区域软环境对我国民营上市公司投资效率的影响研究

发布时间：2018-05-24 17:56

本文选题：区域软环境 + 投资效率　；参考：《西南财经大学》2014年硕士论文

【摘要】：区域软环境因为其有效的资源整合效应,已受到社会各界的广泛关注。区域软环境建设能很好的促进区域经济的全面发展,为社会的可持续发展提供有利的环境基础。作为市场经济的主体,企业的经营活动无不受到所处区域环境的影响,民营企业由于自身经济实力和社会背景相对较弱,其经营活动更容易受到所处环境变化的影响。投资活动作为企业经营活动中的重要问题之一,投资活动的效率关系到企业的资本收益和发展潜力,因此民营企业的投资效率也很容易受到区域环境的影响。从实践上看,尽管投资者已经意识到在投资决策时应考虑企业外部环境因素对投资效率的影响,政府也逐步认识到营造良好区域软环境的重要性,但目前我国民营企业仍普遍存在非效率投资行为。面对这样的现实情况,笔者认为探讨区域软环境及构成要素对民营企业投资效率的影响作用机制是十分必要的。这样可以为企业制定投资决策时提供更多的参考依据,帮助企业在日后的投资行为中,充分考虑区域软环境的影响作用,采取更有效的投资计划,获取有利的环境资源优势,尽量减少非效率投资行为的出现,全面提升企业的投资效率,实现企业价值的全面提升。这样也可以帮助我国政府充分认识营造区域软环境工作的重要性,提升其制定相关政策的针对性,充分发挥政府在市场经济中的规范指导作用,减少社会资源的浪费。基于上述出发点,本文以我国民营上市公司所处不同地区的区域软环境条件为切入点,将区域软环境分为制度环境、政务环境、市场人文环境、教育科技环境、金融服务环境,选取《中国分省企业经营环境指数报告》中的基础数据,进行加工处理将民营企业所处的区域软环境情况用数据予以量化。运用Richardson(2006)模型计算出残差值衡量民营上市公司的投资效率,参考国内关于区域软环境的实地案例研究和数据实证分析,结合国内外学者对投资效率的深入研究,从理论解释和实证分析两方面入手探讨区域软环境体系及其各构成因子对我国民营上市公司投资效率的影响作用机制。从本文的研究中可以看出,区域软环境及其体系构成要素对民营上市公司的投资效率具有显著的正向影响作用,即上市公司所处区域软环境条件越好,民营上市公司投资效率越高。从出现非效率投资行为现象的数目来看,区域软环境条件越好,处于该区域出现投资不足和投资过度行为的民营上市公司越少。该研究结果表明,重视区域软环境对民营企业投资效率的影响,改善民营上市公司所处区域软环境有助于企业投资决策的有效执行、投资效率的显著提高,可以进一步带动社会经济水平的整体提高。从文章的整体情况来看,本文的主要贡献体现在以下三个方面：一是在区域软环境背景下研究民营上市公司的投资效率,为相关问题的研究提供一个崭新的探讨视角,使本文的研究结论对已有的相关研究成果起到补充和拓展作用。二是构建了影响民营上市公司投资效率的区域软环境要素理论体系。该体系的构建将从管理公司投资行为的视角出发,系统性的总结了区域软环境的相关理论概念,对日后进行相关研究具有一定的借鉴意义。三是初步满足揭示区域软环境要素体系对民营上市公司投资效率作用机制的需要。在本文研究中构建了区域软环境因素对企业投资效率影响机制的理论模型,该模型的建立和回归结果能为企业和政府的相关实践问题提供合理有效的科学解释,并具有一定的创新意义。
[Abstract]:Regional soft environment has attracted wide attention from all walks of life because of its effective resource integration effect. Regional soft environment construction can promote the overall development of regional economy and provide a favorable environment foundation for the sustainable development of the society. As the main body of the market economy, the business activities of enterprises are affected by the influence of the regional environment. As the private enterprises are relatively weak in their economic strength and social background, their operating activities are more easily affected by the changes in the environment. As one of the important problems in the business activities, the efficiency of investment activities is related to the capital income and development potential of the enterprises. Therefore, the investment efficiency of the private enterprises is also easily subject to the investment efficiency. In practice, although investors have realized that the influence of the external environmental factors on the investment efficiency should be taken into account in the investment decision, the government has gradually realized the importance of building a good regional soft environment, but at present, the private enterprises in our country still have the inefficiency investment behavior. The author believes that it is necessary to explore the impact mechanism of regional soft environment and components on investment efficiency of private enterprises, which can provide more reference for enterprises to make investment decisions, and help enterprises to take full consideration of the influence of regional soft environment in future investment behavior and take more effective investment plans. It will also help our government to fully understand the importance of building the regional soft environment, improve the pertinence of the relevant policies, and give full play to the government in the city, and make full use of the government in the city. The guiding role of norms in the field economy reduces the waste of social resources.
Based on the above point of departure, this paper divides the regional soft environment into institutional environment, government environment, market human environment, educational science and technology environment, financial service environment, and selects the basic data in the China provincial enterprise management environment index report. Using the Richardson (2006) model to calculate the investment efficiency of private listed companies by using the model of Richardson (2006) to calculate the investment efficiency of the private listed companies, and refer to the domestic case study and the empirical analysis of the regional soft environment, and combine the domestic and foreign scholars' in-depth study of the investment efficiency, from the theoretical solution. The impact mechanism of regional soft environment system and its constituent factors on the investment efficiency of private listed companies in China is discussed from two aspects. The better the soft environment conditions in the region, the higher the investment efficiency of the private listed companies. From the number of non efficient investment behaviors, the better the regional soft environment conditions, the less the private listed companies are in the area of insufficient investment and overinvestment in the region. The influence of the capital efficiency, improving the regional soft environment of the private listed companies is helpful to the effective implementation of the investment decision of the enterprise, and the significant improvement of the investment efficiency can further promote the overall improvement of the social and economic level.
From the overall situation of the article, the main contributions of this paper are reflected in the following three aspects: one is to study the investment efficiency of private listed companies in the context of regional soft environment, and to provide a new perspective for the research on related issues, so that the conclusions of this paper play a complementary and expanding role in the related research results. Two The construction of the regional soft environment factor theory system which affects the investment efficiency of private listed companies. The construction of this system will systematically summarize the relevant theoretical concepts of the regional soft environment from the perspective of the investment behavior of the management company, and have certain reference significance for the related research in the future. The three is to preliminarily meet and reveal the regional soft ring. In this study, the theoretical model of the influence mechanism of regional soft environment factors on the efficiency of enterprise investment efficiency is constructed. The establishment and regression results of this model can provide reasonable and effective scientific explanation for the related practical problems of the enterprises and the government, and have a certain creation. New meaning.
【学位授予单位】：西南财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F276.6

【参考文献】