新能源行业的上市公司自由现金流量与过度投资的实证研究
发布时间：2018-08-07 14:14
【摘要】：“十二五”期间,我国将新能源产业列入国家重点支持的领域之一,从国家到地方政府都相应出台了大量的优惠政策以鼓励支持发展新能源产业,使得新能源产业经过几年发展,不管是政策环境,还是市场、技术环境和公司内部环境,都发生了重大的变化,为新能源企业带来前所未有的发展机遇,使其有充足的资源如自由现金流和政策扶持等进行扩大规模的发展,但近期政府出台的一系列政策显示出新能源行业的“跟风”现象,由于资源的大量浪费导致了配置不优化、非效率投资等问题。因此将闲置资本如何进行再投资以获得高额收益成为企业扩大竞争力的关键。但是由于在具有操作过程中,公司管理层可能由于个人能力不足对市场方向把握不到位或是为了获取个人利益,往往会做出不符合公司利益的投资决策,甚至将资金投放在净现值为负的项目上,有损公司利益相关者的利益,因此如何正确有效地引导企业管理层的投资决策便成为了国内外学者关注和研究的焦点。 本文选取沪深两市103家新能源行业上市公司2008-2010年共309个样本为研究对象,以自由现金流现金流量假说和过度投资假说理论为基础,在学习和总结国内外相关研究成果的基础上,结合我国新能源行业上市公司的实际情况,通过理论与实证的方法的结合,探究我国新能源行业上市公司是否存在过度投资行为,以及自由现金流量与过度投资行为的关系,并从公司内部机构投资者持股比例、独立董事比例、高管持股比例以及现金股利的发放等角度分析其过度投资行为的影响因素,为减少和避免过度投资行为提供理论依据。 詹森的自由现金流量假说理论,为公司过度投资行为提供了理论基础；其次运用委托代理理论、管理机会主义理论和公司控制权理论以及外部机会主义对过度投资行为的动因进行理论分析；然后借鉴国内外学者的研究成果,在对自由现金流量更准确的度量和分析的基础上,构建过度投资水平模型,确定上市公司过度投资水平,并对其进行原因的实证分析,最后从公司治理因素：机构投资者持股比例、独立董事比例、高管持股比例以及现金股利的发放等四个方面,建立对公司过度投资行为影响的关系模型,并用回归检验的方法分析过度投资行为及其与四个控制变量因素的相关关系,并根据实证分析结果提出相关的建议。本文共分为以下五个章： 第一章,绪论。详细的介绍了本文的研究背景和实践与理论意义,并对国内外的研究现状进行了梳理,从而引出了本文的框架结构域研究方法,最后提出了本文的创新点和不足之处。 第二章,自由现金流量和过度投资理论概述。通过对自由现金流量和过度投资进行概述,对其产生的动因进行分析,奠定了本文的理论基础。 第三章,新能源行业的过度投资现状及成因分析。通过对我国新能源行业的上市公司过度投资的现状分析,分析其产生过度投资的成因。 第四章,新能源行业的过度投资与自由现金流量之间关系的实证分析。通过对研究假设和研究变量的设计,对我国新能源行业上市公司自由现金流量对过度投资进行描述性统计和回归检验方法,得出实证结果并进行分析。 第五章,研究结论和政策建议。通过对实证检验结果的分析,提出相应的政策建议,以期对我国新能源行业上市公司基于自由现金流量产生的过度投资行为产生帮助。 本文通过实证分析结果,验证了所提假设,证实了我国新能源行业上市公司存在自由现金流量,并与过度投资成正相关关系,且与公司治理因素独立董事比例、机构投资者持股比例、高管持股比例以及现金股利发放程度存在相应的关系。
[Abstract]:During the "12th Five-Year", China included the new energy industry as one of the key support areas of the state. From the state to the local government, a large number of preferential policies were issued to encourage the development of new energy industries. The new energy industry has been developed for several years, whether it is the policy environment, the market, the technical environment and the internal environment of the company. Great changes have taken place to bring unprecedented opportunities for the development of new energy enterprises and make them have sufficient resources, such as free cash flow and policy support, to expand the scale of development. However, a series of policies issued by the government in the near future show the "follow the wind" phenomenon in the new energy industry, which has led to a poor allocation of resources. Therefore, the key to the expansion of competitiveness is how to reinvest the idle capital in order to obtain high income. However, because in the process of operation, the company management may not be able to grasp the market direction or gain personal interests due to the lack of personal ability, and often do not comply with the public. Investment decisions of the interests of the company even put funds on projects with negative net present value, which undermines the interests of the stakeholders of the company. So how to effectively and effectively guide the investment decision of the enterprise management level has become the focus of attention and research by scholars at home and abroad.
