制度环境、债权治理与投资效率

发布时间：2018-02-06 06:02

本文关键词： 制度环境债权治理过度投资投资不足　出处：《云南财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：2017年是“十三五”规划的重要一年,加之目前我国经济发展呈现出新常态这一最新特征,国家宏观调控的最主要目标是在风险中寻求经济的稳定增长。因此,以往粗放型的经济模式已经不再适应新时代的要求,集约的、稳健的经济增长方式才是合理明智的选择。投资,是促进我国经济增长的主要推动力,但是上市公司的投资效率并不乐观,在这样的时代背景下,投资效率开始被关注。现如今,企业的经营活动不断面向市场,其行为也越来越容易受到外部环境的干扰。随着全球经济的不断发展以及人类技术的不断革新,企业面临的外部环境越来越复杂,各地区发展进度的不同让不同地区企业面临的区域环境呈现出巨大差异。各地区制度环境的差异迫使企业管理者不得不放弃原有的经营模式,选择适应不断变化的外部制度环境,这给企业经营战略的制定带来了巨大的挑战。债权的治理作用在西方国家公司内部治理中发挥的作用较为理想,但债权在我国的公司治理中并没有发挥出预期效果,可这并不代表我国的债权人完全不能发挥作用,他们可以对企业的融资进行限制。本文将债务融资的三大来源(银行借款、商业信用和企业债券)全部纳入债权治理变量当中,针对我国债权治理研究的薄弱情况,对债权的相关指标进行系统深入的研究,综合检验债权在我国上市公司中能否发挥出一定的治理效果。本文首先从理论层面出发,理论分析制度环境、债权治理与投资效率三者之间可能存在的关系,接着以2011-2015年的沪深A股上市公司为研究样本,实证检验了制度环境和债权治理对投资效率的影响,研究发现:制度环境的改善会显著提高上市公司的投资效率,主要表现为显著抑制过度投资,对投资不足的缓解作用并不显著;债权方面,长期借款和应付债券会显著降低投资效率,商业信用则会显著提高投资效率,而短期借款的作用并不显著。进一步检验后发现,在过度投资样本中,长期债务(长期借款和企业债券)能显著加剧过度投资,商业信用会显著抑制过度投资;在投资不足样本中,起积极作用的主要是短期债务(短期借款和商业信用),它们对投资不足的缓解作用显著。最后,在实证研究提供经验证据的基础上有针对性地提出相关的政策建议:改善上市公司投资效率低下的问题需重视宏观层面的制度环境,这就需要健全法律环境、减少政府对企业行为的干预、促进金融市场的发展、不断提高市场化竞争程度等;深化推进银行与企业产权结构的多元化改革,加强银行对企业的监督约束作用;完善商业信用体系和商业信用环境,发挥供应商的监督作用;大力促进我国债券市场的积极发展,充分发挥企业债券的良好监督作用。
[Abstract]:2017 is an important year of the 13th Five-Year Plan, coupled with the latest features of China's economic development showing a new normal. The main goal of national macro-control is to seek the stable growth of economy in the risk. Therefore, the extensive economic model in the past has no longer adapted to the requirements of the new era, intensive. Investment is the main driving force to promote China's economic growth, but the investment efficiency of listed companies is not optimistic. Nowadays, the business activities of enterprises are constantly facing the market, and their behavior is more and more vulnerable to the interference of the external environment. With the development of the global economy and the continuous innovation of human technology. The external environment faced by enterprises is becoming more and more complex. The difference of development progress in different regions makes the regional environment of enterprises in different regions present great difference. The differences of regional institutional environment force enterprise managers to give up the original business model. Choosing to adapt to the changing external institutional environment brings a great challenge to the formulation of business strategy. The governance role of creditor's rights plays an ideal role in the internal governance of companies in western countries. However, the creditor's rights have not played the expected effect in the corporate governance of our country, but this does not mean that the creditors in our country can not play a role at all. They can restrict the financing of enterprises. In this paper, the three major sources of debt financing (bank loans, commercial credit and corporate bonds) are all included in the debt governance variables. In view of the weak situation of the study of creditor's rights governance in our country, this paper makes a systematic and in-depth study on the related indexes of creditor's rights. Comprehensive test of creditor's rights in the listed companies in China can play a certain governance effect. Firstly, this paper from the theoretical level, theoretical analysis of the institutional environment, creditor's rights governance and investment efficiency of the relationship between the three possible. Then taking the Shanghai and Shenzhen A-share listed companies from 2011-2015 as the research sample, the paper empirically tests the impact of institutional environment and creditor's rights governance on the investment efficiency. The results show that: the improvement of institutional environment can significantly improve the investment efficiency of listed companies, mainly as a significant inhibition of excessive investment, the mitigation of insufficient investment is not significant; On the creditor's side, long-term loans and bonds payable will significantly reduce the investment efficiency, commercial credit will significantly improve the investment efficiency, but the role of short-term borrowing is not significant. Long-term debt (long-term borrowing and corporate bonds) can significantly increase overinvestment, while business credit significantly inhibits overinvestment; Among the underinvestment samples, short-term debt (short-term borrowing and business credit) plays an active role (short-term borrowing and business credit), which play a significant role in alleviating underinvestment. Finally. On the basis of empirical research to provide empirical evidence to put forward relevant policy recommendations: to improve the investment efficiency of listed companies need to pay attention to the macro-level of institutional environment, which needs to improve the legal environment. To reduce government intervention in enterprise behavior, to promote the development of financial markets, and to continuously improve the degree of market-oriented competition; Deepening the diversification of the property rights structure of banks and enterprises and strengthening the supervision and restraint role of banks to enterprises; Improve the commercial credit system and commercial credit environment, give play to the role of supplier supervision; We will vigorously promote the positive development of our bond market and give full play to the good supervisory role of corporate bonds.
【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】：F275;F832.51

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