上市公司重污染行业的资本成本与投资回报率实证研究

发布时间：2018-06-11 14:30

本文选题：重污染行业 + 资本成本　；参考：《兰州商学院》2011年硕士论文

【摘要】：投资决策是社会经济正常运行,企业实现资本增值的重要途径和手段。我国国有参(控)股的上市公司占全部上市公司的绝大多数,已成为我国资本市场的中坚力量。在上市公司中,重污染行业属国有资本较集中的行业,这些行业的投资状况,直接决定着我国经济平稳运行和形成节约资源,保护生态环境的产业结构。本文运用经济学和管理学等相关知识和理论,以资本成本与投资回报率为两条主线,对上市公司重污染行业的投资效率进行估量并分析其成因,在此基础上对如何使我国经济发展中资本流向不符合市场原则运行的现状提出一些政策建议。文章首先概述了我国宏观经济发展现状,并在国内外资本成本与投资回报率相关理论研究的基础上,运用修正后的Fama和French内部报酬率方法,计算了沪深两市1990-2007年间A股上市公司整体、重污染行业和重污染行业各子行业的价值内部报酬率(资本成本)和成本内部报酬率(投资回报率)。研究发现：在成本内部报酬率(投资回报率)水平相近的情况下,重污染行业的资本成本为17.56%,高于13.76%的上市公司整体行业资本成本。重污染行业的投资效率为4.36%,低于7.35%的上市公司整体行业投资效率。然后,针对我国上市公司重污染行业高资本成本现象和我国经济发展中资本流向不符合市场原则的原因进行分析。通过对重污染行业整体和各子行业的资本结构研究分析发现其杠杆率普遍高于整体行业水平,运营资本的来源对短期借款和长期借款的依赖程度也高于整体行业。造成上市公司中重污染行业侧重于债权融资的主要原因本文认为是我国市场化进程尚未结束,以及由此造成的政府干预和银行金融体制中的债务软约束。从投资效率可以看出,沪深A股的上市公司中重污染行业并不是高效率的行业。在现实中却能够得到发展和扩张所需的资本,而不是按照市场原则被淘汰。这一现象与资本市场中社会资本流向所反映的投资预期并不相符。低效率行业没有遵循市场优胜劣汰的规则退出市场竞争在于市场体系中不发达的要素市场和高退出壁垒增强了资产的专用性。最后,对我国经济发展中资本流向不符合市场原则运行的现状提出以市场化改革和提升企业创新能力为主的政策建议。
[Abstract]:Investment decision is an important way and means for social economy to run normally and enterprises to realize capital increment. The listed companies of state-owned ginseng (controlled) shares account for the majority of all listed companies and have become the backbone of our capital market. Among the listed companies, heavy pollution industries belong to the industries with concentrated state-owned capital. The investment status of these industries directly determines the smooth operation of our economy and the formation of the industrial structure of saving resources and protecting the ecological environment. Based on the relevant knowledge and theories of economics and management, this paper, taking the capital cost and the return on investment as the two main lines, estimates the investment efficiency of the heavily polluted industries of listed companies and analyzes its causes. On this basis, some policy suggestions are put forward on how to make the current situation of capital flow in China's economic development not in accordance with the market principle. Firstly, the article summarizes the present situation of China's macroeconomic development. On the basis of the theoretical research on the cost of capital and the return on investment at home and abroad, and using the modified internal return method of Fama and French, this paper calculates the whole of A-share listed companies in Shanghai and Shenzhen stock markets from 1990 to 2007. The internal rate of return (capital cost) and internal rate of return (rate of return on investment) of each sub-industry of heavy pollution industry and heavy pollution industry. It is found that the capital cost of heavy pollution industry is 17.56, which is higher than that of 13.76% of listed companies under the condition of similar internal return on cost (ROI). The investment efficiency of heavy pollution industries is 4.36%, which is lower than 7.35% of listed companies. This paper analyzes the reasons for the high cost of capital in the heavy pollution industry of listed companies in China and the fact that the capital flow in the economic development of our country does not conform to the market principle. It is found that the leverage ratio of the heavily polluted industry is higher than that of the whole industry, and the dependence of working capital on short-term and long-term borrowing is higher than that of the whole industry. The main reason why the heavy pollution industry of listed companies focuses on debt financing is that the marketization process of our country is not over and the government intervention and the soft restraint of debt in the banking financial system. From the investment efficiency, Shanghai and Shenzhen A-share listed companies heavy pollution industry is not an efficient industry. In reality, the capital needed for development and expansion can be obtained, rather than eliminated in accordance with market principles. This phenomenon does not accord with the investment expectation reflected by the social capital flow in the capital market. Inefficient industries do not follow the rules of market survival of the fittest to withdraw from market competition because the underdeveloped factor market in the market system and high exit barriers enhance the specificity of assets. To the current situation that the capital flow direction does not accord with the market principle in the economic development of our country, this paper puts forward some policy suggestions which focus on the market-oriented reform and the promotion of the innovation ability of the enterprises.
【学位授予单位】：兰州商学院
【学位级别】：硕士
【学位授予年份】：2011
【分类号】：F275;X196

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