终极控制权对资本投向影响的实证研究

发布时间：2018-03-08 01:20

本文选题：终极控制人　切入点：终极控制权　出处：《哈尔滨工业大学》2013年硕士论文　论文类型：学位论文

【摘要】：我国的上市公司中普遍存在着终极控制人，终极控制人的控制权与现金流权的分离将导致终极控制人对中小股东的利益侵占，从而获取控制权私有收益。终极控制人获取控制权私有收益的行为深刻影响着公司的财务决策行为，资本投向作为重要的财务决策必然会受到影响。因此研究终极控制权对资本投向的影响对于认识终极控制人获取控制权私有收益的方式以及终极控制权下公司的资本投资行为具有重要意义。本文基于终极控制权，以资本投向为对象研究终极控制权对企业资本投资行为的影响。本文首先对终极控制权及资本投向进行了相关理论分析，界定了相关概念，明确了终极控制权的特征和资本投向的主要分类及特点，分析了终极控制权对资本投向的影响，为实证分析打下了理论基础。然后本文以2011年我国沪深两市1319家A股非金融类上市公司为样本，，终极控制权性质、终极控制人现金流权和终极控制权关系复杂度为解释变量，各资本投向的当年净增额为被解释变量，研究终极控制权与各资本投向的关系。研究表明：终极控制权性质对固定资产投资、无形资产投资和研发投资均产生显著影响，对长期股权投资没有显著影响；终极控制人现金流权与固定资产投资水平正相关，与研发投资水平负相关，对无形资产投资和长期股权投资无显著影响；终极控制权关系复杂度与固定资产投资水平、无形资产投资水平和长期股权投资水平均正相关，对研发投资无显著影响。并在此研究结论的基础上，提出了相关政策建议。
[Abstract]:The ultimate controller exists in the listed companies in our country. The separation of the control right and the cash flow right of the ultimate controller will lead to the encroachment of the interests of the ultimate controller on the minority shareholders. The behavior of the ultimate controller to obtain the private income of control deeply affects the financial decision-making behavior of the company. As an important financial decision, capital investment is bound to be affected. Therefore, the study of the impact of ultimate control on capital investment will be helpful to the understanding of the way in which the ultimate controller obtains the private benefits of control and the company under ultimate control. The behavior of capital investment is of great significance. Based on the ultimate control right, this paper studies the influence of the ultimate control right on the capital investment behavior of the enterprise by taking the capital investment as the object. Firstly, this paper makes a theoretical analysis of the ultimate control right and the capital investment, and defines the relevant concepts. The characteristics of the ultimate control right and the main classification and characteristics of the capital investment are clarified, and the influence of the ultimate control right on the capital investment is analyzed. Then this paper takes 1319 A-share non-financial listed companies in Shanghai and Shenzhen stock markets in 2011 as the sample, the nature of ultimate control, the complexity of the relationship between ultimate controlling person cash flow and ultimate control as explanatory variables. The net increase of each capital investment is explained variable. The relationship between ultimate control right and each capital investment is studied. The results show that the nature of ultimate control right has significant influence on fixed assets investment, intangible assets investment and R & D investment. There is no significant effect on long-term equity investment, the ultimate controlling person's cash flow right is positively related to fixed assets investment level, negatively related to R & D investment level, and has no significant influence on intangible assets investment and long-term equity investment. The complexity of ultimate control relationship is positively correlated with the investment level of fixed assets, intangible assets and long-term equity investment, but has no significant influence on R & D investment.
【学位授予单位】：哈尔滨工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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