法律环境、股权治理与投资效率

发布时间：2018-04-17 09:30

本文选题：法律环境 + 股权治理　；参考：《云南财经大学》2017年硕士论文

【摘要】：在现代企业中,投资决策作为三大财务决策的核心决策,是影响经济增长的一项重要因素,决定着企业未来发展的方向,直接影响着公司的投资是否有效率,从而影响公司业绩和企业价值。近年来,企业的投资增长率持续不断增长,大量的非效率投资行为也随之而来,给经济增长造成了一定程度的负面影响。探究怎样提高公司的投资效率,能够给企业绩效增长和经济持续健康带来重要的意义。股权治理结构作为公司资本结构的重要组成部分,是公司治理层面上重要的制度安排,它会通过影响代理成本,公司治理的有效性等对上市公司的投资效率产生直接或间接的影响。合理的股权治理结构是上市公司实现有效率投资、稳定的资本增长和高效治理的前提,而有效率的投资又是推动股权治理结构不断完善的内在动力。此外,每个企业都是处于特定的外部环境中,外部环境很大程度上也影响着企业的投资效率,公司的股权治理是要内生于特定的宏观制度环境下,所以股权治理对投资效率的作用也必定要受到外部环境的制约。法律环境作为一项重要的外部制度环境,必然能影响到股权治理对投资效率的作用。本文立足于中国特殊的制度背景,研究法律环境、股权治理与投资效率之间的关系,并以2011-2015年的沪深两市A股上市公司为研究样本进行了实证检验,最终得到了以下结论:(1)法律环境与投资效率显著正相关,具体主要表现为对过度投资有显著的抑制作用,对投资不足没有显著地影响;(2)第一大股东持股比例、股权制衡度、机构投资者持股比例与投资效率显著负相关,并且对过度投资和投资不足均有显著地加剧作用;(3)国有控股与投资效率显著正相关,并且对过度投资和投资不足均有显著地抑制作用;(4)两权分离对投资效率没有显著影响,并且对过度投资和投资不足均没有显著影响。进一步研究后发现:(1)在对投资效率的影响上,法律环境与两权分离、机构投资者持股存在替代效应,即弱的法律环境会强化两权分离、机构投资者持股对投资效率的抑制作用。这种效应主要是体现在法律环境相对偏低的地区;(2)在对过度投资的影响上,法律环境与两权分离存在替代效应,即弱的法律环境会强化两权分离对过度投资的抑制作用,这种效应主要是体现在法律环境相对偏低的地区;(3)法律环境整体上与国有控股性质不存在替代或互补效应,但在法律环境较弱的地区两者起到一定的替代作用。
[Abstract]:In modern enterprises, investment decision, as the core decision of three major financial decisions, is an important factor affecting economic growth, determines the direction of the future development of the enterprise, and directly affects the efficiency of the company's investment.Thus affects the company performance and the enterprise value.In recent years, the investment growth rate of enterprises has been continuously increasing, and a large number of inefficient investment behavior has followed, which has caused a certain degree of negative impact on economic growth.Exploring how to improve the investment efficiency of the company can bring great significance to the growth of enterprise performance and the sustained health of economy.As an important part of corporate capital structure, equity governance structure is an important institutional arrangement in corporate governance.The effectiveness of corporate governance has a direct or indirect impact on the investment efficiency of listed companies.Reasonable equity governance structure is the premise of efficient investment, stable capital growth and efficient governance of listed companies, and efficient investment is the internal power to promote the continuous improvement of equity governance structure.In addition, each enterprise is in a specific external environment, the external environment to a large extent also affects the efficiency of investment, corporate equity governance is to be born in the specific macro-system environment,So the effect of equity governance on investment efficiency must also be restricted by the external environment.As an important external institutional environment, the legal environment will inevitably affect the effect of equity governance on investment efficiency.Based on China's special institutional background, this paper studies the legal environment, the relationship between equity governance and investment efficiency, and takes the Shanghai and Shenzhen A-share listed companies from 2011-2015 as a sample to conduct an empirical test.Finally, the following conclusions are drawn: (1) the legal environment has a significant positive correlation with the investment efficiency, which mainly shows that it has a significant inhibitory effect on overinvestment, and has no significant influence on the investment underinvestment) the proportion of the first largest shareholder, the degree of equity balance, and so on.The shareholding ratio of institutional investors is negatively correlated with investment efficiency, and it has a significant effect on overinvestment and underinvestment. (3) State-owned holding has a significant positive correlation with investment efficiency.The separation of two rights has no significant influence on the investment efficiency and has no significant influence on both overinvestment and underinvestment.After further study, it is found that the legal environment is separated from the two rights and the institutional investor stock holding has a substitution effect, that is, the weak legal environment will strengthen the separation of the two rights and the restraining effect of institutional investors' shareholding on the investment efficiency.This effect is mainly reflected in the legal environment is relatively low in the region) on the impact of excessive investment, the legal environment and the separation of the two rights have a substitution effect, that is, the weak legal environment will strengthen the separation of the two rights to the suppression of excessive investment.This effect is mainly reflected in the relatively low legal environment in the region) the legal environment as a whole and the nature of state-owned holding no substitute or complementary effect, but in the weak legal environment of the two areas play a certain role in substitution.
【学位授予单位】：云南财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：D922.291;F275;F832.51

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