创业板上市公司股权结构与非效率投资关系研究

发布时间：2018-01-03 14:43

本文关键词：创业板上市公司股权结构与非效率投资关系研究　出处：《东北石油大学》2014年硕士论文　论文类型：学位论文

【摘要】：投资活动作为公司财务管理三大活动之一，直接影响公司的价值及发展前景，而股权结构作为公司治理的基础，通过影响公司的投资决策行为，进而影响公司的价值，因此不合理的股权结构会导致公司非效率投资行为的发生。目前我国创业板上市公司普遍存在着非效率投资问题，这不仅制约了公司自身的发展，也间接影响了资本市场的资源配置效率。目前对上市公司股权结构与非效率投资的研究主要集中在沪深主板上市公司，对创业板上市公司研究很少，同时由于创业板上市公司股权结构具有自身的特殊性，已有的研究结论无法为创业板上市公司提供有力参考，，因此研究创业板上市公司股权结构与非效率投资的关系具有重要意义。论文采用规范研究和实证研究相结合的方法对创业板上市公司股权结构和非效率投资关系进行研究。首先，介绍了研究背景及意义及国内外研究现状；然后介绍了创业板市场、股权结构和非效率投资概念，阐述了股权结构与非效率投资研究的理论基础。其次从股权集中度、股权制衡和股权性质三个方面分析了创业板上市公司股权结构特征，并从投资领域和投资支出水平两个角度描述了创业板上市公司的投资现状。再次，对创业板上市公司股权结构与非效率投资关系进行实证研究，以创业板上市公司2011-2013年相关数据作为研究样本，通过借鉴Richardson残差模型构建了非效率投资度量模型和股权结构与非效率投资关系回归模型，并进行了描述性统计、相关性检验和回归分析，实证研究表明：创业板上市公司第一大股东持股比例和管理层持股比例过高会加剧公司投资不足程度，股权制衡度较高和机构投资者持股比例的增加都有利于提高公司投资效率，流通股比例的增加会导致过度投资，减少投资不足。最后，根据实证研究结论提出几点有助于创业板上市公司提高投资效率的对策建议，如合理分配股权，发挥股权制衡作用，增加机构投资者持股比例，建立有效的管理者激励机制、完善信息披露制度等。
[Abstract]:As one of the three activities of corporate financial management, investment activities directly affect the value and development prospects of the company, while the equity structure as the basis of corporate governance, through the impact of corporate investment decision-making behavior. And then affect the value of the company, so unreasonable ownership structure will lead to the occurrence of inefficient investment behavior. At present, there is a general problem of inefficient investment in listed companies of gem in our country. This not only restricts the development of the company itself, but also indirectly affects the resource allocation efficiency of the capital market. There is little research on gem listed companies, and because of the particularity of the equity structure of gem listed companies, the existing research conclusions can not provide a strong reference for gem listed companies. Therefore, it is of great significance to study the relationship between equity structure and inefficient investment of gem listed companies. This paper uses normative and empirical research methods to study the equity structure and inefficient investment relationship of gem listed companies. Firstly, it introduces the background and significance of the research and the current research situation at home and abroad. Then introduced the gem market, equity structure and the concept of inefficient investment, elaborated the theoretical basis of equity structure and inefficient investment. Secondly, from the equity concentration. This paper analyzes the equity structure characteristics of gem listed companies from three aspects of equity balance and equity nature, and describes the investment status of gem listed companies from the aspects of investment field and investment expenditure level. Empirical study on the relationship between equity structure and inefficient investment of gem listed companies, taking the relevant data of gem listed companies from 2011 to 2013 as the research sample. By using Richardson residuals model as a reference, this paper constructs an inefficient investment measurement model and a regression model of the relationship between equity structure and inefficient investment, and carries out descriptive statistics, correlation test and regression analysis. The empirical study shows that the excessive proportion of the largest shareholders and the management share will aggravate the underinvestment of the listed companies. The high degree of equity balance and the increase of the proportion of institutional investors are conducive to improve the efficiency of the company's investment. The increase of the proportion of circulating shares will lead to excessive investment and reduce investment. Finally. According to the conclusions of empirical research, this paper puts forward some countermeasures and suggestions to help gem companies improve their investment efficiency, such as rational allocation of equity, exerting the role of equity balance, and increasing the proportion of institutional investors holding shares. Establish effective manager incentive mechanism, perfect information disclosure system and so on.
【学位授予单位】：东北石油大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F832.51

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