新疆上市公司融资结构对投资效率影响的研究

发布时间：2018-03-08 11:24

本文选题：融资结构　切入点：投资效率　出处：《新疆财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：投资效率对公司的成长以及未来现金流量会产生直接的影响，进而间接影响企业的盈利水平、经营风险和发展前景。截止目前国内外学者已经从不同的角度，对投资效率以及投资行为受融资结构的影响进行了研究，并提出了优化融资结构的措施，从而抑制企业的非效率投资行为。截止2014年初新疆上市公司已经达43家，，对新疆经济的跨越式发展起着推动性的作用。由此可见，对新疆上市公司融资结构对投资效率影响的研究具有理论和实践意义。本文选取了2008年到2012年新疆上市公司财务报表数据作为研究样本，对新疆上市公司的融资结构和投资效率之间的关系做了详细的研究。本文主要做了以下工作：首先，分析融资结构与投资效率的关系，并借鉴前人研究的理论模型，结合自己要研究的问题，提出相关的回归模型，并设计相关的变量。其次，结合实际的数据进行实证分析，利用回归模型来探究股权和负债融资对企业投资效率的影响，从而得出实证结论。结合融资结构对投资效率的理论分析，本文通过对总体样本的回归检验，本文得出以下结论：资产负债率与投资效率之间存在显著的负相关关系，可见新疆上市公司目前的负债结构不合理，负债没有起到抑制非效率投资的作用；短期资产负债率与投资效率没有显著的正相关关系，说明短期负债没有能够抑制经理人的非效率投资行为；第一大股东持股比例和国有持股比例没能表现出显著的相关关系；由于管理层持股比例较低，也没有呈现出明显的线性关系。
[Abstract]:Investment efficiency has a direct impact on the growth of the company and the future cash flow, and then indirectly affects the profit level, operating risk and development prospects of the enterprise. Up to now, scholars at home and abroad have been from different angles. This paper studies the influence of financing structure on investment efficiency and investment behavior, and puts forward some measures to optimize financing structure so as to restrain the inefficient investment behavior of enterprises. As of early 2014, there are 43 listed companies in Xinjiang. Therefore, it is of theoretical and practical significance to study the influence of financing structure on investment efficiency of listed companies in Xinjiang. This paper selects the financial report data of Xinjiang listed companies from 2008 to 2012 as the research sample, and makes a detailed study on the relationship between the financing structure and investment efficiency of listed companies in Xinjiang. The main work of this paper is as follows: first, This paper analyzes the relationship between financing structure and investment efficiency, and draws lessons from the theoretical model of previous studies, combining with the problems to be studied, puts forward the relevant regression model, and designs the relevant variables. Secondly, combined with the actual data to carry out empirical analysis. Using the regression model to explore the impact of equity and debt financing on the efficiency of enterprise investment, and draw empirical conclusions. Combined with the theoretical analysis of the financing structure on the investment efficiency, through the regression test of the total sample, this paper draws the following conclusions: there is a significant negative correlation between the asset-liability ratio and the investment efficiency. It can be seen that the current debt structure of listed companies in Xinjiang is unreasonable, and the debt has not played a role in restraining non-efficient investment, and there is no significant positive correlation between short-term asset-liability ratio and investment efficiency. It shows that short-term liabilities can not restrain managers' inefficient investment behavior; the proportion of the first largest shareholder holding shares and the proportion of state-owned ownership does not show a significant correlation; because the proportion of management shares is low, There is no obvious linear relationship.
【学位授予单位】：新疆财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.6;F224

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