On the basis of free cash flow cash flow hypothesis and overinvestment hypothesis theory, based on the free cash flow cash flow hypothesis and the theory of overinvestment hypothesis, this paper selects 309 samples of Listed Companies in Shanghai and Shenzhen two new energy industries. Based on the study and summary of relevant research results at home and abroad, the theory is combined with the actual situation of the listed companies in the new energy source industry in China and through the theory. With the combination of empirical methods, this paper explores the excessive investment behavior of Listed Companies in the new energy industry, and the relationship between free cash flow and excessive investment behavior, and analyzes its overinvestment behavior from the perspective of the proportion of institutional investors, the proportion of independent directors, the proportion of executive stock and the issuance of cash dividends. The influencing factors provide theoretical basis for reducing and avoiding over investment behavior.
Jansen's theory of free cash flow hypothesis provides a theoretical basis for the overinvestment behavior of the company. Secondly, it uses the principal-agent theory to manage the theory of opportunism and the theory of corporate control and the motivation of external opportunism on overinvestment behavior. On the basis of more accurate measurement and analysis of cash flow, the overinvestment level model is constructed to determine the level of overinvestment in listed companies, and the empirical analysis of the reasons is made. Finally, the four aspects of the corporate governance factors: the proportion of institutional investors, the proportion of independent directors, the proportion of executive stock and the issuance of cash dividends, and so on. The relationship model of the overinvestment behavior of the company is established, and the regression test method is used to analyze the relationship between over investment behavior and the four factors of control variables, and the relevant suggestions are put forward according to the results of the empirical analysis. This paper is divided into the following five chapters:
The first chapter, introduction, introduces the research background and practical and theoretical significance of this paper, and combs the research status at home and abroad, thus leads to the framework domain research method in this paper, and finally puts forward the innovation points and shortcomings of this paper.
The second chapter is an overview of free cash flow and overinvestment theory. Through an overview of free cash flow and excessive investment, the reasons for its production are analyzed, and the theoretical basis of this paper is laid.
The third chapter, the present situation and cause analysis of the over investment in the new energy industry. Through the analysis of the current situation of the overinvestment in the listed companies in the new energy industry of China, the causes of the excessive investment are analyzed.
The fourth chapter, the empirical analysis of the relationship between the over investment and free cash flow in the new energy industry. Through the design of the research hypothesis and the research variables, the free cash flow of the listed companies in the new energy industry is used to make a descriptive statistics and regression test on the overinvestment of the free cash flow of the listed companies in the new energy industry.
The fifth chapter, research conclusions and policy recommendations, through the analysis of the results of empirical test, put forward the corresponding policy recommendations, in order to help China's new energy industry listed companies based on free cash flow of excessive investment behavior.
Through the empirical analysis, the proposed hypothesis proves that the free cash flow of the listed companies in the new energy industry has a positive correlation with the over investment, and has the corresponding relationship with the proportion of independent directors of corporate governance, the proportion of institutional investors, the ratio of executive stock ownership and the degree of cash dividends.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51
本文编号：2170284
[Abstract]:During the "12th Five-Year", China included the new energy industry as one of the key support areas of the state. From the state to the local government, a large number of preferential policies were issued to encourage the development of new energy industries. The new energy industry has been developed for several years, whether it is the policy environment, the market, the technical environment and the internal environment of the company. Great changes have taken place to bring unprecedented opportunities for the development of new energy enterprises and make them have sufficient resources, such as free cash flow and policy support, to expand the scale of development. However, a series of policies issued by the government in the near future show the "follow the wind" phenomenon in the new energy industry, which has led to a poor allocation of resources. Therefore, the key to the expansion of competitiveness is how to reinvest the idle capital in order to obtain high income. However, because in the process of operation, the company management may not be able to grasp the market direction or gain personal interests due to the lack of personal ability, and often do not comply with the public. Investment decisions of the interests of the company even put funds on projects with negative net present value, which undermines the interests of the stakeholders of the company. So how to effectively and effectively guide the investment decision of the enterprise management level has become the focus of attention and research by scholars at home and abroad.
On the basis of free cash flow cash flow hypothesis and overinvestment hypothesis theory, based on the free cash flow cash flow hypothesis and the theory of overinvestment hypothesis, this paper selects 309 samples of Listed Companies in Shanghai and Shenzhen two new energy industries. Based on the study and summary of relevant research results at home and abroad, the theory is combined with the actual situation of the listed companies in the new energy source industry in China and through the theory. With the combination of empirical methods, this paper explores the excessive investment behavior of Listed Companies in the new energy industry, and the relationship between free cash flow and excessive investment behavior, and analyzes its overinvestment behavior from the perspective of the proportion of institutional investors, the proportion of independent directors, the proportion of executive stock and the issuance of cash dividends. The influencing factors provide theoretical basis for reducing and avoiding over investment behavior.
