基于生命周期理论的融资约束对投资效率的影响研究

发布时间：2018-04-04 05:11

本文选题：企业生命周期　切入点：融资约束　出处：《西南大学》2017年硕士论文

【摘要】：随着我国经济发展市场化进程加快,资本市场滞后使我国企业发展受到了巨大限制。企业在融资渠道、融资方式、融资条件等方面受到诸多限制,加之金融资源稀缺、资本市场信息不对称等情况,我国部分上市企业难以通过外部融资有效地获得资金,因此企业不得不放弃某些良好的投资机会,从而出现投资不足行为。另一方面,当企业拥有较多自由现金流时,也可能因代理成本等因素出现投资过度行为。一些学者的实证研究表明,我国多数上市企业存在投资不足行为或投资过度行为,融资约束、投资机会不足等是导致投资不足的主要原因,代理成本、自由现金流过多等是导致投资过度的主要原因,而融资约束能抑制企业投资过度行为。但企业处于不同生命周期阶段时,其财务特征、治理结构等存在差异,那么企业面临的融资约束程度在不同生命周期阶段是否存在差异?企业投资效率的表现形式在不同生命周期阶段是否相同?融资约束对投资不足、投资过度的影响又是否会因企业处于不同生命周期阶段而不同呢?现有文献并未对这些问题进行系统研究。基于此,本文以生命周期理论为基础,研究企业面临的融资约束程度、投资效率表现形式以及融资约束对投资不足、投资过度的影响在不同生命周期的差异性,有利于解释企业融资约束对投资不足、投资过度的影响在不同生命周期的异同,进而有针对性地采取措施提高企业投资效率,提升企业价值。本文采用理论研究和实证研究两种方法。首先,本文阐述了研究背景、研究意义与目的、研究思路与研究方法、研究内容与研究框架等内容。第二,本文系统地回顾了国内外学者关于企业生命周期、融资约束、投资效率的研究文献,并对相关文献进行梳理,在此基础上进行文献述评,提出本文研究主题。第三,本文结合相关理论分析融资约束与投资效率的关系,并对企业生命周期、融资约束、投资效率的概念进行界定。第四,本文根据前述理论分析,结合我国学者已有研究和我国上市企业实际情况,提出了本文研究假设,基于前述假设,以深A主板和中小板制造业上市企业为研究对象,选取合理的方法衡量各变量并构建了研究模型。第五,本文采用实证分析方法对前述研究假设进行验证,主要包括描述性分析、相关性分析、多元线性回归分析等方法。最后,结合前述实证分析结果得出本文研究结论,提出提高企业投资效率的合理建议,并总结本文研究的不足之处。本文主要研究结论如下:(1)我国制造业上市企业面临一定的融资约束问题,企业处于不同生命周期阶段时,企业面临的融资约束程度存在差异。(2)我国制造业上市企业普遍存在投资不足行为和投资过度行为,投资不足行为明显多于投资过度行为。(3)我国制造业上市企业面临的融资约束程度与投资不足行为正相关,企业面临的融资约束程度越大,越易出现投资不足行为,且不同企业生命周期阶段,融资约束对投资不足的影响不同。(4)我国制造业上市企业面临的融资约束程度与投资过度行为负相关,企业面临的融资约束程度越大,越不易发生投资过度行为,即融资约束能抑制企业投资过度行为,且不同企业生命周期阶段,融资约束对投资过度的影响不同。根据前述研究结论,本文针对不同生命周期阶段的企业,提出了相关建议,包括加强企业融资能力、积极寻找有利投资机会、加强管理层和大股东与企业价值的相关性、充分利用融资约束的约束作用、严格控制管理层对资金的支配力度等,以期对提高企业投资效率提供相关借鉴和参考。
[Abstract]:With the development of China's economy to accelerate the process of market, the capital market lags behind the development of enterprises in our country have great limitations. In the way of financing enterprises, financing channels, financing conditions and other restrictions, coupled with the financial resources are scarce, the situation of information asymmetry in the capital market, part of China's listed companies to obtain funds through external financing effectively. Therefore, enterprises have to give up some good investment opportunities, and shortage of investment behavior. On the other hand, when the enterprise has more free cash flow, agency costs and other factors may also lead to overinvestment behavior. Empirical research of some scholars suggest that the majority of our listed enterprises have insufficient investment behavior or excessive investment behavior, financing constraints, lack of investment opportunities are the main reasons lead to insufficient investment, agency cost, free cash flow and is caused by excessive investment The main reason, and financing constraints can inhibit overinvestment. But enterprises in different stages of the life cycle, the characteristics of the financial governance structure, differences exist, so enterprises are facing financing constraints in different stages of the life cycle differences exist? Form of enterprise investment efficiency in different stages of the life cycle is the same financing? Constraints on the investment effect of excessive investment or by enterprises in different stages of the life cycle and different? The existing literature does not make a systematic study on these problems. Based on this, this paper is based on the life cycle theory of enterprises are facing financing constraints, investment efficiency forms and financing constraints on investment, influence excessive investment in the different life cycle, is conducive to the interpretation of the enterprise financing constraints on investment, excessive investment in effect Similarities and differences with the life cycle, and then take targeted measures to improve investment efficiency, improve enterprise value. This paper uses theoretical research and empirical research in two ways. First, this paper describes the research background, research purpose and significance, research ideas and research methods, research content and research framework of this paper. Second. A systematic review of the domestic and foreign scholars on the enterprise life cycle, financing constraints, research investment efficiency, and analyzes the related literature, on the basis of literature review, this paper puts forward the research subject. Third, this paper analysis the relationship between financing constraints and investment efficiency theory, and the enterprise life cycle, financing constraints. The definition of investment efficiency. Fourth, according to the theoretical analysis, combined with the existing research in our country and the actual situation of China's listed companies, this paper put forward the Based on the above assumptions, assumptions, the manufacturing industry with deep A board and small board listed companies as the research object, select a reasonable method of measuring variables and builds a research model. Fifth, this paper adopts empirical analysis method to verify the hypothesis of the research, including descriptive analysis, correlation analysis, multiple linear regression analysis method. Finally, combining the results of empirical analysis draw conclusions, put forward reasonable suggestions to improve investment efficiency, and summarizes the shortcomings of this study. The main conclusions are as follows: (1) Chinese listed manufacturing enterprises are facing financing constraints of enterprises in different stages of the life cycle, enterprise financing the constraint degree difference. (2) Chinese listed manufacturing enterprises are generally lack of investment behavior and investment behavior, investment behavior significantly more than excessive investment . (3) is positively related to the degree of financing constraints and investment behavior of Chinese listed manufacturing enterprises face the financing constraints faced by enterprises is bigger, more prone to insufficient investment behavior, and different enterprise life cycle stage, impact of financing constraints on investment shortage. (4) the degree of financing constraints and investment faces China's manufacturing industry listed companies excessive behavior negatively related to the degree of financing constraints faced by enterprises is more big, the more difficult the occurrence of excessive investment behavior, namely financing constraints can restrain overinvestment, and different enterprise life cycle stage and the impact of financing constraints on excessive investment. According to the above research conclusion, this paper is different the life cycle of the enterprise, and puts forward related suggestions, including strengthening the ability of financing and actively seek favorable investment opportunities, strengthen the relationship between management and shareholders and the value of enterprises, fully In order to provide reference and reference for improving the efficiency of enterprise investment, we can strictly control the control of management by the constraint of financing constraints.

【学位授予单位】：西南大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F425;F406.7

【参考文献】