的研究綜述，結(jié)合委托代理理論、信息不對稱理論及融資約束理論這幾類經(jīng)典理論，對影響新疆上市公司非效率投資的因素進(jìn)行分析后提出相應(yīng)的研究假設(shè)，最后由實(shí)證分析進(jìn)行驗(yàn)證。文章在做出一些剔除后選用新疆34家上市公司2008-2012年的數(shù)據(jù)為樣本，借用Richardson研究方法構(gòu)建上市公司預(yù)期適度投資模型，運(yùn)用模型中的殘差值（實(shí)際投資與預(yù)期適度投資的差值）判斷上市公司是存在過度投資還是投資不足，將殘差值為正的一組作為過度投資組，殘差值為負(fù)的一組作為投資不足組，在此基礎(chǔ)上，建立模型。針對新疆上市公司的非效率投資行為，考察股權(quán)集中度、負(fù)債融資及自由現(xiàn)金流等因素對新疆上市公司非效率投資行為的影響。文章最后章節(jié)，提出了規(guī)范新疆上市公司非效率投資的對策建議。
[Abstract]:Listed companies not only represent a regional advantage industry, pillar industry, it is also the most dynamic source of economic development and economic growth in the region. For enterprises. The investment activity of listed companies is an important source of cash flow growth. For a region, the investment activity of listed companies is an important indicator of the regional industrial development trend. How to invest efficiency of listed companies is directly related to the production and development of enterprises. At the same time, the promotion of a regional economy also plays an extremely important role. Effective investment can make the enterprise resources and factors of production to achieve the optimal allocation. However, with the continuous development of the capital market, the phenomenon of inefficient investment of listed companies is very common: the research is not enough and the risk is underestimated to overinvest. Blind diversification of investment, unfair related party transactions investment, change and raise funds to entrust financial losses and serious, a large number of idle funds resulting in insufficient investment phenomenon, etc., to sum up. It is mainly overinvestment and inefficient investment behavior which seriously affects the normal operation and subsequent development of the enterprise and damages the interests of the stakeholders. In recent years, the influence of listed companies in Xinjiang has gradually increased. Relying on the advantages of resources, the development of regional characteristic economy makes some brands in Xinjiang become more and more well-known (such as Cofco Tunhe, Eliot. As a local leading enterprise, the development and growth of listed companies in Xinjiang is of great importance to the development of Xinjiang listed companies, not only to the quality of economic development in the whole region, but also to the development of listed companies in Xinjiang. It is indispensable to scientific modern enterprise system, perfect corporate governance and rational investment decision. Therefore, it is very important to study enterprise investment. This paper systematically reviews the domestic and foreign scholars about the enterprise inefficient investment related research review, combined with the principal-agent theory, information asymmetry theory and financing constraints theory of these several kinds of classical theory. Based on the analysis of the factors affecting the inefficient investment of listed companies in Xinjiang, the corresponding research assumptions are put forward. Finally, the empirical analysis is used to verify. The article selects the data of 34 listed companies in Xinjiang from 2008 to 2012 as a sample after making some elimination. Using the Richardson research method to construct the expected moderate investment model of listed companies. Using the residual value of the model (the difference between actual investment and expected moderate investment) to judge whether there is overinvestment or underinvestment in listed companies, the group with positive residual value is regarded as over-investment group. The group with negative residual value is regarded as the underinvestment group, on the basis of which, a model is established to investigate the ownership concentration in view of the non-efficient investment behavior of listed companies in Xinjiang. The influence of debt financing and free cash flow on the non-efficient investment behavior of listed companies in Xinjiang. In the last chapter, the countermeasures and suggestions to standardize the non-efficiency investment of listed companies in Xinjiang are put forward.
【學(xué)位授予單位】：新疆財(cái)經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2014
【分類號】：F832.51;F275

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