中国国有控股上市公司投资效率研究

发布时间：2018-02-11 18:29

本文关键词： 投资过度投资不足中国国有控股上市公司非效率投资　出处：《山西财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：随着近些年我国国有控股上市公司改革推进，其筹集到的资金使用效率也得到了各方的关注和重视。整体而言，世界各国普遍存在企业投资效率低下的问题。但是，我国企业投资效率低下的问题尤为突出，特别是国有控股上市公司由于大股东治理机制和负债融资“软约束”机制的影响，其投资决策中过度投资和投资不足的问题十分突出。国外学术界对于企业投资效率的研究较早，从研究基础理论到相关实证研究均较多。我国学术界对该课题的研究起步较晚，，目前研究中对国有控股上市公司投资效率的研究并不透彻，尚需进一步完善。研究我国国有控股上市公司投资效率问题的现状，并针对我国国有控股上市公司实际情况分析影响其投资效率的主要因素和对策措施，具有十分重要的意义。全文划分为4个部分。第一部分是绪论，界定了本文的研究对象，并阐述了本文的研究背景及意义、整体的研究思路和方法和本文的创新点。第二部分为国内外学术界对投资效率问题研究的基础理论阐述和相关研究文献的回顾与评价。第三部分采用了实证分析与规范分析相结合的研究方法，以我国资本市场上市的大量国有控股上市公司为研究样本，运用EXCEL2007软件，实证分析了我国国有控股上市公司的投资效率现状；并且采用规范分析的研究方法分析了我国国有控股上市公司投资效率低下的两方面影响因素。第四部分针对我国国有控股上市公司的实际和投资效率低下的原因，提出了提高我国国有控股上市公司投资效率的对策措施——健全公司投资决策的治理机制、强化债权治理及约束智能。本文的特色与创新之处在于：系统的梳理了有关投资效率研究的基础理论，包括信息不对称理论、自由现金流假说、委托代理理论。系统地阐述了这些理论对于投资效率的影响和作用。将国内外学术界的相关研究文献做了系统的回顾和评价。选取我国资本市场上市的大量国有控股上市公司为研究样本，通过其2006-2010年五年间的数据为基础，分析了我国国有控股上市公司投资效率现状。以实证研究结果为基础指出了我国国有控股上市公司投资效率的主要影响因素（大股东治理的影响和负债融资的影响），并提出了相对应的治理措施。本文的研究对于我国国有控股上市公司的投资决策优化和投资效率提高具有积极作用。
[Abstract]:With the development of the reform of the state-owned holding listed companies in China in recent years, the efficiency of using the funds raised by them has also been paid attention to by all parties. As a whole, the investment efficiency of enterprises is generally low in the world. However, The problem of low investment efficiency of Chinese enterprises is particularly prominent, especially the influence of the governance mechanism of large shareholders and the "soft constraint" mechanism of debt financing of state-owned holding listed companies. The problems of overinvestment and underinvestment in investment decision-making are very prominent. Foreign academic circles have studied the efficiency of enterprise investment earlier, from the basic theory to the related empirical research. At present, the research on the investment efficiency of state-owned holding listed companies is not thorough and needs to be further improved. It is of great significance to analyze the main factors and countermeasures that affect the investment efficiency of the state-owned holding listed companies. The paper is divided into four parts. The first part is the introduction, defines the research object of this paper, and expounds the research background and significance of this paper. The second part is the review and evaluation of the basic theory of investment efficiency research in domestic and foreign academic circles and the related research literature. The third part adopts the empirical analysis. Research methods combined with normative analysis, Taking a large number of state-owned holding listed companies listed in China's capital market as the research sample, using EXCEL2007 software, the paper empirically analyzes the present situation of the investment efficiency of the state-owned holding listed companies in China. The paper also analyzes the two factors influencing the low investment efficiency of the state-owned holding listed companies by using the normative analysis method. Part 4th is aimed at the reasons of the low investment efficiency and the actual situation of the state-owned holding listed companies in China. This paper puts forward the countermeasures to improve the investment efficiency of the state-owned holding listed companies, that is, to perfect the governance mechanism of the company's investment decision, and to strengthen the governance of the creditor's rights and the intelligence of restraint. The characteristics and innovations of this paper lie in: systematically combing the basic theories of investment efficiency research, including information asymmetry theory, free cash flow hypothesis, Principal-agent theory. The influence and function of these theories on investment efficiency are systematically expounded. The relevant research literature of domestic and foreign academic circles is reviewed and evaluated systematically. A large number of state-owned enterprises listed in China's capital market are selected. Holding listed companies as research samples, Based on its data for the five-year period 2006-2010, This paper analyzes the present situation of the investment efficiency of the state-owned holding listed companies in China. Based on the empirical research results, the paper points out the main influencing factors (the influence of the governance of the large shareholders and the influence of debt financing) on the investment efficiency of the state-owned holding listed companies in China. The research in this paper has a positive effect on the optimization of investment decision and the improvement of investment efficiency of our country's state-owned holding listed companies.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.1;F832.51

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