Jansen's theory of free cash flow hypothesis provides a theoretical basis for the overinvestment behavior of the company. Secondly, it uses the principal-agent theory to manage the theory of opportunism and the theory of corporate control and the motivation of external opportunism on overinvestment behavior. On the basis of more accurate measurement and analysis of cash flow, the overinvestment level model is constructed to determine the level of overinvestment in listed companies, and the empirical analysis of the reasons is made. Finally, the four aspects of the corporate governance factors: the proportion of institutional investors, the proportion of independent directors, the proportion of executive stock and the issuance of cash dividends, and so on. The relationship model of the overinvestment behavior of the company is established, and the regression test method is used to analyze the relationship between over investment behavior and the four factors of control variables, and the relevant suggestions are put forward according to the results of the empirical analysis. This paper is divided into the following five chapters:
The first chapter, introduction, introduces the research background and practical and theoretical significance of this paper, and combs the research status at home and abroad, thus leads to the framework domain research method in this paper, and finally puts forward the innovation points and shortcomings of this paper.
The second chapter is an overview of free cash flow and overinvestment theory. Through an overview of free cash flow and excessive investment, the reasons for its production are analyzed, and the theoretical basis of this paper is laid.
The third chapter, the present situation and cause analysis of the over investment in the new energy industry. Through the analysis of the current situation of the overinvestment in the listed companies in the new energy industry of China, the causes of the excessive investment are analyzed.
The fourth chapter, the empirical analysis of the relationship between the over investment and free cash flow in the new energy industry. Through the design of the research hypothesis and the research variables, the free cash flow of the listed companies in the new energy industry is used to make a descriptive statistics and regression test on the overinvestment of the free cash flow of the listed companies in the new energy industry.
The fifth chapter, research conclusions and policy recommendations, through the analysis of the results of empirical test, put forward the corresponding policy recommendations, in order to help China's new energy industry listed companies based on free cash flow of excessive investment behavior.
Through the empirical analysis, the proposed hypothesis proves that the free cash flow of the listed companies in the new energy industry has a positive correlation with the over investment, and has the corresponding relationship with the proportion of independent directors of corporate governance, the proportion of institutional investors, the ratio of executive stock ownership and the degree of cash dividends.
【学位授予单位】：安徽大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F275;F832.51
【参考文献】
相关期刊论文 前10条
1 连玉君;程建;;投资—现金流敏感性:融资约束还是代理成本?[J];财经研究;2007年02期
2 油晓峰;;我国上市公司负债融资与过度投资治理[J];财贸经济;2006年10期
3 李维安;姜涛;;公司治理与企业过度投资行为研究——来自中国上市公司的证据[J];财贸经济;2007年12期
4 陆正飞;韩霞;常琦;;公司长期负债与投资行为关系研究——基于中国上市公司的实证分析[J];管理世界;2006年01期
5 马如静;唐雪松;贺明明;;我国企业过度投资问题研究——来自证券市场的证据[J];经济问题探索;2007年06期
6 张功富;;企业的自由现金流量全部用于过度投资了吗——来自中国上市公司的经验证据[J];经济与管理研究;2007年06期
7 童盼,陆正飞;负债融资、负债来源与企业投资行为——来自中国上市公司的经验证据[J];经济研究;2005年05期
8 潘敏,金岩;信息不对称、股权制度安排与上市企业过度投资[J];金融研究;2003年01期
9 于东智,王化成;独立董事与公司治理:理论、经验与实践[J];会计研究;2003年08期
10 谢军;;股利政策、第一大股东和公司成长性:自由现金流理论还是掏空理论[J];会计研究;2006年04期
相关硕士学位论文 前5条
1 胡滨;我国上市公司治理结构和盈余管理关系的实证研究[D];山东大学;2007年
2 韩婷;我国制造业上市公司过度投资与公司治理机制的研究[D];浙江大学;2009年
3 陶然;基于自由现金流量假说的上市公司过度投资行为研究[D];山东大学;2009年
4 李光义;基于自由现金流的上市公司过度投资行为研究[D];重庆大学;2010年
5 金玉娜;基于自由现金流量的上市公司过度投资问题研究[D];东北大学;2008年
，本文编号：2170284
本文链接：https://www.wllwen.com/guanlilunwen/zhqtouz/2170284.html
最近更新
教材专著
