农业上市公司投资效率及影响因素的实证研究

发布时间：2018-05-04 11:23

本文选题：农业上市公司 + 公司治理　；参考：《中国海洋大学》2012年博士论文

【摘要】：任何企业的财务管理目标都是为了实现价值最大化，其途径从根本上而言很大程度上取决于企业的投资行为，投资效率如何直接关系到企业能否实现价值最大化。这也是上市公司投资效率成为学者们关注的重要原因之一。随着我国资本市场的不断发展，上市公司出现了诸多低效率的投资行为，如盲目投资、资金严重闲置、资金被控股股东占用以及改变投资方向等。它们极大地影响了企业生产经营能力以及利益相关者的切身利益。农业上市公司作为一种特殊的公司，承担着国民经济发展的重任，其基础性的作用不言而喻，农业的发展程度在某种意义上决定了我国现代化的水平。加快农业的发展显得尤为重要，而这离不开农业产业化组织的构建和完善，离不开具有现代企业制度特征的上市公司。农业上市公司连接了农业生产和资本市场，有助于推动农业产业化、提高农业科技水平、促进我国农业生产力的发展。鉴于此，我国积极营造有利于农业上市公司发展的政策。在此背景下，农业上市公司的投资行为引起学者们的关注。为此，本文对我国农业上市公司的概况进行初步分析，然后对效率投资模型进行深入分析，并研究了对其有重要影响的两个因素——负债和公司治理的角度进行深入分析。研究得出如下结论：（1）农业上市公司的基本的情况进行一些分析，在此基础上对农业上市公司的投资效率进行实证分析，选取了2008—2010年期间的农业上市公司为研究样本，分析我国农业上市公司的投资效率，研究发现，上市公司普遍存在着投资不足和过度投资，并进一步分析了产生的原因。（2）从委托代理理论、信息不对称理论等理论出发分析负债对企业投资效率的影响，负债的存在一方面容易引起股东与债权人的冲突，而引起投资不足和资产替代行为的发生；另一方面又会对由股东—经理人冲突、大股东一中小股东冲突等之间的冲突所引起的非效率投资行为有一定的相机治理作用。此外，不同期限以及不同类型的负债对企业投资行为的影响也不尽相同。实证检验了债务融资对投资效率的影响，研究发现，负债融资有助于提高投资效率，证明了负债具有较强的治理作用，进一步的研究发现，流动负债比长期负债所发挥的作用更为有效，银行借款比商业信用的作用更为显著。（3）采用实证方法研究了农业上市公司的公司治理与投资效率之间的关系，结果表明，股权结构、董事会和外部治理环境都对投资效率产生一定的影响。第一大股东持股比例对非效率投资行为影响显著，，随着第一大股东持股比例的增加，能够提高上市公司的投资效率，发现当持股比例增加到一定程度时，投资效率会受到抑制；股权制衡度对提高投资效率起到一定积极作用。董事会在提高投资效率方面也有一定的积极作用，两权分置、独立董事都能帮助上市公司提高投资效率，而董事会的规模对投资效率并没有起到倒U型的关系；从公司治理的外部环境看，市场化指数的提高，政府干预程度的减少，法治水平的改善，都能对上市公司企业效率的提升有明显的促进作用。股权集中度有助于提升上市公司的投资效率，还没有达到效率损失的拐点，股权制衡机制也能有效约束大股东的行为；就董事会治理而言，提高董事会战略决策能力和强化独立董事的独立性更有助于提升企业的投资效率；两职分离可以使董事长和总经理合理分工、明确职责。减少和避免政府的不良干预有助于提高农业上市公司的投资效率，公司治理的外部环境改善，对企业的投资效率都有明显的促进作用。因此，急需建立健全一个相对公平透明和自由竞争的外部环境，这样才能营造一个良好的氛围，更加有利于提高企业的投资效率，实现企业可持续发展。就其理论意义而言，农业上市公司要想实现现代化，必须提高投资效率，只有这样才能做大做强。如何提高投资效率呢？首先农业上市公司应当优化融资结构，因为这为投资提供了资金来源，积极发挥这种资金来源的合理性以及治理作用。其次，优化农业上市公司的治理结构，深入研究公司治理对投资效率的影响，而不仅仅从股权结构层次，需要从多方面加强公司治理，从而才能有效地提高投资效率，并为构建有效的公司治理结构提供了科学的理论依据。针对当前我国资本市场和公司治理结构的实际情况，如何正确地引导企业进行科学合理的投资，最大限度地运用投资的资金，以及规范内部人的投资行为等，这些都是至今在理论和实践两方面都没有做出明确的答案。所以，本文的研究的理论意义：（1）针对我国资本市场不完善的实际情况，分析了农业上市公司投资效率的特征；(2)研究了负债融资对农业上市公司的投资效率的影响；（3）系统分析了公司治理结构对农业上市公司投资效率的影响，从多方面研究了投资效率的影响机制，从而积极推进融资结构、公司治理结构与企业投资的研究。本文的现实意义在于：（1）针对当前资本市场的实际情况，对提升农业上市公司的投资效率，有在一定程度上促进的作用。同时也为农业产业化发展以及相关的政策制定提供了经验证据；（2）优化农业上市公司投资决策的公司治理机制和融资结构，从而能够为提升农业上市公司的价值提供了参考依据。本文可能具有如下的创新：（1）对Richardson（2006）经典的投资效率模型进行了一定修订，检验了我国农业上市公司的投资效率，从而解决了一旦样本数量较少时，如何使用该模型的问题。（2）本文对农业上市公司投资效率的影响因素主要从负债和公司治理两个角度综合考虑，从而较为全面地考察对农业上市公司非效率投资的影响，为实践如何改进非效率投资提供了一定理论支持和经验证据。当然：本文在研究农业上市非效率投资时，未来还需要进一步研究的地方：（1）未对过度投资和投资不足分别检验，由于本文的样本较少，导致分别研究后不满足计量经济学回归分析方法，为此，可以采用多年的数据来弥补这一缺陷。（2）本文仅仅考虑了负债和公司治理两方面的影响因素，如涉及到产权性质、经理人等外部市场的相关情况等未考虑。
[Abstract]:The objective of any enterprise's financial management is to maximize the value of the enterprise. Its way is largely determined by the investment behavior of the enterprise. The efficiency of the investment is directly related to the maximization of the value of the enterprise. This is one of the important reasons for the investment efficiency of the listed companies to become the concern of the scholars. With the continuous development of this market, there are many inefficient investment behaviors of listed companies, such as blind investment, unused funds, funds being occupied by controlling shareholders and changing the direction of investment. They have greatly influenced the enterprise's production and operation ability and the vital interests of the stakeholders.
As a special kind of company, the agricultural listed company bears the responsibility of the national economic development. Its basic role is self-evident. The degree of agricultural development determines the level of our modernization in a sense. It is particularly important to speed up the development of agriculture, which is inseparable from the construction and improvement of the agricultural industrialization organization. Listed companies with the characteristics of modern enterprise system. Agricultural listed companies connect agricultural production and capital market, which will help promote agricultural industrialization, improve agricultural science and technology and promote the development of agricultural productivity in China. In view of this, China is actively creating a policy conducive to the development of agricultural listed companies. Under this background, agricultural listed companies The investment behavior has aroused the attention of the scholars.
