中国上市公司过度投资行为的负债治理效应研究

发布时间：2018-06-22 23:04

本文选题：过度投资 + 自由现金流　；参考：《辽宁大学》2012年硕士论文

【摘要】：2008年金融危机以来,由于国家的“4万亿”计划基本上大部分都用来投入在大型基础建设上,如钢铁、煤炭、道路等行业,许多都是重复投资和重复建设,这就致使了产能过剩,利润低下,资本回报率不高,所以投资问题也使我国的经济发展陷入了一个艰难的境地。当前伴随着中国投资环境变化,上市公司业务的复杂多重性和财务决策的重要性再加上股东与公司高管之间的矛盾冲突,使公司的投资行为也可能开始离企业价值最大化的目标渐行渐远,投资过热现象不仅对公司的长远发展是一个巨大的损害,还影响了整个中国的经济的发展线路和社会的发展。从一些西方学者研究过度投资的文献中可以看出,对于约束企业过度投资的方法主要有：改善上市公司的治理制度、较多的发放股利而不留存太多还有就是通过负债或者说短期负债的方式来筹集资金。因为中国的股市是通过改制,有许多上市公司都是从以前的国有企业改革而来,股利也不是随便发放的,这些制约因素致使股权支付并不多,而上市公司的复杂性也使公司治理比较困难不太好掌握而难以达成具体的成效。因此,本文主要选择负债这一因素来进一步研究。首先通过阅读大量的文献资料等把握住研究的方向和有一个总体的思路,也是一个学习和借鉴。接下来在理论部分主要是介绍了如何来衡量过度投资的程度和负债的相机治理机制等,为下一部‘分的实证分析打下基础。在实证部分主要是对我国上市公司的投资过热现象是否存在及产生这种现象的原因进行分析验证,然后在当今中国的上市资本环境下的举借负债是否对过度投资有约束作用做了实证检验与分析,因为在不同的行业中再加上每个公司的债务期限结构也不同,所以在这些不同的约束条件下负债的治理就会有不同的表现和结果,这样在分析时分别考虑了影响企业过度投资问题的因素,如自由现金流的多少还有负债的期限比例的大小等。最后又结合造成投资过热现象的原因从不同的角度又提出了比较有针对性的建议。
[Abstract]:Since the 2008 financial crisis, most of the country's "4 trillion" plans have been spent on large-scale infrastructure, such as steel, coal, roads, and so on. This leads to overcapacity, low profits and low return on capital, so the investment problem also makes the economic development of our country into a difficult situation. At present, with the change of investment environment in China, the complexity and multiplicity of the business of listed companies and the importance of financial decisions, in addition to the contradictions between shareholders and company executives, The investment behavior of the company may also begin to run away from the goal of maximizing the value of the enterprise. The overheating of investment is not only a great harm to the long-term development of the company, but also affects the economic development line and the social development of the whole China. As can be seen from the literature on overinvestment by some western scholars, the main ways to restrain overinvestment of enterprises are: to improve the governance system of listed companies, More dividends are paid without too much left and funds are raised through liabilities or short-term liabilities. Because China's stock market is through restructuring, many listed companies have come from the previous reform of state-owned enterprises, and dividends are not issued casually. These constraints result in a small amount of equity payments. The complexity of listed companies also makes corporate governance difficult to grasp and achieve concrete results. Therefore, this article mainly chooses the debt this one factor to further study. First of all, by reading a large amount of literature and other materials to grasp the direction of the study and have a general idea, but also a learning and reference. Then in the theoretical part it mainly introduces how to measure the degree of overinvestment and the camera governance mechanism of debt so as to lay the foundation for the next part of the empirical analysis. In the empirical part, it mainly analyzes whether the overheated investment of listed companies in our country exists and the reasons for this phenomenon. Then, in the current Chinese listed capital environment, whether the borrowing liabilities have a constraint on overinvestment is empirically tested and analyzed, because the debt maturity structure of each company is different in different industries. Therefore, under these different constraint conditions, the governance of liabilities will have different performance and results. In this way, the factors that affect the overinvestment of enterprises are taken into account in the analysis. Such as the amount of free cash flow and the size of the maturity ratio of the debt, and so on. Finally, combined with the causes of overheating of investment, some suggestions are put forward from different angles.
【学位授予单位】：辽宁大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

【参考文献】