我国汽车产业公司治理与追随性投资行为的相关性研究

发布时间：2018-04-30 17:11

本文选题：汽车产业 + 上市公司　；参考：《哈尔滨理工大学》2012年硕士论文

【摘要】：追随性投资行为是一种行为决策人跟风投资的行为，投资的风险性、投资信息的不对称性以及投资行为决策人能力的有限性等使得追随投资行为具有相对的盲目性，极易产生非效率投资。在公司经营中对投资行为的决策最具有影响力的是董事会和经理层，其投资策略的偏好、获取信息的能力以及应对风险的态度直接影响投资决策的形成。良好的公司治理能够有效地监督董事会和经理层的投资行为，促使其在做出投资决策时以股东利益最大化为重。在我国经济发展进程中，，汽车产业已经成为具有较高技术含量和较好发展势头的产业，并成为十二五期间我国经济的增长点和支柱产业。然而，在世界汽车产业低迷以及我国成为产销大国的形势下，我国汽车产业的国际竞争力仍然较弱，其主要原因在于追随性投资行为过盛，投资回报较低。良好的公司治理能够促使董事会与经理层规范投资行为，是公司做出正确投资决策的重要保证。我国汽车产业如何适应瞬息万变的市场，完善公司治理结构，规避投资风险，抑制追随性投资行为，成为摆在我们面前的重要课题。本文在对国内外相关理论研究进行整理和归纳的基础上，首先阐述公司治理研究的重要性，并概括我国汽车产业公司治理现状与主要问题，从股权结构和债权结构两个方面研究公司治理与追随性投资行为的相关关系，并提出了研究假设。选取正式公布2011年第三季度财务报表的沪深两市162家汽车类上市公司为研究对象，运用描述性统计法和相关性原理分析我国汽车产业公司治理与追随性投资行为之间的关系。最后针对研究分析结果，提出完善公司治理避免追随性投资行为的对策建议。本文深入研究我国汽车产业公司治理与追随性投资行为的相关性，为汽车产业避免追随性投资行为提供理论支持，有利于我国汽车产业在激烈的全球化竞争中提升投资决策能力。
[Abstract]:The following investment behavior is a kind of behavior that the decision makers follow the trend of investment. The risk of investment, the asymmetry of investment information and the limited ability of decision makers make the following investment behavior relatively blind. It is easy to produce inefficient investment. It is the board of directors and managers who have the most influence on the decision of investment behavior in the operation of the company. The preference of investment strategy, the ability to obtain information and the attitude to deal with risks directly affect the formation of investment decision. Good corporate governance can effectively supervise the investment behavior of the board of directors and managers, and make them pay more attention to the maximization of shareholders' interests when making investment decisions. In the process of China's economic development, the automobile industry has become the industry with higher technology content and better development momentum, and has become the growth point and pillar industry of our economy during the 12th Five-Year Plan period. However, the international competitiveness of China's automobile industry is still weak under the situation that the world automobile industry is in the doldrums and our country has become a big producer and marketer. The main reason is that the following investment behavior is too strong and the investment return is low. Good corporate governance can promote the board of directors and managers to regulate investment behavior, is an important guarantee for the company to make the right investment decision. How to adapt to the ever-changing market, perfect the corporate governance structure, avoid the investment risk and restrain the following investment behavior have become an important subject in front of us. On the basis of the theoretical research at home and abroad, this paper first expounds the importance of the research on corporate governance, and summarizes the current situation and main problems of corporate governance in China's automotive industry. This paper studies the relationship between corporate governance and following investment behavior from two aspects: equity structure and creditor's right structure, and puts forward the research hypotheses. In this paper, 162 auto listed companies in Shanghai and Shenzhen stock markets, which officially published the financial statements in the third quarter of 2011, are selected as research objects. The relationship between corporate governance and following investment behavior in China's auto industry is analyzed by descriptive statistical method and correlation principle. Finally, according to the research and analysis results, the author puts forward some countermeasures to improve corporate governance and avoid following investment behavior. In this paper, the relationship between the corporate governance and the following investment behavior in China's automobile industry is studied in order to provide theoretical support for the automobile industry to avoid the following investment behavior. It is advantageous for China's automobile industry to improve its investment decision making ability in the fierce global competition.
【学位授予单位】：哈尔滨理工大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F426.471;F832.51;F224

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