本文關(guān)鍵詞： 數(shù)據(jù)包絡(luò)分析（DEA） Tobit模型 低碳經(jīng)濟(jì) 低碳板塊 投資效率　出處：《東北農(nóng)業(yè)大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

【摘要】：當(dāng)?shù)吞冀?jīng)濟(jì)已然成為全球化經(jīng)濟(jì)的發(fā)展趨勢(shì)與潮流，面對(duì)巨大的商機(jī)和良好的發(fā)展前景，我國低碳經(jīng)濟(jì)板塊上市公司提升低碳技術(shù)自主創(chuàng)新能力、打造低碳核心競(jìng)爭力成為了當(dāng)前的首要任務(wù)。公司的投資決策和投資效率從根本上決定了公司價(jià)值的增加，公司價(jià)值最大化的目標(biāo)能否實(shí)現(xiàn)直接取決于投資行為是否有效率。但是，我國的上市公司大多重視融資過程，而過度投資和投資不足等非效率的投資現(xiàn)象普遍嚴(yán)重，這已經(jīng)成為制約公司績效和質(zhì)量提升、公司持續(xù)而健康發(fā)展的重要因素。因此，研究低碳經(jīng)濟(jì)板塊上市公司投資效率對(duì)發(fā)展我國低碳經(jīng)濟(jì)具有重要的意義。 本文運(yùn)用比較和歷史分析相結(jié)合、定性和定量分析相結(jié)合、實(shí)證和規(guī)范分析相結(jié)合的研究方法，在搜集和統(tǒng)計(jì)數(shù)據(jù)的基礎(chǔ)上，應(yīng)用因素分析法對(duì)投資效率進(jìn)行研究。文章分為七個(gè)部分，第一章主要對(duì)選題背景、目的意義、文獻(xiàn)綜述以及研究內(nèi)容與方法進(jìn)行介紹；第二章闡述了低碳經(jīng)濟(jì)、DEA、投資效率的相關(guān)概念及基礎(chǔ)理論，并且比較了投資效率的評(píng)價(jià)方法；第三章剖析了我國低碳板塊上市公司的投資及投資效率的狀況；第四章為低碳板塊上市公司投資效率的測(cè)度。首先，從DEA的基本模型中選取了BCC模型作為分析模型。接著，建立了指標(biāo)評(píng)價(jià)體系，從資本投入和勞動(dòng)投入角度選擇了五個(gè)投入指標(biāo)，以加權(quán)凈資產(chǎn)收益率、每股收益和主營業(yè)務(wù)收入為產(chǎn)出指標(biāo)。然后，把篩選出的52家低碳板塊上市公司樣本數(shù)據(jù)，經(jīng)過Matlab軟件處理后，運(yùn)用DEAP軟件對(duì)其投資效率進(jìn)行測(cè)算分析。經(jīng)過測(cè)算，，發(fā)現(xiàn)有16家上市公司的投資效率相對(duì)有效，并且針對(duì)測(cè)算結(jié)果同時(shí)從橫向和縱向兩個(gè)角度對(duì)低碳板塊上市公司的整體情況加以分析，最后以有效的決策單元為參照，給出了對(duì)其他投資效率較低的決策單元的改進(jìn)目標(biāo)值；第五章總結(jié)分析了影響低碳板塊上市公司投資效率的因素，包括公司內(nèi)部現(xiàn)金流、公司治理特征、公司規(guī)模及年齡。通過對(duì)影響因素的Tobit回歸分析得出以下結(jié)論：公司投資效率與內(nèi)部現(xiàn)金流、公司規(guī)模均存在顯著的正相關(guān)關(guān)系；公司投資效率與資產(chǎn)負(fù)債率管理層持股比例存在負(fù)相關(guān)關(guān)系，但不顯著；第一大股東持股比例的回歸系數(shù)為正，而公司年齡的回歸系數(shù)為負(fù)。第六章從公司治理和負(fù)債融資兩方面提出了提高我國低碳經(jīng)濟(jì)板塊上市公司投資效率的建議；第七章為本文的結(jié)論。
[Abstract]:When the low-carbon economy has become the trend and trend of the global economy, facing the huge business opportunities and good development prospects, the listed companies of low-carbon economy plate enhance the ability of independent innovation of low-carbon technology. Building a low-carbon core competitiveness has become a top priority. The company's investment decisions and investment efficiency fundamentally determine the increase in the value of the company. Whether the goal of maximizing corporate value can be realized directly depends on whether the investment behavior is efficient or not. However, most listed companies in our country attach importance to the financing process, and the phenomenon of inefficient investment, such as overinvestment and underinvestment, is generally serious. This has become an important factor that restricts the improvement of company performance and quality, and the sustainable and healthy development of the company. Therefore, it is of great significance to study the investment efficiency of listed companies in the low carbon economy sector for the development of China's low-carbon economy. This paper uses the research methods of comparison and historical analysis, qualitative and quantitative analysis, empirical and normative analysis, on the basis of collecting and statistical data. The article is divided into seven parts. The first chapter mainly introduces the background, purpose, significance, literature review and research contents and methods. The second chapter describes the concept and basic theory of low carbon economy and investment efficiency, and compares the evaluation methods of investment efficiency, the third chapter analyzes the status of investment and investment efficiency of listed companies in low carbon plate. Chapter 4th is the measurement of investment efficiency of listed companies with low carbon plate. Firstly, the BCC model is selected as the analysis model from the basic model of DEA. Then, the index evaluation system is established. Five input indicators were selected from the perspective of capital input and labor input, with weighted net asset return, earnings per share and main business income as output indicators. After processing with Matlab software, the investment efficiency of 16 listed companies is measured and analyzed by using DEAP software. It is found that the investment efficiency of 16 listed companies is relatively effective. At the same time, the paper analyzes the whole situation of the listed companies in low carbon plate from both horizontal and vertical angles. Finally, the improved target value of other decision making units with low investment efficiency is given according to the effective decision making unit. Chapter 5th summarizes and analyzes the factors that affect the investment efficiency of listed companies in low carbon plate, including the internal cash flow, corporate governance characteristics, Company size and age. By Tobit regression analysis of influencing factors, the following conclusions are drawn: there is a significant positive correlation between investment efficiency and internal cash flow and company size; There is a negative correlation between the investment efficiency of the company and the proportion of assets and liabilities, but it is not significant, and the regression coefficient of the proportion of the first largest shareholder is positive. The regression coefficient of company age is negative. Chapter 6th puts forward some suggestions to improve the investment efficiency of listed companies in low carbon economy from two aspects: corporate governance and debt financing. Chapter 7th is the conclusion of this paper.
【學(xué)位授予單位】：東北農(nóng)業(yè)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51;F124.5

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