本文選題：公司治理 + 企業(yè)價(jià)值　； 參考：《哈爾濱工業(yè)大學(xué)》2017年碩士論文

【摘要】：隨著技術(shù)進(jìn)步和信息化進(jìn)程的快速發(fā)展,互聯(lián)網(wǎng)+時(shí)代的到來(lái),這些都加快了產(chǎn)品的更新?lián)Q代,從加劇了市場(chǎng)競(jìng)爭(zhēng),加劇了環(huán)境不確定,而作為經(jīng)濟(jì)微觀(guān)主體的企業(yè)如何應(yīng)對(duì)這一不確定性成為了重要的研究課題。而財(cái)務(wù)柔性的研究也就應(yīng)運(yùn)而生,在現(xiàn)有的研究基礎(chǔ)上不難發(fā)現(xiàn)企業(yè)財(cái)務(wù)柔性的儲(chǔ)備與否以及儲(chǔ)備數(shù)量是企業(yè)包括股東、債權(quán)人、經(jīng)營(yíng)者等相關(guān)利益者者基于各自的利益訴求進(jìn)行博弈的結(jié)果,也是法律環(huán)境、市場(chǎng)化程度、政府干預(yù)等外部治理機(jī)制相互作用的結(jié)果。有關(guān)財(cái)務(wù)柔性對(duì)企業(yè)價(jià)值的影響已在研究中多次被證明,但有關(guān)公司治理視角下財(cái)務(wù)柔性與企業(yè)價(jià)值的關(guān)系探討并不多。論文基于公司治理的視角對(duì)財(cái)務(wù)柔性與企業(yè)價(jià)值之間的關(guān)系進(jìn)行探討,具體從三個(gè)子問(wèn)題展開(kāi):財(cái)務(wù)柔性與企業(yè)價(jià)值之間的關(guān)系、存在產(chǎn)權(quán)本質(zhì)差異的情況下,財(cái)務(wù)柔性與企業(yè)價(jià)值間關(guān)系差異性、以及公司治理機(jī)制對(duì)財(cái)務(wù)柔性與企業(yè)價(jià)值關(guān)系的影響作用。論文在對(duì)公司治理、財(cái)務(wù)柔性、企業(yè)價(jià)值等重要概念進(jìn)行了一定的界定的基礎(chǔ)上,以自由現(xiàn)金流量理論、產(chǎn)權(quán)理論、委托代理理論、不平衡增長(zhǎng)理論作為論文的理論支撐,從理論上對(duì)研究問(wèn)題進(jìn)行機(jī)理分析和假設(shè)提出,并選取我國(guó)A股上市的制造業(yè)行業(yè)企業(yè)2010—2015的數(shù)據(jù)作為樣本數(shù)據(jù)進(jìn)行研究,通過(guò)SPSS 21.0和Eviews7.2對(duì)公司治理機(jī)制視角下財(cái)務(wù)柔性與企業(yè)價(jià)值的關(guān)系進(jìn)行了相關(guān)性分析、回歸分析和穩(wěn)定性檢驗(yàn)。研究結(jié)果表明:(1)我國(guó)制造業(yè)企業(yè)的財(cái)務(wù)柔性與企業(yè)價(jià)值并非線(xiàn)性關(guān)系而是存在一個(gè)倒“U”型關(guān)系,財(cái)務(wù)柔性的儲(chǔ)備并非越多越好而是存在一個(gè)最佳持有量。且相對(duì)于國(guó)有企業(yè)而言,非國(guó)有企業(yè)的均衡點(diǎn)相對(duì)滯后,非國(guó)有企業(yè)達(dá)到均衡點(diǎn)時(shí)需要更大的財(cái)務(wù)柔性?xún)?chǔ)備量。(2)良好的內(nèi)外部公司治理機(jī)制對(duì)財(cái)務(wù)柔性與企業(yè)價(jià)值的關(guān)系影響呈現(xiàn)出“協(xié)同效應(yīng)”。根據(jù)研究結(jié)論,論文從企業(yè)和政府兩個(gè)角度出發(fā),針對(duì)企業(yè)如何通過(guò)財(cái)務(wù)柔性的儲(chǔ)備有效促進(jìn)企業(yè)價(jià)值的提升、政府如何為企業(yè)通過(guò)財(cái)務(wù)柔性提升企業(yè)價(jià)值的途徑創(chuàng)造外部治理環(huán)境兩個(gè)問(wèn)題,提出相關(guān)的一些針對(duì)性政策建議。
[Abstract]:With the rapid development of technology and information technology, and the arrival of the Internet era, all of these have accelerated the upgrading of products, which has intensified market competition and increased environmental uncertainty. How to deal with this uncertainty has become an important research topic. On the basis of the existing research, it is not difficult to find out whether or not the financial flexibility of the enterprise and the amount of the reserve are included in the enterprise, including shareholders and creditors. It is also the result of the interaction of the external governance mechanism such as the legal environment, the degree of marketization, the government intervention and so on. The influence of financial flexibility on enterprise value has been proved many times in the research, but the relationship between financial flexibility and enterprise value from the perspective of corporate governance is not much discussed. Based on the perspective of corporate governance, this paper discusses the relationship between financial flexibility and enterprise value, and discusses the relationship between financial flexibility and enterprise value from three sub-issues: the relationship between financial flexibility and enterprise value, and the existence of essential differences in property rights. The relationship between financial flexibility and enterprise value is different, and the influence of corporate governance mechanism on the relationship between financial flexibility and enterprise value is also discussed. On the basis of defining some important concepts such as corporate governance, financial flexibility and enterprise value, the paper takes free cash flow theory, property right theory, principal-agent theory, unbalanced growth theory as the theoretical support of the paper. This paper theoretically analyzes the mechanism and hypothesis of the research, and selects the data of the manufacturing enterprises listed in A-share market in China as the sample data. Through SPSS21.0 and Eviews7.2, the relationship between financial flexibility and enterprise value under the perspective of corporate governance mechanism is analyzed, regression analysis and stability test are carried out. The results show that: (1) the relationship between financial flexibility and enterprise value is not linear, but there is an inverted "U" relationship. The reserve of financial flexibility is not the more the better, but the best holding. Compared with state-owned enterprises, the equilibrium point of non-state-owned enterprises lags behind. When the non-state-owned enterprises reach the equilibrium point, they need more financial flexible reserves. (2) good internal and external corporate governance mechanism has a "synergistic effect" on the relationship between financial flexibility and enterprise value. According to the conclusion of the research, this paper aims at how to effectively promote the enterprise value through the financial flexible reserve from the two angles of enterprise and government. How to create external governance environment for enterprises to improve their value through financial flexibility is discussed in this paper, and some relevant policy suggestions are put forward.
【學(xué)位授予單位】：哈爾濱工業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F406.7;F425;F271

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本文編號(hào)：2079855