建材行业上市公司股权结构对非效率投资影响的实证研究

发布时间：2018-02-06 06:10

本文关键词： 股权结构非效率投资建材行业　出处：《北京林业大学》2014年硕士论文　论文类型：学位论文

【摘要】：投资作为企业最重要的财务决策之一,直接决定着企业未来现金流的增长和企业价值最大化的实现。然而在不完美的资本市场中,企业的投资决策往往偏离价值最大化的目标,从而导致非效率投资行为,即过度投资或投资不足。这种非效率投资现象,不仅有损企业价值的增加,还会影响国民经济健康稳定地发展。此外,因中国特殊的制度安排,股权比较集中和国家股所占比重高是股权结构的突出特点,这种特殊的股权安排与企业的非效率投资行为是否存在一定的关联性,是当前亟需研究的问题。因此,本文通过实证研究股权结构与非效率投资的相关性,以期为上市公司通过完善股权结构来缓解非效率投资问题提供经验性的依据。本文以我国建材行业上市公司作为研究对象,从股权结构角度研究企业的非效率投资行为。选择建材行业上市公司2007-2012年六年的数据作为样本,首先采用Richardson(2006)残差模型验证建材行业上市公司是否存在非效率投资现象,然后建立多元回归模型,从股权性质、股权集中度和股权制衡三个维度来分析股权结构是如何影响非效率投资的。实证结果表明：(1)非效率投资现象在建材行业上市公司广泛存在,过度投资在国有上市公司更为显著,而投资不足在民营上市公司更为显著；(2)国有股权加剧非效率投资问题；(3)股权集中度与非效率投资呈正相关关系；(4)股权制衡可以缓解非效率投资问题；(5)国有上市公司股权制衡与非效率投资行为呈不显著正相关关系。最后根据实证结论,从股权治理角度提出缓解建材行业上市公司非效率投资问题的建议。
[Abstract]:As one of the most important financial decisions, investment directly determines the growth of future cash flow and the realization of maximization of enterprise value. However, in the imperfect capital market. The investment decision of enterprises often deviates from the goal of value maximization, which leads to inefficient investment behavior, that is, overinvestment or underinvestment. This phenomenon of inefficient investment not only damages the increase of enterprise value. It will also affect the healthy and stable development of the national economy. In addition, due to China's special institutional arrangements, relatively concentrated equity and a high proportion of state shares are prominent features of the equity structure. Whether there is a certain correlation between this special equity arrangement and the inefficient investment behavior of enterprises is a problem that needs to be studied at present. Therefore, this paper empirically studies the correlation between equity structure and inefficient investment. In order to provide empirical basis for listed companies to improve equity structure to alleviate the problem of inefficient investment. In this paper, the listed companies of building materials industry in China as the research object. This paper studies the inefficient investment behavior of enterprises from the perspective of equity structure, and selects six years' data of listed companies in building materials industry as samples. Firstly, we use Richardson's 2006) residual model to verify whether there is an inefficient investment phenomenon in listed companies in building materials industry, and then establish a multivariate regression model from the nature of equity. The empirical results show that the phenomenon of inefficient investment exists widely in listed companies in building materials industry. The overinvestment is more obvious in the state-owned listed companies, but the underinvestment is more obvious in the private listed companies. (2) State-owned equity is aggravating the problem of inefficient investment; (3) there is a positive correlation between equity concentration and inefficient investment; Equity checks and balances can alleviate the problem of inefficient investment; 5) there is no significant positive correlation between equity balance and inefficient investment behavior of state-owned listed companies. Finally, according to the empirical conclusions, the paper puts forward some suggestions to alleviate the problem of inefficient investment of listed companies in building materials industry from the perspective of equity governance.
【学位授予单位】：北京林业大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.72;F426.92

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