股权性质、非效率投资与公司绩效

发布时间：2018-02-28 09:12

本文关键词： 股权性质非效率投资融资约束代理成本公司绩效　出处：《复旦大学》2013年硕士论文　论文类型：学位论文

【摘要】：投资决策是企业可持续发展的重要动因和未来现金流稳步增长保证,投资效率的优劣会直接影响企业的长远发展和整体价值。要想研究我国上市公司的非效率投资行为,必须将股权性质纳为考察因素,分析不同股权性质下公司的投资行为。另外,我们研究企业投资行为的最终目的是为了更好地促进企业价值的提高,因此我们有必要对上市公司的投资效率与公司绩效之间的关联性进行探究,并考察在不同股权性质下这种关联是否存在差异。本文以2005—-2011年我国496家上市公司的经验数据(3472个观测值,其中2005、2006年数据用于构建滞后项)为样本,对公司的非效率行为进行相关研究。实证部分主要包括两个模型：模型(1)是以Vogt(1994)和Richardson(2006)模型为基础,参考张功富(2007)使用的研究方法所构建的用于检验企业非效率投资类型的模型。模型(2)建立在模型(1)的基础之上,以模型(1)得出的残差数值作为非效率投资程度的量化数据,与公司绩效指标进行多元线性回归后得到非效率投资程度与公司绩效之间的关联性。本文的主要结论有：在对非效率投资行为进行的研究中,我们发现样本总体表现出了投资不足倾向,企业的资产负债率和内部现金流量是影响企业投资不足行为的显著因素。按股权性质对上市公司进行分组回归后,发现国有企业和民营企业均表现出整体的投资不足倾向,但民营企业的显著性更强,并且民营企业的现金持有行为更容易受宏观经济环境的影响。而从个体上看,国有企业和民营企业中都同时存在投资过度和投资不足的企业,并且在样本期内投资不足的企业数量明显多于投资过度的企业数量。在对投资效率与公司绩效的相关性研究中,我们得出了样本总体的公司绩效与非效率投资程度之间呈负相关关系的结论。按股权性质分类回归后,国有企业和民营企业的非效率投资程度都与公司绩效的负相关,但民营企业的显著性更大。并且从系数的绝对值大小来看,民营企业的公司绩效对非效率投资的敏感度更高,企业的资产负债率是形成该差异的显著因素。
[Abstract]:Investment decision is the important motivation for the sustainable development of enterprises and the guarantee of steady increase of cash flow in the future. The quality of investment efficiency will directly affect the long-term development and overall value of enterprises. We must consider the nature of equity as an investigation factor and analyze the investment behavior of companies under different ownership properties. In addition, the ultimate purpose of our research is to promote the improvement of enterprise value. Therefore, it is necessary to explore the relationship between the investment efficiency and corporate performance of listed companies, and to see if there are differences in this relationship under different equity nature. In this paper, the empirical data of 496 listed companies in China from 2005 to 2011 are taken as samples, of which the data of 2005 and 2006 are used to construct lag terms. The empirical part mainly includes two models: model 1) is based on Vogtl (1994) and Richardson's (2006) model. Referring to the research method used by Zhang Gongfu (2007), the model used to test the types of inefficient investment of enterprises is constructed. Model 2) is based on model 1), and the residual value obtained by model 1) is used as the quantitative data of the degree of inefficient investment. The correlation between the degree of inefficient investment and corporate performance is obtained after multivariate linear regression with corporate performance indicators. The main conclusions of this paper are as follows:. In the study of inefficient investment behavior, we found that the sample showed an overall tendency to underinvest. The asset-liability ratio and internal cash flow of enterprises are the significant factors that influence the underinvestment behavior of enterprises. After regressing the listed companies according to the nature of equity, it is found that both state-owned enterprises and private enterprises have the overall tendency of underinvestment. But the private enterprises are more significant, and the cash holding behavior of the private enterprises is more vulnerable to the influence of the macroeconomic environment. From the individual point of view, both state-owned enterprises and private enterprises have overinvestment and underinvestment enterprises at the same time. Moreover, the number of underinvested enterprises in the sample period is significantly higher than that of overinvested enterprises. In the study of the correlation between investment efficiency and corporate performance, we draw the conclusion that there is a negative correlation between corporate performance and the degree of inefficient investment. The degree of inefficient investment in both state-owned enterprises and private enterprises is negatively correlated with corporate performance, but the private enterprise is more significant, and from the absolute value of the coefficient, private enterprise corporate performance is more sensitive to non-efficiency investment. The ratio of assets to liabilities is a significant factor in the formation of this difference.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275;F276.6

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