成长性视角下我国中小上市企业非效率投资的实证研究—基于制造业的经验数据

发布时间：2018-11-08 08:30

【摘要】：我国中小上市企业在国家经济发展中具有举足轻重的地位，国家越来越重视中小上市企业的成长，并通过积极的财政政策、货币政策等促进中小上市企业的融资和成长。然而，中小上市企业由于企业规模相对较小，治理体制相对不完善，各种代理冲突和信息不对称的问题尤为明显，反映在企业投资领域就是各种非效率投资行为，表现为投资不足或投资过度。投资决策作为企业成长的主要动因和未来现金流量增长的重要基础，是企业财务决策的基础，，中小上市企业的非效率投资行为阻碍了企业的健康持续发展。本文在回顾国内外相关研究文献的基础上，以2008-2010年为研究时间窗口，选取深圳中小板77家制造业类中小上市企业为研究对象，构建中小上市企业成长性评价的指标体系，根据成长性评价结果将其分为高、低成长性企业组。并进一步建立投资度量模型度量企业非效率投资的类型和程度。最后，基于企业不同的成长性，研究我国中小上市企业的非效率投资行为的影响因素，并提出相应的对策建议，从而为改善我国中小上市企业非效率投资行为以及国家制定相关政策提供一定的理论指导和决策参考。本文的主要研究结论有：2008-2010年间，我国中小上市企业普遍存在投资不足行为而非投资过度行为。总体而言，较大的企业规模使企业拥有更多的投资机会，股权相对集中使控股股东倾向于缔造商业帝国，这两者都增加了我国中小上市企业的投资规模。企业的负债融资减少了我国中小上市企业的整体投资水平，债务融资在一定程度上发挥了对企业投资的制约作用，这种治理作用在低成长企业中更加显著，但是由于我国政府的干预政策使短期借款、银行借款存在软约束作用，短期借款和银行借款没有发挥相应的制约作用。企业的高管薪酬发挥薪酬管治机制，降低企业由于代理关系导致的过度投资。
[Abstract]:China's small and medium-sized listed enterprises play an important role in the national economic development. The state pays more and more attention to the growth of small and medium-sized listed enterprises, and promotes the financing and growth of small and medium-sized listed enterprises through positive fiscal policy and monetary policy. However, due to the relatively small scale of small and medium-sized listed enterprises and the imperfect governance system, the problems of various agency conflicts and information asymmetry are particularly obvious, which are reflected in the various inefficient investment behaviors in the field of enterprise investment. It is characterized by underinvestment or overinvestment. As the main motivation of enterprise growth and the important foundation of future cash flow growth, investment decision is the basis of financial decision. The non-efficient investment behavior of small and medium-sized listed enterprises hinders the healthy and sustainable development of enterprises. In this paper, based on the review of domestic and foreign relevant research literature, taking 2008-2010 as the research time window, 77 small and medium-sized manufacturing enterprises in Shenzhen are selected as the research objects, and the index system of the growth evaluation of small and medium-sized listed enterprises is constructed. According to the results of growth evaluation, it is divided into high and low growth groups. Furthermore, an investment measurement model is established to measure the type and degree of inefficient investment. Finally, based on the different growth of enterprises, this paper studies the influencing factors of the inefficient investment behavior of small and medium-sized listed enterprises in China, and puts forward the corresponding countermeasures and suggestions. Therefore, it can provide some theoretical guidance and decision reference for improving the inefficient investment behavior of small and medium-sized listed enterprises in China and the formulation of relevant policies by the state. The main conclusions of this paper are as follows: from 2008 to 2010, China's small and medium-sized listed enterprises generally have underinvestment behavior rather than excessive investment behavior. In general, the larger size of the enterprise makes the enterprise have more investment opportunities, and the relative concentration of equity makes the controlling shareholder tend to build the business empire, both of which increase the investment scale of the small and medium-sized listed enterprises in China. Debt financing of enterprises reduces the overall investment level of small and medium-sized listed enterprises in our country, and debt financing plays a restrictive role in the investment of enterprises to a certain extent, and this governance role is more significant in low-growth enterprises. However, because of the intervention policy of our government, the bank loan has the function of soft restraint, and the short-term loan and the bank loan do not play the corresponding restrictive role. Executive compensation plays an important role in governing compensation, and reduces the overinvestment caused by agency relationship.
【学位授予单位】：南京航空航天大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F406.7;F832.51

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