中国上市企业投资策略与效率分析

发布时间：2018-09-12 10:01

【摘要】：在公司最重要的财务决策之一就是投资决策,它主要包括资金的融通以及之后的配置效率,对企业的发展和经营有着很重要的作用,一直以来都受到实业界、经济学家和财务学家的关注。投资决策作为公司财务决策的基础直接影响股利决策和融资决策并且作为公司能够稳步发展的动力以及公司未来现金流量能够不断增长的基本推动力,不断影响着公司的经营效益以及将要面对的各种风险,以及资本市场对其的评价。我国上市公司的投资效率和行为在很大程度上受到外界环境的影响,那是因为我国的资本市场与发达国家相比属于新兴市场,在很多方面都有待改进。我国的上市公司普遍存在大股东控制的现象,这些大股东经常利用自己的控制权从而制定一些符合自己利益和意志的投资决策。尽管我国为了完善公司的治理结构实行了股权分置改革,但是大股东控制的问题却依然没用从根本上得到解决。与此同时,我国资本市场,尤其是股票市场大多投资者都没有理性的投资理念,投机思想充斥了整个股票市场,这使得上市公司的投资发展不能得到很好的监督,投资行为呈现出短期化。在这种背景下,上市公司的投资效率普遍低下,并且其投资行为被严重扭曲。鉴于以上原因,我们认为研究上市公司的投资效率以及投资行为已经迫在眉睫。因此,本文从公司治理出发,将定量分析和定性分析两种方法相结合,来研究我国上市公司的投资效率和投资行为特征,并在最后提出一些政策建议。本文的研究不论是对我国监管机构政策的制定、投资者的决策行为还是对上市公司的投资效率以及行为的研究,以及上市公司的可持续发展都有着非常重要的现实意义和理论价值。本文的研究主要以计量分析为基础,来研究分析我国上市公司投资行为的分布特征和结构,以及从产品市场竞争、流动性水平、治理结构和融资行为四个主要因素对我国上市公司投资行为的影响,分析了企业业绩和企业价值受企业投资行为的影响程度。本文的研究工作只要集中在以下三个方面：首先,通过研究我国上市公司投资支出的分布特征以及支出结构,从多个视角分析了我国上市公司投资行为特点,包括投资的时间特征、投资的构成以及分布状况,并在此基础上研究了不同行业、不同年度以及不同规模的上市公司的投资的分布情况。研究结果表明：首先,低成长性的公司其投资水平普遍低于高成长性以及中成长性的公司。这表明相对于低成长性的公司,中高成长性的公司通常拥有更好的投资机会,并且在融资过程中更容易获得资金以支持自身的发展壮大。其次,上市公司的投资行为在很大程度上受到公司控制权结果以及控股股东性质的影响。最后,通过统计上市公司2005-2009年各个年度的投资支出的合并数据显示上市公司新增投资水平比重是最大的,而摊销和折旧占据较小的比重。其次,从投资行为的企业价值效应、自由现金流的微观应用以及投资行为的影响因素这三个方面深入分析了中国上市公司投资效率及投资行为。第四章研究了股权结构、产品市场竞争、资产特性以及融资行为四大因素对上市公司投资行为的影响。主要结论有：第一,竞争能力和经营风险与上市公司的总投资支出、增量投资水平、资本性投资支出之间具有显著的正比例关系。第二,投资水平与资产流动性之间存在反比例关系。第三,资本性投资支出和总投资与第一大股东持股比例之间存在正比例关系。第四,企业的投资水平与其融资规模之间存在正比例关系,融资规模越大企业投资水平也就越高。最后,探讨了提高上市公司投资效率以及规范化上市公司投资行为的方法,主要包括改善上市公司的治理结构、加强对上市公司投资行为的外部控制和监督、完善和强化我国上市公司信息披露机制。通过实行以上对策,不但可以提高上市公司的发展和竞争能力更能为上市公司的发展提供一个较好的外部环境,从而使得上市公司的投资行为得到优化,投资效率得到提升,最终提升上市公司的市场价值和经营业绩。本文的创新点主要包括以下两个方面：首先,从市场价值指标、经营业绩指标这两个指标分析了我国上市公司企业市场价值和企业业绩表现受到企业投资行为的影响程度,并且分析了我国上市公司的投资效率的特征。其次,从产品市场竞争、资产特性、股权结构以及融资行为这四个全新的因素分析了我国的上市公司投资行为,并且构建了综合性的分析框架。
[Abstract]:Investment decision-making is one of the most important financial decisions in a company. It mainly includes the financing of capital and the efficiency of allocation after it. It plays an important role in the development and operation of an enterprise. It has always been concerned by the industrial circles, economists and financiers. Decision-making and financing decisions, as the driving force for the steady development of the company and the basic driving force for the continuous growth of the company's future cash flow, constantly affect the company's operating efficiency and the risks it will face, as well as the evaluation of the capital market.
The investment efficiency and behavior of Listed Companies in China are influenced by the external environment to a great extent, because the capital market of our country is an emerging market compared with developed countries and needs to be improved in many aspects. In order to improve the corporate governance structure in China, the problem of controlling large shareholders is still not solved fundamentally. At the same time, most investors in China's capital market, especially in the stock market, have no rational investment concept. In this context, the investment efficiency of listed companies is generally low, and their investment behavior is seriously distorted.
In view of the above reasons, we think it is imminent to study the investment efficiency and investment behavior of listed companies. Therefore, starting from corporate governance, this paper combines quantitative analysis with qualitative analysis to study the investment efficiency and investment behavior characteristics of Listed Companies in China, and finally puts forward some policy recommendations. The research is of great practical significance and theoretical value to the formulation of regulatory policies, the decision-making behavior of investors, the investment efficiency and behavior of listed companies, and the sustainable development of listed companies.
