發(fā)布時(shí)間：2018-02-13 02:01

  本文關(guān)鍵詞： 過(guò)度投資 負(fù)債融資 自由現(xiàn)金流 蘭花科創(chuàng)公司　出處：《蘭州財(cái)經(jīng)大學(xué)》2017年碩士論文　論文類型：學(xué)位論文

【摘要】：改革開(kāi)放以來(lái),我國(guó)的經(jīng)濟(jì)發(fā)展日新月異,全社會(huì)長(zhǎng)期資產(chǎn)投資支出占GDP總額的比例逐年增加,但是在這樣經(jīng)濟(jì)繁榮的背景下,也存在著投資效率低下的現(xiàn)象。有些學(xué)者已指出,非效率的投資行為已然影響到我國(guó)許多上市公司的經(jīng)營(yíng)業(yè)績(jī)與企業(yè)價(jià)值。近些年來(lái),由過(guò)度投資引起的產(chǎn)能過(guò)剩廣泛存在于我國(guó)煤炭、鋼鐵等行業(yè),企業(yè)盲目擴(kuò)大投資規(guī)模是產(chǎn)生這些現(xiàn)象的主要原因。在市場(chǎng)經(jīng)濟(jì)條件下,投資行為是企業(yè)生產(chǎn)經(jīng)營(yíng)的核心內(nèi)容、是企業(yè)創(chuàng)造現(xiàn)金流量、增加市場(chǎng)價(jià)值的源動(dòng)力。而煤炭行業(yè)對(duì)我國(guó)的經(jīng)濟(jì)發(fā)展極其重要,由過(guò)度投資引起的一系列的經(jīng)濟(jì)后果制約著我國(guó)市場(chǎng)經(jīng)濟(jì)的健康發(fā)展。因此研究煤炭企業(yè)的投資行為,分析企業(yè)過(guò)度投資的原因及后果,這對(duì)提高煤炭企業(yè)的投資效率、提升企業(yè)價(jià)值具有重要的現(xiàn)實(shí)意義。文章將選取煤炭行業(yè)蘭花科創(chuàng)公司為例。首先,從國(guó)內(nèi)外不同的角度搜索了關(guān)于過(guò)度投資的內(nèi)涵、引起過(guò)度投資的原因以及過(guò)度投資造成的后果。之后在相關(guān)理論的基礎(chǔ)上,先是分析了蘭花科創(chuàng)公司的歷年投資情況,并且根據(jù)漢克爾和李凡特計(jì)算投資效率的方法得出該公司存在投資過(guò)度的行為;其次是分析了導(dǎo)致蘭花科創(chuàng)公司過(guò)度投資的原因,分別是政府資金及政策上的支持、市場(chǎng)競(jìng)爭(zhēng)變化、企業(yè)自由現(xiàn)金流、管理層過(guò)度自信和負(fù)債的影響所致。過(guò)度投資行為給蘭花科創(chuàng)公司帶來(lái)了一定的負(fù)面影響,包括該公司的盈利能力、發(fā)展能力和經(jīng)營(yíng)業(yè)績(jī)等都有所下降。最后本文從五個(gè)方面提出了抑制企業(yè)過(guò)度投資的策略,這將有助于改善煤炭行業(yè)的投資行為,促進(jìn)我國(guó)煤炭產(chǎn)業(yè)的健康發(fā)展。
[Abstract]:Since the reform and opening up, the economy of our country has been developing with each passing day. The proportion of long-term asset investment expenditure in total GDP has been increasing year by year. However, under the background of economic prosperity, Some scholars have pointed out that inefficient investment behavior has affected the operating performance and enterprise value of many listed companies in China. Overcapacity caused by overinvestment exists widely in coal, steel and other industries in China. The main reason for these phenomena is that enterprises blindly expand their investment scale. Under the condition of market economy, investment behavior is the core content of enterprises' production and operation. It is the source power for enterprises to create cash flow and increase market value. And the coal industry is extremely important to the economic development of our country. A series of economic consequences caused by overinvestment restrict the healthy development of China's market economy. Therefore, to study the investment behavior of coal enterprises and analyze the causes and consequences of overinvestment, this will improve the investment efficiency of coal enterprises. It is of great practical significance to promote the value of enterprises. This article will select Orchid Co., Ltd in coal industry as an example. First of all, it searches for the connotation of overinvestment from different angles at home and abroad. The causes of overinvestment and the consequences of overinvestment. Then, on the basis of relevant theories, we first analyzed the past years of investment of the orchid family Chuang Company. And according to Hankel and Livant's method of calculating investment efficiency, it is concluded that the company has overinvestment behavior. Secondly, it analyzes the causes of overinvestment of Orchid Coche Company, which is supported by government funds and policies, respectively. Changes in market competition, free cash flow, management overconfidence and the impact of debt. Overinvestment has had a negative impact on Orchid Coche, including its profitability. Finally, this paper puts forward the strategy of restraining the overinvestment of enterprises from five aspects, which will help to improve the investment behavior of coal industry and promote the healthy development of China's coal industry.
【學(xué)位授予單位】：蘭州財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類號(hào)】：F426.21;F406.7

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