非国有控股上市公司负债融资对投资行为影响的实证研究

发布时间：2018-07-13 19:55

【摘要】：融资与投资是现代企业资金运动的两个主要方面，是企业的两项基本财务活动。财务管理就是讨论投资、融资与公司治理绩效之间关系的一门学科，而负债融资对投资行为的影响直接关系到公司治理绩效的优劣。国内学者早已研究过我国企业的投资行为大都存在过度投资的非效率投资行为，而对于非国有控股上市公司的研究尚未涉足。本文从负债融资的视角研究我国非国有控股上市公司是否存在投资不足的非效率投资行为，进而研究非国有控股上市公司中，负债融资及负债期限结构和负债来源结构的不同是否会对非效率投资行为产生影响。本文前三章为理论分析，介绍了研究意义，对相关理论及文献进行了梳理。第四章与第五章运用实证研究方法，在已有研究的基础上，结合我国资本市场现状以及非国有控股上市公司市场环境等因素，选取沪深A股非金融、保险行业非国有控股上市公司为研究样本，通过建立多元回归模型实证分析负债融资对企业投资行为的影响机制。第六章通过研究结论提出政策建议。本文在理论方面采用了文献法，对国内外相关文献进行了梳理。在实证方面，，将描述性统计、相关分析和回归分析相结合。本文的数据处理均运用EXCEL和SPSS16.0数据分析软件来完成。本文对我国非国有控股上市公司的非效率投资行为进行了实证检验，进一步检验了负债融资及负债融资期限结构和来源结构对非效率投资行为的影响机制，结果表明：（1）非国有控股上市公司确实存在投资不足的非效率投资行为；（2）资产负债率与投资不足呈负相关关系，即负债融资能缓解投资不足程度；（3）短期负债对非国有控股上市公司投资不足的作用不明显，长期负债缓解非国有控股上市公司投资不足的作用显著；（4）商业信用和银行借款可以缓解非国有控股上市公司的投资不足，而且银行借款相对于商业信用的缓解作用更显著。本文存在以下几个创新点：（1）从研究角度上，本文从负债来源及负债期限角度研究非国有控股上市公司负债融资对投资行为的影响，与之前文献中大多从负债融资与投资规模的关系角度不同。（2）从研究方法上，学者研究负债融资对企业投资行为影响的实证研究大多是以投资支出规模与资产负债率的相关关系来判断企业的非效率投资行为，而且不能以量化的形式来检验负债融资对非效率投资程度的影响。本文通过具体的模型来判断企业的非效率投资行为，并通过预期投资水平模型找出非效率投资的代理变量，对非效率投资进行量化的检验。（3）从研究对象上，现有文献大多是以国有上市公司或全部上市公司为研究样本，本文以非国有控股上市公司为研究对象，并且通过实证发现，非国有控股上市公司的非效率投资行为主要是投资不足，这与现有文献中国有上市公司大多存在过度投资的结论不同。
[Abstract]:Financing and investment are two main aspects of the capital movement of modern enterprises and two basic financial activities of enterprises. Financial management is a discipline that discusses the relationship between investment, financing and corporate governance performance, and the impact of debt financing on investment behavior is directly related to the quality of corporate governance performance. Domestic scholars have already studied the investment behavior of Chinese enterprises, but the research on non-state-owned holding listed companies has not been involved. From the perspective of debt financing, this paper studies whether there is inefficient investment behavior of non-state-owned holding listed companies in China, and then studies the non-state-owned holding listed companies. Whether the difference of debt financing and debt maturity structure and debt source structure will affect the inefficient investment behavior. The first three chapters of this paper are theoretical analysis, introducing the significance of the research, and combing the relevant theories and literature. The fourth and fifth chapters use empirical research methods, on the basis of existing research, combined with the current situation of China's capital market and the market environment of non-state-owned holding listed companies, select Shanghai and Shenzhen A shares non-financial. Non-state-owned holding listed companies in insurance industry as the research sample, through the establishment of multiple regression model empirical analysis of debt financing on the impact of corporate investment behavior mechanism. The sixth chapter puts forward the policy suggestion through the research conclusion. In this paper, the literature method is used in the theoretical aspect, and the related literature at home and abroad is combed. In the empirical aspect, descriptive statistics, correlation analysis and regression analysis are combined. The data processing in this paper is accomplished by excel and SPSS 16.0 data analysis software. This paper makes an empirical test on the non-efficiency investment behavior of non-state-owned holding listed companies, and further examines the influence mechanism of debt financing and debt financing term structure and source structure on the non-efficiency investment behavior. The results show that: (1) the non-state-owned holding listed companies do have inefficient investment behavior, (2) the ratio of assets and liabilities is negatively related to the insufficient investment, that is, debt financing can alleviate the degree of insufficient investment; (3) the effect of short-term debt on the underinvestment of non-state-owned holding listed companies is not obvious, and the long-term debt can alleviate the insufficient investment of non-state-owned holding listed companies. (4) Commercial credit and bank loan can alleviate the underinvestment of non-state-owned holding listed company, and the bank loan is more obvious than commercial credit. This paper has the following innovations: (1) from the perspective of research, this paper studies the impact of debt financing on the investment behavior of non-state-owned holding listed companies from the perspective of debt sources and debt duration. The relationship between debt financing and investment scale is different from the previous literature. (2) from the perspective of research methods, Most of the empirical studies on the influence of debt financing on enterprises' investment behavior are based on the correlation between the scale of investment expenditure and the ratio of assets and liabilities to judge the inefficient investment behavior of enterprises. Moreover, the influence of debt financing on the degree of non-efficient investment can not be tested in the form of quantification. In this paper, the inefficiency investment behavior of enterprises is judged by the specific model, and the agent variable of the inefficient investment is found out by the expected investment level model. (3) from the research object, the paper makes a quantitative test on the inefficient investment. Most of the existing literature is based on the state-owned listed companies or all listed companies as a research sample, this paper takes non-state-owned holding listed companies as the research object, and through empirical findings, The main inefficient investment behavior of non-state-owned holding listed companies is insufficient investment, which is different from the conclusion that most of the listed companies in China have overinvestment.
【学位授予单位】：山东财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F224;F832.51

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