Based on econometric analysis, this paper studies and analyzes the distribution characteristics and structure of investment behavior of Listed Companies in China, and analyzes the impact of four main factors on investment behavior of Listed Companies in China: product market competition, liquidity level, governance structure and financing behavior. It also analyzes the impact of enterprise performance and enterprise value on investment behavior of listed companies in China. The study of this paper focuses on the following three aspects:
Firstly, by studying the distribution characteristics and expenditure structure of investment expenditure of Listed Companies in China, this paper analyzes the characteristics of investment behavior of Listed Companies in China from various perspectives, including the time characteristics of investment, the composition and distribution of investment, and on this basis, studies the investment of Listed Companies in different industries, different years and different sizes. The results show that: firstly, the investment level of low-growth companies is generally lower than that of high-growth and medium-growth companies. Secondly, the investment behavior of listed companies is largely influenced by the results of corporate control and the nature of controlling shareholders. Finally, the merger data of investment expenditure of Listed Companies in 2005-2009 show that the proportion of new investment is the largest, while amortization and depreciation account for a small proportion. It's heavy.
Secondly, this paper analyzes the investment efficiency and investment behavior of Chinese listed companies from three aspects: the enterprise value effect of investment behavior, the micro-application of free cash flow and the influencing factors of investment behavior. The main conclusions are as follows: Firstly, there is a significant positive relationship between the competitiveness and operational risk and the total investment expenditure, incremental investment level and capital investment expenditure of listed companies. Fourthly, there is a positive proportional relationship between the level of investment and the scale of financing, and the larger the scale of financing, the higher the level of investment.
Finally, this paper discusses the ways to improve the investment efficiency and standardize the investment behavior of listed companies, mainly including improving the governance structure of listed companies, strengthening the external control and supervision of the investment behavior of listed companies, improving and strengthening the information disclosure mechanism of Listed Companies in China. The development and competitiveness of listed companies can provide a better external environment for the development of listed companies, so as to optimize the investment behavior of listed companies, improve the investment efficiency, and ultimately enhance the market value and operating performance of listed companies.
The innovations of this paper include the following two aspects:
Firstly, from the market value index and operating performance index, this paper analyzes the influence degree of the market value and performance of listed companies on the investment behavior of enterprises, and analyzes the characteristics of the investment efficiency of Listed Companies in China.
Secondly, this paper analyzes the investment behavior of Listed Companies in China from four new factors: product market competition, asset characteristics, ownership structure and financing behavior, and constructs a comprehensive analysis framework.
【学位授予单位】：西南财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F832.51;F224

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