家族控股上市公司过度投资影响因素研究

发布时间：2018-04-26 19:35

本文选题：过度投资 + 自由现金流　；参考：《沈阳工业大学》2013年硕士论文

【摘要】：随着经济的发展，，投资已经成为企业获取未来现金流增长的方式，而一些地方也存在着“投资过热”的现象，非效率投资会造成资源的浪费。在发展初期，家族企业的代理链短，代理成本低，一般没有过度投资。随着家族企业的发展，治理结构的改变、经理人的引入，家族企业开始有代理成本，出现过度投资行为,因此，探究家族企业过度投资的影响因素尤为重要。本文查阅大量文献和有关的理论，对上市家族企业的过度投资影响因素进行了初步的探究。首先，介绍了相关的理论基础。其次，分析了企业的过度投资成因，包括委托代理成本、信息不对称和融资约束引起的过度投资以及家族企业的概念和治理结构的变化。最后，本文进行了实证研究。在实证部分，以2009-2011年的家族上市公司为样本，利用Richardson（2006）模型分析了了家族企业的过度投资行为，结果发现存在37%的家族企业发生过度投资，这说明上市家族企业的投资效率较低。再以发生过度投资的企业为样本，采用线性回归、逻辑回归方法实证研究了对家族企业过度投资产生显著影响的因素。实证发现，上市家族企业确实有过度投资的情况。进一步地分析表明，自由现金流与企业的过度投资显著正相关；控股股东的存在与过度投资产正相关，但作用不显著；第一大股东的持股比例与过度投资显著负相关。短期负债与过度投资显著负相关，而长期负债与家族企业过度投资显著正相关。政治联系与家族企业过度投资显著正相关，并且地方政治联系的作用更为显著。综合上述的实证研究结果，基于我国国情，提出减少家族企业过度投资的政策及建议。
[Abstract]:With the development of economy, investment has become the way for enterprises to obtain future cash flow growth, and some places also have the phenomenon of "investment overheating", inefficient investment will cause waste of resources. In the early stage of development, the agency chain of the family firm is short, the agency cost is low, and there is generally no overinvestment. With the development of family business, the change of governance structure and the introduction of managers, the family business begins to have agency cost and overinvestment behavior. Therefore, it is very important to explore the influencing factors of family business overinvestment. By consulting a lot of literature and relevant theories, this paper makes a preliminary study on the influencing factors of overinvestment in listed family firms. First of all, the relevant theoretical basis is introduced. Secondly, it analyzes the causes of overinvestment, including principal-agent costs, information asymmetry and financing constraints, and changes in the concept and governance structure of family firms. Finally, this paper carries on the empirical research. In the empirical part, taking the family listed companies from 2009-2011 as the sample, the author analyzes the over-investment behavior of the family firms by using Richardson's 2006) model. The results show that 37% of the family firms overinvest, which indicates that the investment efficiency of the listed family firms is low. Then, taking the overinvested enterprises as the sample, using linear regression and logical regression method, this paper empirically studies the factors that have a significant impact on the overinvestment of family firms. Empirical results show that the listed family firms do have overinvestment situation. Further analysis shows that the free cash flow is significantly positively correlated with overinvestment, the existence of controlling shareholders is positively correlated with overinvested assets, but the role is not significant, and the proportion of the first largest shareholder is negatively correlated with overinvestment. Short-term liabilities are negatively correlated with over-investment, while long-term liabilities are positively correlated with over-investment of family firms. There is a significant positive correlation between political ties and overinvestment of family firms, and the role of local political connections is more significant. Based on the above empirical results, this paper puts forward some policies and suggestions to reduce the overinvestment of family firms.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F276.5;F832.51;F275

【参考文献】