创业板公司投资者非理性行为对企业过度融资的影响研究

发布时间：2018-03-29 09:09

本文选题：创业板上市公司　切入点：过度融资　出处：《燕山大学》2012年硕士论文

【摘要】：我国资本市场普遍存在过度股权融资现象，创业板正式启动以来，三高现象严重，随之造成的上市公司过度融资现象受到监管层和学者的关注。造成公司过度股权融资的原因包括多个层面，文章从投资者非理性投资的角度出发，研究上市公司过度融资的原因及危害，对培养理性投资者，完善创业板市场有重要意义。运用理论研究与实证研究相结合的方法，首先，分别从过度股权融资和投资者非理性对企业融资的影响这两方面对国内外相关文献进行了回顾，并在此基础上提出研究契机。其次，对过度融资和非理性行为进行概念界定，从行为财务学角度进行理论分析，提出了人们的认知偏差和情绪使人们在投资时产生非理性行为。同时阐述了创业板的发展历程和创业板成立的意义，对创业板融资现状进行了分析，检验了创业板存在的过度融资现象，进而剖析了引起过度融资的原因及其造成的危害。在上述分析的基础上，以创业板2009和2010上市的153家公司为样本，，以企业过度融资为被解释变量，以一级市场和二级市场投资者的非理性投资指标作为解释变量，以企业发行前的规模、盈利能力、成长能力、行业和时间作为控制变量，构建模型，对创业板上市公司的过度融资和投资者非理性之间的关系进行了实证检验。实证结果表明，投资者的非理性投资行为在一定程度上引起了创业板上市公司的过度融资。针对此结论，本文提出对投资者进行适当性管理，增强投资者的投资风险意识，并为投资者提出具体投资策略。此外，从公司和监管方提出避免过度融资的对策，并提出合理建议来规范创业板的融资行为。
[Abstract]:The phenomenon of excessive equity financing is common in China's capital market. Since the start of the gem, the "three High" phenomenon has been serious. The causes of excessive financing of listed companies include many aspects. This paper starts from the perspective of irrational investment by investors. It is of great significance to study the cause and harm of excessive financing for listed companies to train rational investors and perfect the gem market. First of all, from the perspective of excessive equity financing and the influence of investors' irrationality on corporate financing, this paper reviews the relevant literature at home and abroad. Secondly, the concept of excessive financing and irrational behavior is defined, and the theoretical analysis is carried out from the perspective of behavioral finance. This paper puts forward that people's cognition deviation and emotion make people have irrational behavior when they invest. At the same time, it expounds the development course of the gem and the significance of the establishment of the gem, and analyzes the current financing situation of the gem. This paper examines the phenomenon of excessive financing in gem, and then analyzes the causes of excessive financing and its harm. On the basis of the above analysis, a sample of 153 companies listed on the gem 2009 and 2010 is taken as the sample, the over-financing of enterprises is taken as the explanatory variable, and the irrational investment index of investors in the primary and secondary markets is taken as the explanatory variable. Taking the scale, profitability, growth ability, industry and time as the control variables, the paper constructs a model to test the relationship between excessive financing of gem companies and investors' irrationality. To some extent, irrational investment behavior of investors has caused excessive financing of listed companies in gem. In view of this conclusion, this paper puts forward appropriate management of investors to enhance investors' awareness of investment risk. In addition, the paper puts forward countermeasures to avoid excessive financing from companies and regulators, and puts forward reasonable suggestions to standardize the financing behavior of gem.
【学位授予单位】：燕山大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F276.6;F832.51;F224

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