本文選題：投資效率 + 投入—產(chǎn)出視角　； 參考：《湖南大學(xué)》2013年博士論文

【摘要】：投資、融資與分配是現(xiàn)代公司金融的三大核心活動(dòng)。在國(guó)內(nèi)資本市場(chǎng)，大多數(shù)上市公司關(guān)注得較多的是融資活動(dòng)。它們通過(guò)發(fā)行新股和增發(fā)等方式來(lái)實(shí)現(xiàn)融資，部分上市公司融資次數(shù)眾多、數(shù)額巨大，被媒體和投資者戲稱(chēng)為“圈錢(qián)”行為。然而，一些上市公司對(duì)其創(chuàng)造價(jià)值的投資活動(dòng)卻不是非常重視，完成融資后便不再真正關(guān)心投入的產(chǎn)出效果，致使其經(jīng)營(yíng)狀態(tài)低迷，績(jī)效水平不高。本文從理論與實(shí)證兩個(gè)方面系統(tǒng)探討上市公司投資活動(dòng)的效率與其影響因素，以期為相關(guān)企業(yè)提升經(jīng)營(yíng)水平和管理部門(mén)完善監(jiān)管行為提供理論參考。 在理論研究部分，本文首先界定上市公司的投資概念，并總結(jié)了投資的相關(guān)理論；然后對(duì)當(dāng)前上市公司投資支出特征進(jìn)行了分析；接著從投入合理程度、產(chǎn)出大小以及投入產(chǎn)出比三個(gè)視角出發(fā)分別定義三種投資效率，并闡述投資效率的目標(biāo)和環(huán)境；并從微觀運(yùn)行角度系統(tǒng)探討上市公司投資效率的影響機(jī)理，分析公司治理、財(cái)務(wù)治理、投融資狀況以及產(chǎn)品市場(chǎng)因素對(duì)投資效率的影響。 在實(shí)證研究部分，本文首先分別從投入和產(chǎn)出的視角評(píng)價(jià)上市公司的投資效率。選取2008年至2012年的中國(guó)證券市場(chǎng)的數(shù)據(jù)，運(yùn)用投資支出模型計(jì)算投入視角的投資效率。實(shí)證結(jié)果表明，上市公司存在一定程度投資不足和投資過(guò)度行為。而從投資偏差度的相對(duì)指標(biāo)來(lái)看，上市公司的投資效率相對(duì)較高，各行業(yè)的平均值大部分超過(guò)了0.98，接近最高值1，投資不足和投資過(guò)度的程度較輕。根據(jù)主成分分析來(lái)對(duì)各產(chǎn)出變量進(jìn)行加權(quán)匯總，從產(chǎn)出視角評(píng)價(jià)上市公司的投資效率，發(fā)現(xiàn)大多數(shù)行業(yè)的投資效率小于0，說(shuō)明在樣本期間，各上市公司的投資結(jié)果不甚理想。本文接著從投入與產(chǎn)出統(tǒng)一的視角構(gòu)建投資效率評(píng)價(jià)模型，并對(duì)上市公司的投資效率進(jìn)行實(shí)證考察，，在構(gòu)建投資效率評(píng)價(jià)的隨機(jī)前沿分析模型的基礎(chǔ)上，對(duì)上市公司的投資效率進(jìn)行評(píng)價(jià)。實(shí)證結(jié)果表明，2008年至2012年間上市公司效率基本上在0.7左右波動(dòng)，說(shuō)明上市公司的投資效率損失近30%，投資效率還有較大的提升空間。本文然后分別運(yùn)用多元回歸分析和結(jié)構(gòu)方程模型對(duì)企業(yè)投資效率的影響因素進(jìn)行實(shí)證研究，發(fā)現(xiàn)上市公司的機(jī)構(gòu)投資者持股比例、第一大股東持股比例、高管持股、財(cái)權(quán)配置、財(cái)務(wù)控制、財(cái)務(wù)監(jiān)督、負(fù)債比率、現(xiàn)金持有量、行業(yè)集中度和市場(chǎng)份額分別對(duì)企業(yè)投資效率有不同程度和方向的影響。而從結(jié)構(gòu)方程模型的路徑系數(shù)可以發(fā)現(xiàn)，潛變量公司治理能力、財(cái)務(wù)治理能力以及投融資狀況和產(chǎn)品市場(chǎng)因素都對(duì)投資效率產(chǎn)生了較為顯著的影響。 在對(duì)策研究部分，本文提出提升上市公司投資效率的若干對(duì)策。認(rèn)為為了提高上市公司投資效率，有必要進(jìn)一步完善相關(guān)監(jiān)管制度。同時(shí)，上市公司要規(guī)范自身的公司治理機(jī)制和財(cái)務(wù)管理制度、提高產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)力，提升投資管理水平和運(yùn)營(yíng)效率，從而有助于上市公司的健康發(fā)展，也為上市公司的利益相關(guān)者帶來(lái)價(jià)值的增加。 本文的創(chuàng)新在于從較新的角度對(duì)上市公司投資效率進(jìn)行了界定，基于投入或產(chǎn)出分析視角、投入—產(chǎn)出分析視角等不同角度，構(gòu)建了上市公司投資效率的評(píng)價(jià)模型，在一定程度上改進(jìn)了投資效率評(píng)價(jià)方法。同時(shí)，克服以往研究大多從單個(gè)因素進(jìn)行研究的局限，從微觀運(yùn)行角度，將公司治理、財(cái)務(wù)治理、投融資狀況以及產(chǎn)品市場(chǎng)狀況納入到一個(gè)統(tǒng)一分析框架，從而可以更全面地把握上市公司投資效率及其影響因素。
[Abstract]:Investment, financing and distribution are the three core activities of modern company finance. In the domestic capital market, most listed companies pay more attention to financing activities. They realize financing by issuing new shares and additional issuance. Some listed companies have a large number of financing times and huge amount, which are dubbed "circle money" by the media and investors. However, some listed companies do not pay much attention to the investment activities of their creative value. After completing financing, they do not really care about the effect of input output, which makes their operating state low and the performance level is not high. In this paper, the efficiency and influence factors of the investment activities of listed companies are systematically discussed from two aspects of theory and demonstration. It provides a theoretical reference for enterprises to improve their management level and improve regulatory actions.
In the theoretical part, this paper first defines the investment concept of listed companies, and summarizes the related theories of investment, then analyzes the characteristics of the investment expenditure of the listed companies, and then defines three kinds of investment efficiency from the three perspectives of investment rationality, output size and input-output ratio, and expounds the investment efficiency. The impact of corporate governance, financial governance, investment and financing status and product market factors on investment efficiency is analyzed from the micro operation angle and the mechanism of the investment efficiency of listed companies.
