發(fā)布時(shí)間：2018-05-17 07:00

  本文選題：產(chǎn)品市場(chǎng)競(jìng)爭(zhēng) + 公益性捐贈(zèng)��； 參考：《安徽工業(yè)大學(xué)》2017年碩士論文

【摘要】：伴隨著經(jīng)濟(jì)全球化時(shí)代的到來,市場(chǎng)經(jīng)濟(jì)的競(jìng)爭(zhēng)也愈演愈烈,舊生產(chǎn)模式與生產(chǎn)要素已經(jīng)不能滿足企業(yè)保持領(lǐng)先地位的需要,企業(yè)就不得不尋找新的戰(zhàn)略和模式來適應(yīng)其自身發(fā)展。對(duì)于我國(guó)特殊的制度背景下的上市公司來說,公司出現(xiàn)資本錯(cuò)誤配置的現(xiàn)象比較嚴(yán)重,影響資本錯(cuò)誤配置的因素很多,如信息不對(duì)稱和代理問題等等。那么如何改善信息不對(duì)稱和代理問題上的商業(yè)投資行為失真的狀況呢?而從《孟子·盡心上》中提到的“窮則獨(dú)善其身,達(dá)則兼善天下”,可以看出,中國(guó)古代就已經(jīng)出現(xiàn)了關(guān)注公益事業(yè)、履行社會(huì)責(zé)任的意識(shí)啟蒙。潘奇等(2015)認(rèn)為,企業(yè)作為社會(huì)物質(zhì)財(cái)富創(chuàng)造者,一方面需要實(shí)現(xiàn)股東財(cái)富(企業(yè)價(jià)值)最大化的目標(biāo),同時(shí)更要重視起對(duì)政府、公眾等相關(guān)利益者的社會(huì)責(zé)任的踐行[1]。由此可見,公益性捐贈(zèng)是一種積極的、陽光的行為,它可能會(huì)對(duì)我們當(dāng)下的經(jīng)濟(jì)發(fā)展、社會(huì)進(jìn)步產(chǎn)生正能量的促進(jìn)作用。毋庸置疑,任何企業(yè)所面臨的外部環(huán)境嚴(yán)重制約著其生存與發(fā)展。已有研究表明,強(qiáng)有力的外部治理機(jī)制一般囊括產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)、要素市場(chǎng)競(jìng)爭(zhēng)以及政治因素等諸多因素。經(jīng)過一系列國(guó)內(nèi)學(xué)者的研究證實(shí),企業(yè)的過度投資行為一定程度上受到產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)的抑制和制約,產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)越激烈企業(yè)投資效率就越高。而且已有經(jīng)驗(yàn)學(xué)者對(duì)產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)、公益性捐贈(zèng)與企業(yè)投資效率三者之間的研究大都集中在兩兩之間關(guān)系上,對(duì)三個(gè)變量之間的整體關(guān)系的研究卻寥寥無幾。因此,本文選取了2008-2015年滬深A(yù)股8655個(gè)公司年度財(cái)務(wù)數(shù)據(jù)作為樣本,探索了產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)、公益性捐贈(zèng)與企業(yè)投資效率之間的關(guān)系,最后得出以下結(jié)論。1.公益性捐贈(zèng)有助于提高企業(yè)投資效率,區(qū)分企業(yè)產(chǎn)權(quán)性質(zhì)發(fā)現(xiàn),相比非國(guó)有企業(yè),國(guó)有企業(yè)通過公益性捐贈(zèng)提高企業(yè)投資效率的功效更強(qiáng)。2.產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)一定程度上強(qiáng)化了公益性捐贈(zèng)與企業(yè)投資效率之間正相關(guān)關(guān)系,同樣地區(qū)分企業(yè)產(chǎn)權(quán)性質(zhì)發(fā)現(xiàn),這種正相關(guān)的調(diào)節(jié)作用在國(guó)有企業(yè)表現(xiàn)更為顯著。本文從公益性捐贈(zèng)的新視角探索了企業(yè)投資效率的關(guān)聯(lián)制約因素,進(jìn)而拓展了企業(yè)投資效率分析的傳統(tǒng)視野,也豐富了企業(yè)公益性捐贈(zèng)經(jīng)濟(jì)后果的研究文獻(xiàn),為推進(jìn)我國(guó)現(xiàn)階段政企改革提供了經(jīng)驗(yàn)證據(jù)與有益啟示;同樣地,也較好地規(guī)范和指導(dǎo)企業(yè)的公益性捐贈(zèng)行為,鼓勵(lì)企業(yè)正確、恰當(dāng)、陽光捐贈(zèng)。
[Abstract]:With the arrival of the era of economic globalization, competition in the market economy is becoming increasingly fierce. The old production model and production factors can no longer meet the needs of enterprises to maintain their leading position. Enterprises have to find new strategies and models to adapt to their own development. For the listed companies under the special institutional background of our country, the phenomenon of capital misallocation is quite serious, and there are many factors that affect the misallocation of capital, such as information asymmetry and agency problems. So how to improve the information asymmetry and the agency problem of commercial investment behavior distortion? From Mencius'"the poor are alone and the world is good", we can see that the consciousness of paying attention to the public welfare and fulfilling the social responsibility has already appeared in ancient China. Panqi et al. (2015) hold that enterprises, as creators of social material wealth, need to realize the goal of maximizing shareholder wealth (corporate value) on the one hand, and pay more attention to the practice of social responsibility of relevant stakeholders such as the government and the public at the same time [1]. From this we can see that public welfare donation is a kind of positive, sunny behavior, which may produce positive energy to promote our economic development and social progress. There is no doubt that the external environment of any enterprise seriously restricts its survival and development. Studies have shown that strong external governance mechanisms generally include product market competition, factor market competition and political factors. Through a series of domestic scholars' research, it is proved that the excessive investment behavior of enterprises is restrained and restricted to some extent by the product market competition, and the more intense the product market competition, the higher the enterprise investment efficiency. And the empirical scholars on the product market competition, public welfare donation and enterprise investment efficiency are mostly focused on the relationship between the two, but the three variables between the overall relationship between the research is very little. Therefore, this paper selects the annual financial data of 8655 companies of Shanghai and Shenzhen A-shares from 2008 to 2015 as a sample to explore the relationship among product market competition, public welfare donation and enterprise investment efficiency. Finally, the following conclusions are drawn. Public welfare donation is helpful to improve the investment efficiency of enterprises. It is found that compared with non-state-owned enterprises, state-owned enterprises are more effective than non-state-owned enterprises in improving the investment efficiency of enterprises through public welfare donations. To some extent, the competition of product market strengthens the positive correlation between public welfare donation and enterprise investment efficiency. In the same area, according to the nature of property right of enterprise, this positive correlation regulation function is more obvious in state-owned enterprises. From the new perspective of public welfare donation, this paper explores the related restrictive factors of enterprise investment efficiency, expands the traditional view of enterprise investment efficiency analysis, and enriches the research literature on the economic consequences of corporate public welfare donation. It provides empirical evidence and beneficial enlightenment for promoting the reform of government and enterprise in our country at present; similarly, it also better standardizes and guides the enterprise's public welfare donation behavior, encourages the enterprise to be correct, appropriate, sunshine donation.
【學(xué)位授予單位】：安徽工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F275;F273.2;F270

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