企业投资效率、政府控制背景与现金流敏感性

发布时间：2018-03-24 06:30

本文选题：投资效率　切入点：政府控制企业　出处：《复旦大学》2014年硕士论文

【摘要】：长期以来,政府控制企业的投资效率低于非政府控制企业被认为是我国企业投资行为中的典型现象。本文利用2001-2012年上海和深圳交易所市场中A股主板和中小板制造业企业投资数据,发现政府控制背景的确对企业投资效率有显著影响。政府控制背景显著降低了企业投资效率,并且政府控制企业的非效率投资行为主要集中于投资机会较差、内部现金流水平较低时的过度投资行为。本文进一步研究了我国制造业上市公司投资支出与现金流水平之间的关系,得出我国制造业企业的投资与现金流之间存在U型曲线关系,并且政府控制企业的投资-现金流敏感性较低(U型曲线相对平缓)；而当现金流为负时,政府控制企业的现金流敏感性显著增加,在现金流减少时反而有扩大投资规模的倾向。基于以上研究结果,本文认为,政府控制企业在政府影响下承担了部分社会经济目标、有政策导向性的投资行为可能是导致其投资效率偏离最优水平的原因；政府控制背景带来的隐形担保和预算软约束问题,是加剧政府控制企业投资非效率的潜在因素。
[Abstract]:For a long time, The investment efficiency of government-controlled enterprises is lower than that of non-government-controlled enterprises, which is considered to be a typical phenomenon in the investment behavior of Chinese enterprises. In this paper, the investment data of A-share main board and small and medium-sized board manufacturing enterprises in Shanghai and Shenzhen Stock Exchange from 2001 to 2012 are used. It is found that the background of government control does have a significant impact on the investment efficiency of enterprises, and the background of government control significantly reduces the investment efficiency of enterprises, and the inefficient investment behavior of government controlled enterprises is mainly focused on the poor investment opportunities. This paper further studies the relationship between investment expenditure and cash flow level of listed manufacturing companies in China. It is concluded that the relationship between investment and cash flow of manufacturing enterprises in China is U-shaped, and the sensitivity of investment-cash flow of government-controlled enterprises is relatively low, but when the cash flow is negative, The sensitivity of cash-flow of government-controlled enterprises is significantly increased, but they tend to expand the scale of investment when the cash-flow decreases. Based on the above results, this paper argues that government-controlled enterprises bear some social and economic objectives under the influence of the government. The policy-oriented investment behavior may be the reason for the deviation of investment efficiency from the optimal level, and the implicit guarantee and soft budget constraints brought by the background of government control are the potential factors that aggravate the non-efficiency of government investment control.
【学位授予单位】：复旦大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F406.7;F424

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