Therefore, this paper makes a preliminary analysis on the general situation of China's agricultural listed companies, then analyzes the efficiency investment model deeply, and studies the two factors which have important impact on it - debt and corporate governance.
(1) the basic situation of the listed agricultural companies is analyzed. On this basis, the investment efficiency of the listed agricultural companies is empirically analyzed, and the agricultural listed companies in the period from 2008 to 2010 are selected as the research samples to analyze the investment efficiency of the listed companies in our country. Degree investment and further analysis of the causes.
(2) from the theory of principal-agent and the theory of information asymmetry, the influence of debt on the efficiency of investment is analyzed. The existence of liabilities is easy to cause the conflict between the shareholders and the creditor, which causes the lack of investment and the substitution behavior of the assets; on the other hand, it will be the conflict between the shareholders and managers, and the big shareholders and the small and medium shareholders. The inefficiency investment behavior caused by the conflict between them has a certain effect on the camera governance. In addition, the effects of different maturities and different types of liabilities on the investment behavior are different. The empirical test of the effect of debt financing on investment efficiency shows that debt financing helps to improve the investment efficiency and proves the debt. With stronger governance, further research has found that current liabilities are more effective than long-term liabilities, and bank loans are more significant than commercial credit.
(3) the empirical method is used to study the relationship between corporate governance and investment efficiency of a listed agricultural company. The results show that the ownership structure, the board of directors and the external governance environment have a certain impact on the investment efficiency. The proportion of the first large shareholders has a significant impact on the inefficiency investment behavior, with the increase of the proportion of the first large shareholders. It can improve the investment efficiency of listed companies and find that when the share ratio increases to a certain extent, the investment efficiency will be suppressed. The balance of equity plays a positive role in improving the efficiency of investment. The board of directors also has a positive role in improving the efficiency of investment. The two rights division, independent directors can help the listed companies to increase investment. The scale of the board of directors does not have an inverted U relationship with the efficiency of the investment. From the external environment of the corporate governance, the improvement of the market index, the reduction of government intervention and the improvement of the rule of law have an obvious promoting effect on the promotion of the efficiency of the listed companies. The concentration of equity is helpful to the promotion of listed companies. The investment efficiency has not reached the inflection point of the efficiency loss, and the equity balance mechanism can effectively restrain the behavior of the large shareholders. As for the board governance, improving the strategic decision-making ability of the board of directors and strengthening the independence of the independent directors will help to improve the investment efficiency of the enterprises; the separation of the two posts can make the chairman and the general manager a reasonable division of labor. Reducing and avoiding the government's bad intervention can help to improve the investment efficiency of the listed companies, improve the external environment of the corporate governance and promote the investment efficiency of the enterprises. Therefore, it is urgent to establish and improve a relatively fair and transparent and free competition external environment, in order to create a good one. The atmosphere is more conducive to improving the investment efficiency of enterprises and realizing the sustainable development of enterprises.
