国有控股对我国制造业上市公司投资—现金流敏感性的影响

发布时间：2018-03-02 06:38

本文关键词： 投资行为现金流国有控股　出处：《南京财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：随着我国资本市场的稳步发展以及市场化进程的推进,如何获得投资所需的充足的资本、并且将资本分配到恰当的投资项目上成为每个上市公司面临的主要问题。监管部门对上市融资的限制、债券市场的不完善,企业外部融资主要是依靠银行贷款完成的,内部现金流的重要性日益凸显。如何节约融资成本、提高投资效率、有效配置公司资源、进而提高公司价值?国有上市公司由于在我国经济体制中的特殊性,其投资行为又有何差异?是否为有效率的投资呢?本文第一部分首先阐明了研究投资-现金流敏感性问题以及国有企业投资行为的背景和意义,然后对论文的主要思路和创新点进行了说明。第二部分主要对公司投资理论、国内外学者有关公司投资-现金流敏感性的理论和实证研究成果进行了综述,并对国有控股上市公司投资行为进行了动因分析。第三部分分析了当前我国资本市场发展现状,以及我国上市公司的投融资基本特征。第四部分说明样本数据选取标准和方法,进行了相应的描述性统计,并建立了相应的回归模型进行实证检验。实证分析方面,本文以2002-2012年沪深两市制造业上市公司为研究对象,实证结果显示,第一、制造业上市公司投资与内部现金流之间存在U型的关系,即在现金流水平较低的情况下,投资与现金流呈负相关关系；在现金流水平较高的情况下,投资与现金流呈正相关关系。第二、国有企业的投资-现金流敏感度高于非国有企业,尤其是在现金流为负的情况下。若按照投资机会分类,国有企业投资-现金流敏感度只有在投资机会不足的情况下高于非国有企业。这表明政府通过其对国企投资决策的影响来达到一定的政策目标,因此即使在内部现金流不足以及投资机会较差的情况下,国有企业依然会增加资本支出。文章的最后一部分是结论分析与政策建议,本部分结合我国资本市场现状,提出了减少资本市场信息不对称程度、完善外部融资渠道以及提高国企投资效率的政策建议。
[Abstract]:With the steady development of China's capital market and the advancement of the market-oriented process, how to obtain sufficient capital for investment, Moreover, the allocation of capital to appropriate investment projects has become the main problem faced by every listed company. The regulatory authorities' restrictions on listed financing, the imperfection of the bond market, and the external financing of enterprises mainly depend on bank loans. The importance of internal cash flow is increasingly prominent. How to save the financing cost, improve the investment efficiency, effectively allocate the company resources, and then improve the value of the company? Because of the particularity of the state-owned listed companies in our country's economic system, what is the difference in their investment behavior? Is it an efficient investment? In the first part of this paper, we first clarify the background and significance of the investment-cash flow sensitivity and the investment behavior of state-owned enterprises, and then explain the main ideas and innovations of the paper. The second part mainly focuses on the corporate investment theory. This paper summarizes the theoretical and empirical research results on the sensitivity of corporate investment-cash flow, and analyzes the causes of the investment behavior of state-owned holding listed companies. The third part analyzes the current situation of capital market development in China. And the basic characteristics of investment and financing of listed companies in our country. Part 4th explains the standard and method of sample data selection, carries on the corresponding descriptive statistics, and establishes the corresponding regression model to carry on the empirical test. This paper takes the manufacturing listed companies in Shanghai and Shenzhen stock markets from 2002 to 2012 as the research object. The empirical results show that, first, there is a U-type relationship between the investment of manufacturing listed companies and the internal cash flow, that is, the cash flow level is low. There is a negative correlation between investment and cash flow, and there is a positive correlation between investment and cash flow when the cash flow level is high. Second, the sensitivity of investment cash flow of state-owned enterprises is higher than that of non-state-owned enterprises. Especially if the cash flow is negative. The sensitivity of state-owned enterprises to investment-cash flow is higher than that of non-state-owned enterprises only when the investment opportunities are insufficient. This indicates that the government achieves certain policy objectives through its influence on state-owned enterprises' investment decisions. Therefore, even in the case of insufficient internal cash flow and poor investment opportunities, state-owned enterprises will still increase capital expenditure. The last part of the article is conclusion analysis and policy recommendations, this part combines with the current situation of China's capital market. Some policy suggestions are put forward to reduce the asymmetric degree of information in capital market, to perfect the external financing channels and to improve the investment efficiency of state-owned enterprises.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F425;F406.7

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