异质机构投资者持股对企业融资约束影响的研究

发布时间：2018-01-12 11:42

本文关键词：异质机构投资者持股对企业融资约束影响的研究　出处：《西安科技大学》2017年硕士论文　论文类型：学位论文

【摘要】：融资约束问题一直是我国财务领域研究的热点问题之一,也是影响企业长远发展的关键因素。实践表明,机构投资者对于减缓融资约束问题发挥了重要的作用。本文根据机构投资者与持股公司的商业关系,将其分为压力抵抗型和压力敏感型机构投资者,并探讨了不同产权性质下,异质性机构投资者对我国上市公司融资约束的影响。本文首先分析了我国机构投资者的现状和我国上市公司当前的融资结构和融资约束的现状,然后对我国机构投资者持股比例和上市公司负债比例进行统计分析,得出我国机构投资者规模在迅速增加和上市公司倾向于股权融资和短期债务融资的结论;接着分析机构投资者对融资约束的作用机理,为实证部分的分析奠定了理论基础;最后实证分析选取了 2013-2015年沪深A股上市公司共6415个样本数据进行回归分析,其中非国有企业3814个样本,国有企业2601个样本。研究结果表明:(1)我国上市公司普遍面临融资约束问题,其中非国有上市公司的融资约束问题强于国有上市公司。(2)在非国有上市公司中,压力抵抗型机构投资者能够显著缓解上市公司的融资约束问题,压力敏感型持股对降低上市公司的融资约束问题没有作用或者作用很小。(3)在国有上市公司中,压力抵抗型和压力敏感型机构投资者对缓解上市公司的融资约束问题作用不大或没有。(4)在非国有上市公司中,机构总体和压力抵抗型以及压力敏感型机构投资者均能够增强长期债务的融资比例。最后,本文根据我国上市公司机构投资者特征和实证结果提出:大力发展机构投资者,特别是压力抵抗型机构投资者,更要发展多元化的机构投资者,推进企业年金、私募基金等的发展和壮大;保障机构投资者参与治理通畅,加强机构投资者和管理层之间的沟通与合作,保障机构投资者有效参与公司融资治理;大力倡导混合所有制经济,有利于国有资本放大功能、保值增值、提高竞争力。
[Abstract]:Financing constraint problem has been one of the hot issues in the financial field of our country, and it is also the key factor to affect the long-term development of enterprises. Institutional investors play an important role in alleviating the problem of financing constraints. According to the commercial relationship between institutional investors and shareholding companies, institutional investors are divided into pressure resistance and pressure sensitive institutional investors. And discussed under the different property right nature. The influence of heterogeneous institutional investors on the financing constraints of listed companies in China. Firstly, this paper analyzes the current situation of institutional investors in China and the current financing structure and financing constraints of listed companies in China. Then, the author makes a statistical analysis on the proportion of institutional investors holding shares and debt of listed companies, and draws the conclusion that the scale of institutional investors in China is increasing rapidly and the listed companies are inclined to equity financing and short-term debt financing. Secondly, it analyzes the mechanism of institutional investors' action on financing constraint, which lays a theoretical foundation for the empirical analysis. Finally, the empirical analysis selects a total of 6415 sample data of Shanghai and Shenzhen A-share listed companies from 2013-2015 to carry on regression analysis, including 3814 samples of non-state-owned enterprises. The research results show that China's listed companies generally face financing constraints. Among them, the non-state-owned listed companies' financing constraint problem is stronger than the state-owned listed companies.) in the non-state-owned listed companies, the pressure resistant institutional investors can significantly alleviate the financing constraints of listed companies. The pressure-sensitive shareholding has no effect on reducing the financing constraint of listed companies or has little effect in state-owned listed companies. The stress-resistant and pressure-sensitive institutional investors have little or no effect on alleviating the financing constraints of listed companies. Institutional aggregate and stress-resistant as well as stress-sensitive institutional investors can increase the financing ratio of long-term debt. Finally. According to the characteristics and empirical results of institutional investors of listed companies in China, this paper puts forward: vigorously develop institutional investors, especially pressure resistant institutional investors, but also develop diversified institutional investors to promote enterprise annuity. The development and expansion of private equity funds; Guarantee institutional investors to participate in governance smooth, strengthen the communication and cooperation between institutional investors and management, ensure institutional investors to participate in corporate financing governance effectively; Advocate mix ownership economy energetically, be advantageous to state-owned capital magnify function, maintain value and increase value, improve competitiveness.
【学位授予单位】：西安科技大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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