影响新疆上市公司非效率投资的因素研究

发布时间：2018-01-06 10:21

本文关键词：影响新疆上市公司非效率投资的因素研究　出处：《新疆财经大学》2014年硕士论文　论文类型：学位论文

【摘要】：上市公司不仅代表一个地区优势产业、支柱产业,它同时是该地区经济发展及经济增长中最具活力的源泉。对于企业，上市公司投资活动是公司现金流增长的重要源泉；而对于一个地区，上市公司投资活动是地区产业发展趋势的重要指示标。上市公司投资效率如何直接关系到企业的生产经营及发展，，同时对一个地区经济的推动也发挥着极其重要的作用。有效的投资能够使得企业资源及生产要素达到最优配置，促使企业实现价值最大化目标。然而随着资本市场的不断发展,上市公司非效率投资现象却十分普遍：调查研究不充分且低估风险进行过度投资、盲目多元化投资、不公平的关联交易投资、变更募集资金进行委托理财而损失严重、大量资金闲置而造成投资不足现象等，概括起来，主要是过度投资和投资不足的非效率投资行为，这严重地影响了企业的正常运营及后续发展，损害企业利益相关者的利益。近年来，新疆上市公司的影响力逐渐提升。依托资源优势，发展地区特色经济使得新疆某些品牌知名度越来越高（如中粮屯河、伊力特、特变电工等）。作为当地龙头企业，新疆上市公司的发展壮大不论对自身还是整个地区经济发展质量，其作用是至关重要的。加快新疆上市公司的发展，离不开科学的现代企业制度，离不开完善的公司治理，更离不开企业合理的投资决策。因此，对企业投资进行研究是非常重要的。本文系统地回顾了国内外学者关于企业非效率投资相关的研究综述，结合委托代理理论、信息不对称理论及融资约束理论这几类经典理论，对影响新疆上市公司非效率投资的因素进行分析后提出相应的研究假设，最后由实证分析进行验证。文章在做出一些剔除后选用新疆34家上市公司2008-2012年的数据为样本，借用Richardson研究方法构建上市公司预期适度投资模型，运用模型中的残差值（实际投资与预期适度投资的差值）判断上市公司是存在过度投资还是投资不足，将残差值为正的一组作为过度投资组，残差值为负的一组作为投资不足组，在此基础上，建立模型。针对新疆上市公司的非效率投资行为，考察股权集中度、负债融资及自由现金流等因素对新疆上市公司非效率投资行为的影响。文章最后章节，提出了规范新疆上市公司非效率投资的对策建议。
[Abstract]:Listed companies not only represent a regional advantage industry, pillar industry, it is also the most dynamic source of economic development and economic growth in the region. For enterprises. The investment activity of listed companies is an important source of cash flow growth. For a region, the investment activity of listed companies is an important indicator of the regional industrial development trend. How to invest efficiency of listed companies is directly related to the production and development of enterprises. At the same time, the promotion of a regional economy also plays an extremely important role. Effective investment can make the enterprise resources and factors of production to achieve the optimal allocation. However, with the continuous development of the capital market, the phenomenon of inefficient investment of listed companies is very common: the research is not enough and the risk is underestimated to overinvest. Blind diversification of investment, unfair related party transactions investment, change and raise funds to entrust financial losses and serious, a large number of idle funds resulting in insufficient investment phenomenon, etc., to sum up. It is mainly overinvestment and inefficient investment behavior which seriously affects the normal operation and subsequent development of the enterprise and damages the interests of the stakeholders. In recent years, the influence of listed companies in Xinjiang has gradually increased. Relying on the advantages of resources, the development of regional characteristic economy makes some brands in Xinjiang become more and more well-known (such as Cofco Tunhe, Eliot. As a local leading enterprise, the development and growth of listed companies in Xinjiang is of great importance to the development of Xinjiang listed companies, not only to the quality of economic development in the whole region, but also to the development of listed companies in Xinjiang. It is indispensable to scientific modern enterprise system, perfect corporate governance and rational investment decision. Therefore, it is very important to study enterprise investment. This paper systematically reviews the domestic and foreign scholars about the enterprise inefficient investment related research review, combined with the principal-agent theory, information asymmetry theory and financing constraints theory of these several kinds of classical theory. Based on the analysis of the factors affecting the inefficient investment of listed companies in Xinjiang, the corresponding research assumptions are put forward. Finally, the empirical analysis is used to verify. The article selects the data of 34 listed companies in Xinjiang from 2008 to 2012 as a sample after making some elimination. Using the Richardson research method to construct the expected moderate investment model of listed companies. Using the residual value of the model (the difference between actual investment and expected moderate investment) to judge whether there is overinvestment or underinvestment in listed companies, the group with positive residual value is regarded as over-investment group. The group with negative residual value is regarded as the underinvestment group, on the basis of which, a model is established to investigate the ownership concentration in view of the non-efficient investment behavior of listed companies in Xinjiang. The influence of debt financing and free cash flow on the non-efficient investment behavior of listed companies in Xinjiang. In the last chapter, the countermeasures and suggestions to standardize the non-efficiency investment of listed companies in Xinjiang are put forward.
【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】：F832.51;F275

【参考文献】