As far as its theoretical significance is concerned, the agricultural listed companies must improve their investment efficiency if they want to realize modernization. Only in this way can we improve the efficiency of investment. First, the agricultural listed companies should optimize the financing structure, because this provides a source of funds for the investment and exerts the rationality and governance of this source of funds. Secondly, we should optimize the governance structure of the listed companies, and deeply study the impact of corporate governance on investment efficiency, not only from the level of ownership structure, which need to strengthen corporate governance from many aspects, so as to effectively improve the investment efficiency and provide scientific theoretical basis for the construction of an effective corporate governance structure. The actual situation of the market and the corporate governance structure, how to correctly guide the enterprise to carry out scientific and rational investment, maximize the use of investment funds, and standardize the insider's investment behavior, all these are two aspects of the theory and practice have not made a clear answer. Therefore, the theoretical significance of this study: (1) In view of the actual situation of imperfect capital market in China, the characteristics of investment efficiency of agricultural listed companies are analyzed. (2) the influence of debt financing on the investment efficiency of agricultural listed companies is studied. (3) the influence of corporate governance structure on the investment efficiency of agricultural listed companies is systematically analyzed, and the influence mechanism of investment efficiency is studied from many aspects. In order to actively promote the research of financing structure, corporate governance structure and enterprise investment.
The practical significance of this paper is: (1) in view of the actual situation of the current capital market, it has the role of promoting the investment efficiency of the agricultural listed companies to a certain extent. At the same time, it also provides empirical evidence for the development of agricultural industrialization and related policy formulation; (2) the corporate governance mechanism of optimizing the investment decision of the agricultural listed companies. And financing structure, so as to provide reference for improving the value of agricultural listed companies.
This article may have the following innovations: (1) a certain revision of the Richardson (2006) classic investment efficiency model has been made to test the investment efficiency of the listed agricultural companies in China, thus solving the problem of how to use the model once the sample size is small. (2) the main factors affecting the investment efficiency of the agricultural listed companies are mainly negative. The two angles of debt and corporate governance are taken into consideration to comprehensively examine the impact on the inefficiency investment of the listed agricultural companies and provide some theoretical support and empirical evidence for the practice of improving the inefficiency investment.
Of course: in the future, we need further research in the study of inefficient investment in agriculture.
(1) there is no separate inspection of overinvestment and insufficient investment. Because the sample of this paper is less, the regression analysis method of econometrics is not satisfied after the study. For this reason, many years of data can be used to make up for this defect.
(2) this paper only considers the two factors of liabilities and corporate governance, such as the nature of property rights and the external market of managers.

【学位授予单位】：中国海洋大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F324;F832.51;F224

【参考文献】