In the empirical part, this paper first evaluated the investment efficiency of the listed companies from the perspective of input and output, selected the data of China's securities market from 2008 to 2012 and used the investment expenditure model to calculate the investment efficiency of the investment perspective. The empirical results show that the listed companies exist in a certain degree of investment and overinvestment. From the relative index of the investment deviation degree, the investment efficiency of the listed companies is relatively high, the average value of each industry is more than 0.98, close to the highest value of 1, and the degree of insufficient investment and overinvestment is lighter. The investment efficiency of most listed companies is less than 0, which indicates that the investment results of the listed companies are not ideal during the sample period. Then, the investment efficiency evaluation model is constructed from the perspective of the unification of input and output, and the investment efficiency of the listed companies is empirically investigated, and the basis of the stochastic frontier analysis model of investment efficiency evaluation is built. The investment efficiency of listed companies is evaluated. The empirical results show that the efficiency of listed companies from 2008 to 2012 is basically around 0.7, which indicates that the investment efficiency of listed companies is nearly 30%, and the investment efficiency has a greater promotion space. The empirical study of the factors affecting the rate is that the shareholding ratio of the institutional investors, the proportion of the first large shareholders, the managerial ownership, the financial rights allocation, the financial control, the financial supervision, the debt ratio, the cash holdings, the industry concentration and the market share have different degrees and directions on the investment efficiency of the enterprises. The path coefficient of the equation model can be found that the corporate governance ability, the financial governance ability, the investment and financing status and the product market factors have a significant impact on the investment efficiency.
In the part of countermeasure research, this paper puts forward some countermeasures to improve the investment efficiency of listed companies. It is necessary to further improve the relevant regulatory system in order to improve the investment efficiency of listed companies. At the same time, the listed companies should standardize their own corporate governance mechanism and financial management system, raise the market competitiveness of the products and improve the management level of the investment. Operational efficiency, which contributes to the healthy development of listed companies, also brings value increase to stakeholders of listed companies.
The innovation of this paper is to define the investment efficiency of listed companies from a new angle. Based on the angle of input or output analysis and the angle of input output analysis, the evaluation model of the investment efficiency of listed companies is constructed, and the investment efficiency evaluation method has been improved to a certain extent. At the same time, most of the previous studies have been overcome. The limitation of the research is that the corporate governance, financial governance, investment and financing status and product market conditions are integrated into a unified framework from the micro operation point of view, so that the investment efficiency and the influencing factors of the listed companies can be more fully grasped.
【學(xué)位授予單位】：湖南大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2013
【分類(lèi)號(hào)】：F275;F276.6;F832.51

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