差异化资本成本影响企业投资规模的实证研究

发布时间：2018-01-22 05:39

本文关键词： 债务资本成本股权资本成本加权平均资本成本企业投资规模　出处：《聊城大学》2017年硕士论文　论文类型：学位论文

【摘要】：投资活动是企业立足和发展的重要基础,是企业获取利润、优化规模的重要源泉,投资效果的好坏决定了企业能否在竞争日益激烈的市场中长久发展,这表明在企业经营过程面临的众多决策选择中,投资决策是企业最应关注和最为核心的难题。科学、合理的投资决策包括投资战略、投资时机和投资规模三方面内容。在实际研究中,学者们更多的关注投资战略和投资时机的选择,对投资规模的注重相对较弱。当企业面临众多的投资项目时,如何做出判断才是对企业最有利的决策呢?一个最基本、最直接的原则是比较项目投资回报率和企业资本成本的大小,合理、有效的投资决策体现在投资回报率不低于资本成本,而且资本成本的实质要求与企业投资获取的最低回报率吻合,这使得资本成本成为企业投资决策选择的基准和考量,也可以说,以资本成本为标杆进行的投资决策才能保障其科学性和合理性。近年来,国内外学者大都从自由现金流量和融资约束等角度研究企业的投资决策,以资本成本视角进行探讨的较少,甚至以资本成本为因素研究对企业投资规模影响的更少。基于这种现状,本文系统研究我国上市企业资本成本对企业投资规模的影响效应,并提出使投资规模最优化的合理意见,使得企业更好的把握投资支出。本文研究的主要内容包括:背景及问题提出、理论与文献梳理、资本成本与企业投资规模关系的理论分析以及实证检验等。基于前期学者的研究成果,围绕资本成本的性质,首先扼要阐述本文的研究背景,提出相关问题,研究的意义、内容和思路以及创新点等。其次,本文梳理与分析了企业投资决策、投资决策中资本成本影响投资规模研究的有关理论及国内外文献,为进一步的探究提供理论支持。接着,考虑到资本成本的主要构成或融资主要渠道,分债务资本成本、股权资本成本以及加权平均资本成本三方面探讨各自与企业投资规模关系的理论机制,并在此前提下提出研究假设。再次,利用我国上市企业的财务数据,以实证分析方法验证所提出假设的合理性。最后总结本文主要的研究结论,依据结论对文中涉及的问题提出政策性建议,并对本文的局限性和未来研究进行展望。本文经过科学的理论分析和实证检验,得出以下几点重要结论:(1)企业债务资本成本与企业投资支出负相关,即债务资本成本越高,企业投资支出越少,企业投资规模越小。(2)企业股权资本成本与企业投资支出呈明显负相关关系,股权资本成本对企业投资规模起到一定的制约作用。(3)企业加权平均资本成本与企业投资规模显著负相关,加权平均资本成本对企业投资规模的综合约束力强于债务资本成本或股权资本成本的单约束力,且两者之间存在明显的线性函数关系。该结论与前期有关学者得出的资本成本与企业投资规模呈倒U型关系的结论不同,对于产生这种不同的原因,文章也给出了比较有说服力的观点。
[Abstract]:Investment activity is an important foundation and development of enterprises based on the enterprise, is an important source of profit, optimize the scale, investment effect determines whether the enterprise can long-term development in the increasingly fierce market competition, this shows that in many decision facing the business process in the choice of investment decision is the most difficult problem and should pay attention to at the core of scientific, rational investment decisions including investment strategy, investment opportunity and investment in three aspects. In the actual research, the scholars pay more attention to the investment strategy and investment timing, to focus on the investment scale is relatively weak. When the enterprise is faced with many investment projects, how to judge is the most beneficial to enterprise decision? One of the most basic, the most direct is the principle of project investment returns and the cost of capital size, reasonable and effective investment decisions in investment The rate of return is not less than the cost of capital, and returns the minimum substantive requirements of the cost of capital and investment gain rate agreement, which makes the cost of capital to become the enterprise investment decision-making datum selection and consideration, it can be said that the cost of capital for investment decision-making in order to guarantee the benchmark of science and rationality. In recent years, both at home and abroad most of the scholars study on the investment decision from the free cash flow and financing constraints and other point of view, to explore less capital cost perspective, even at the cost of capital for investment scale of research on enterprise less. Based on this situation, study on the effects of the capital cost of listed companies on corporate investment scale in China and put forward the system. The reasonable opinion of investment scale optimization, makes the enterprise to better grasp the investment spending. The main contents of this paper include: the background and questions of science, Theory and literature review, the cost of capital and the scale of investment in the relationship between theoretical analysis and empirical test. Based on the former research achievements, the nature of the cost of capital, first introduced the research background of this paper, put forward related problems, research significance, content and way of thinking and innovation. Secondly, this paper analyzes the the enterprise investment decision-making, affect the cost of capital investment decision in the scale of investment in research related theory and literature at home and abroad, to provide theoretical support for further research. Then, considering the main components of the cost of capital or financing main channel, divided the cost of debt capital, mechanism of the theory of the cost of equity capital and the weighted average cost of capital and enterprise three aspects respectively the relationship between the scale of investment, and under this premise hypothesis. Thirdly, by using the financial data of Chinese listed companies, by empirical analysis of test method Under the assumption that the rationality. Finally summarize the main conclusions of this study, according to the conclusion put forward policy suggestion on the problems involved in this paper, and the limitations of this paper and the future research was discussed in this paper. Through theoretical analysis and empirical scientific test, draw the following important conclusions: (1) the cost of debt capital and enterprises business investment spending is negatively related to the debt capital cost is high, investment is less, the enterprise investment scale is smaller. (2) showed a significant negative correlation between the enterprise and the cost of equity capital investment, equity capital into the investment scale of enterprises plays a certain role constraints. (3) the weighted average capital enterprises cost and investment scale is significantly negatively correlated, single binding binding comprehensive weighted average cost of capital of the enterprise investment scale is stronger than the cost of debt capital and equity capital cost, and between deposit In conclusion, the conclusion is different from the conclusion that the cost of capital and the scale of investment in enterprises are inverted U type.

【学位授予单位】：聊城大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

【参考文献】