我国上市公司股权结构与内部现金流投资关系的实证研究

发布时间：2018-02-16 22:10

本文关键词： 内部现金流投资自由现金流融资约束股权结构　出处：《南京财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：在当前后金融危机时代，国家积极推动经济复苏计划，从财务的视角研究有关投资问题具有一定的现实意义。本文通过梳理内部现金流投资的相关理论脉络，，在代理理论和信息不对称理论的基础上，结合我国的制度背景和上市公司的股权特征，从理论上分析了股权结构与内部现金流投资的关系。本文主要用SPSS软件对经过筛选的2007-2010年1213家沪深两市上市公司的面板数据进行了回归分析。经过实证研究发现，上市公司投资行为与现金流具有显著的敏感性，即投资会随着现金流的增减而增减。考虑到我国上市公司股权集中度高，国有股终极所有者缺位，社会公众股股权分散等特征，本文引入反映股权结构的第一大股东性质、股权集中度、股权制衡度三个指标作为现金流的交叉项，分析股权结构对我国上市公司内部现金流投资行为的影响。研究发现，投资-现金流敏感性与社会公众股呈现显著的负相关关系。这说明，当社会公众股比例越大，社会公众股股东就越能通过上市公司控制权市场的斗争，运用市场的机制，对管理层的投资行为进行监督。当第一大股东为国有股时，投资-现金流敏感性与国有股比例呈现显著的正相关关系；第一大股东为社会法人股时，随着社会法人股持股比例的增加，大股东监督管理者行为的动机及能力增强，并且由于大股东利益与企业价值的一致性，大股东更注重企业的长远发展，因此表现为较弱的投资-现金流敏感性。对于股权集中度，本文按照第一大股东持股比例进行了分组，分为股权高度分散，相对控股，股权高度集中三个部分进行对比分析，结果发现，股权集中度与内部现金流投资行为呈现U形的非线性关系。经过对股权制衡度的回归分析，发现股权制衡在一定程度上可以有效降低投资对现金流的敏感性。
[Abstract]:In the current post-financial crisis era, the government actively promotes the economic recovery plan, and it has certain practical significance to study the investment issues from the perspective of finance. On the basis of agency theory and information asymmetry theory, combined with the institutional background of our country and the equity characteristics of listed companies, this paper theoretically analyzes the relationship between equity structure and internal cash flow investment. In this paper, the panel data of 1213 listed companies in Shanghai and Shenzhen from 2007 to 2010 are analyzed by SPSS software. The empirical results show that the investment behavior and cash flow of listed companies are significantly sensitive. That is, the investment will increase or decrease with the increase and decrease of cash flow. Considering the characteristics of high concentration of equity of listed companies in China, absence of ultimate owners of state-owned shares and dispersion of public shares, this paper introduces the nature of the largest shareholder, which reflects the ownership structure. This paper analyzes the influence of equity structure on the internal cash flow investment behavior of listed companies in our country as three indexes of equity concentration and equity checks and balances as cross items of cash flow. It is found that the sensitivity of investment-cash flow is negatively correlated with the social public shares, which indicates that when the proportion of public shares is larger, the shareholders of public shares will be able to struggle through the market control of listed companies. When the first shareholder is state-owned, the sensitivity of investment-cash flow is positively correlated with the proportion of state-owned stock, and the first shareholder is social legal stock. With the increase of the proportion of social legal shares, the motivation and ability of the large shareholders to supervise the managers' behavior is enhanced, and because of the consistency between the interests of the large shareholders and the value of the enterprises, the majority shareholders pay more attention to the long-term development of the enterprises. As a result, the sensitivity of investment-cash flow is weak. For the degree of ownership concentration, this paper divided into three parts according to the first largest shareholder's shareholding ratio: highly dispersed equity, relatively controlling, and high concentration of equity. The results show that there is a nonlinear U-shaped relationship between equity concentration and internal cash flow investment behavior, and through the regression analysis of equity balance degree, it is found that equity balance can effectively reduce the sensitivity of investment to cash flow to a certain extent.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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