国有控股上市公司过度投资行为的影响因素实证研究

发布时间：2018-07-14 12:39

【摘要】：现而今，经济成长速度超快，这最主要作用是投资行为，该行推动的结果。企业在资源和销售需求都不受限制时，若企业的投资支出超过了一定的“度”，那么市场经济就会产生“过热”问题，这就会表现为过度投资。过度投资行为，会使得超额的生产能力和盈利能力下降，且这些都会出现在企业的非主营业务里。这会造成一个资源分配不合理的财务风险，也会导致该公式的经济增长能力下降，当然，人力资源问题也会出现。国有控股上市公司作为一个特殊的公司，其投资行为是否和非国有控股一样，其影响因素都有哪些，且是否和非国有控股的影响因素一样，这都是很有研究意义的。本文借着国外学者最新投资行为的探讨结论，参考一些国内投资的相关理论，将目标锁定在引起投资过度行为的因素，，角度去考虑和提出相关假设，然后运用SPSS17.0和EXCEL2003统计软件，选取了国有控股上市公司2008-2010三年的财务报告相关数据，建立回归模型，利用描述性统计、主成份分析和回归分析检验得出了如下结论：（1）自由现金流和过度投资，二者是同方向变动。即前者量多，后者发生就越频繁。（2）在本文的样本研究中得出，债务融资对投资行为的抑制作用，不分国有控股或是非国有控股，作用一样。（3）股权集中和过度投资，一样是同方向变动，即前者的度越高，后者产生的次数也就越多，且不易控制。（4）该篇增加参考了额外的两个因素，即产品市场竞争和政府干预。且对于第一个因素而言，它与被解释变量同方向变动；再看后者，它与被解释变量就没有关系，即它的变动不会造成任何行为的发生。
[Abstract]:Now, the economy is growing very fast, the main role of which is investment behavior, the result of the bank's push. When the resources and sales demand are not restricted, if the investment expenditure exceeds a certain degree, then the market economy will have the problem of "overheating", which will be shown as overinvestment. Excessive investment will reduce the excess production capacity and profitability, and these will appear in the non-main business of the enterprise. This creates a financial risk of an unreasonable allocation of resources, and also leads to a decline in the economic growth capacity of the formula, as well as a human resource problem. As a special company, whether the investment behavior of the state-owned holding listed company is the same as that of the non-state-owned holding company, what are the influencing factors, and whether it is the same as the non-state-owned holding company, this is of great significance. Based on the conclusion of the latest investment behavior of foreign scholars, and referring to some relevant theories of domestic investment, this paper focuses on the factors leading to excessive investment behavior, and puts forward the relevant assumptions from the perspective of SPSS 17.0 and excel 2003 statistical software. This paper selects the relevant data of the financial reports of the state-owned holding listed companies for three years from 2008 to 2010, establishes a regression model, and draws the following conclusions by using descriptive statistics, principal component analysis and regression analysis: (1) Free cash flow and overinvestment; The two are changing in the same direction. That is, the former quantity is more, the latter happens more frequently. (2) in the sample study of this paper, the effect of debt financing on investment behavior is the same, regardless of state-owned holding or non-state-owned holding. (3) Equity concentration and overinvestment. The same change is in the same direction, that is, the higher the degree of the former, the more the frequency of the latter will be, and it is difficult to control. (4) the article adds two additional factors, namely, product market competition and government intervention. For the first factor, it changes in the same direction as the explained variable; then, the latter has nothing to do with the explained variable, that is, it does not cause any behavior.
【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】：F276.1;F832.51;F275;F224

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