我国中小企业投资效率问题研究
发布时间：2018-08-12 11:55
【摘要】：近几年来,我国经济的繁荣,就业问题的缓解以及在创新、扩大出口等方面的进步都离不开我国中小企业的大力支持,而且中小企业正以较快的发展速度不断扩大数量。然而中小企业在投资过程中的非效率投资问题却成了中小企业发展的绊脚石。引起中小企的非效率投资因素主要有两方面;一是外部融资问题,二是企业内部代理问题导致的利益冲突问题。因此,中小企业投资效率问题应得到重视并解决,这样企业的价值才会提升,我国的金融体系才会完善。本文首先对中小企业在经济发展中的作用和发展现状进行分析,进而分析了与非效率投资的相关的信息不对称理论、委托代理理论、和自由现金流理论,并结合我国中小企业板上市公司的特点分析以上三个理论如何引起非效率投资问题,在理论基础之上系统的分析我国中小企业板上市公司的融资情况和投资情况,并总结出影响中小企业非效率投资的因素。最后进行实证分析,首先分析总体负债、债务期限结构以及债务来源结构对企业非效率投资的影响,其次从股权集中度、股权制衡、管理层持股三方面来研究股权结构对非效率投资的影响。本文选取2012-2014年中小企业板上市公司作为研究对象,运用spss22.0软件进行模型的实证分析。我国中小企业板上市公司的融资情况和投资情况以及模型的实证分析结果得出我国中小企业普遍存在融资约束和投资不足的非效率投资行为,进而分析了影响企业非效率投资的因素。从融资情况来看,中小企业主要以外部融资为主,并且债务融资略高于股权融资,本文首先从总体债务,债务期限及债务来源(银行借款、商业信用)三方面分析了债务融资对非效率投资的影响,实证结果表明债务不但没有引起投资不足,而且还缓解了投资不足,与银行借款相比,商业信用更能有效的抑制投资不足,短期借款比长期借款更能有效的缓解投资不足。从股权结构角度得出第一大股东持股比例普遍较高从而导致投资不足,管理层持股可以有效的缓解投资不足,在中小企业中股权制衡作用不明显,不能有效地抑制企业的非效率投资。本文根据以上结论提出相应的政策建议,解决中小企业融资难的问题;完善商业信用负债市场;银行扩大对中小企业长期贷款比例;合理分配股权,发挥股权制衡作用。
[Abstract]:In recent years, the prosperity of China's economy, the alleviation of employment problems and the progress in innovation and export expansion can not be separated from the support of small and medium-sized enterprises in our country, and the number of small and medium-sized enterprises is expanding at a relatively fast speed. However, the problem of inefficient investment in the process of investment has become a stumbling block for the development of SMEs. There are two main factors causing the inefficient investment of SMEs: one is the external financing problem, the other is the conflict of interest caused by the internal agency problem. Therefore, the investment efficiency of small and medium-sized enterprises should be paid attention to and solved so that the value of enterprises will be improved and the financial system of our country will be improved. This paper first analyzes the role and current situation of SMEs in economic development, and then analyzes the information asymmetry theory, principal-agent theory and free cash flow theory related to inefficient investment. Combined with the characteristics of Chinese SME board listed companies, this paper analyzes how the above three theories cause inefficient investment problems, and systematically analyzes the financing situation and investment situation of Chinese SME board listed companies on the basis of theory. And summed up the factors that affect the non-efficient investment of small and medium-sized enterprises. Finally, the paper analyzes the influence of total debt, debt maturity structure and debt source structure on the non-efficient investment of enterprises, and secondly, from the equity concentration, equity balance. The influence of ownership structure on non-efficient investment is studied in three aspects. In this paper, we choose the SME board listed companies as the research object in 2012-2014, and use spss22.0 software to carry on the empirical analysis of the model. The results of empirical analysis on the financing situation and investment situation of Chinese SME board listed companies as well as the empirical analysis of the model show that there are generally inefficient investment behaviors of financing constraints and underinvestment in SMEs in China. Then it analyzes the factors that affect the inefficiency investment of enterprises. From the point of view of financing situation, SMEs mainly focus on external financing, and debt financing is slightly higher than equity financing. This paper analyzes the impact of debt financing on inefficient investment from three aspects. The empirical results show that debt not only does not cause underinvestment, but also alleviates the underinvestment, compared with bank borrowing. Business credit is more effective in curbing underinvestment, and short-term borrowing is more effective than long-term borrowing to alleviate underinvestment. From the point of view of equity structure, it can be concluded that the proportion of the largest shareholders is generally high, which leads to insufficient investment. Management ownership can effectively alleviate the lack of investment, and the role of equity balance is not obvious in small and medium-sized enterprises. It can not effectively restrain the inefficient investment of enterprises. According to the above conclusions, this paper puts forward the corresponding policy recommendations to solve the financing difficulties of SMEs; improve the commercial credit debt market; banks to expand the proportion of long-term loans to SMEs; reasonable allocation of equity, play a role of equity checks and balances.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F276.3
本文编号：2178982
[Abstract]:In recent years, the prosperity of China's economy, the alleviation of employment problems and the progress in innovation and export expansion can not be separated from the support of small and medium-sized enterprises in our country, and the number of small and medium-sized enterprises is expanding at a relatively fast speed. However, the problem of inefficient investment in the process of investment has become a stumbling block for the development of SMEs. There are two main factors causing the inefficient investment of SMEs: one is the external financing problem, the other is the conflict of interest caused by the internal agency problem. Therefore, the investment efficiency of small and medium-sized enterprises should be paid attention to and solved so that the value of enterprises will be improved and the financial system of our country will be improved. This paper first analyzes the role and current situation of SMEs in economic development, and then analyzes the information asymmetry theory, principal-agent theory and free cash flow theory related to inefficient investment. Combined with the characteristics of Chinese SME board listed companies, this paper analyzes how the above three theories cause inefficient investment problems, and systematically analyzes the financing situation and investment situation of Chinese SME board listed companies on the basis of theory. And summed up the factors that affect the non-efficient investment of small and medium-sized enterprises. Finally, the paper analyzes the influence of total debt, debt maturity structure and debt source structure on the non-efficient investment of enterprises, and secondly, from the equity concentration, equity balance. The influence of ownership structure on non-efficient investment is studied in three aspects. In this paper, we choose the SME board listed companies as the research object in 2012-2014, and use spss22.0 software to carry on the empirical analysis of the model. The results of empirical analysis on the financing situation and investment situation of Chinese SME board listed companies as well as the empirical analysis of the model show that there are generally inefficient investment behaviors of financing constraints and underinvestment in SMEs in China. Then it analyzes the factors that affect the inefficiency investment of enterprises. From the point of view of financing situation, SMEs mainly focus on external financing, and debt financing is slightly higher than equity financing. This paper analyzes the impact of debt financing on inefficient investment from three aspects. The empirical results show that debt not only does not cause underinvestment, but also alleviates the underinvestment, compared with bank borrowing. Business credit is more effective in curbing underinvestment, and short-term borrowing is more effective than long-term borrowing to alleviate underinvestment. From the point of view of equity structure, it can be concluded that the proportion of the largest shareholders is generally high, which leads to insufficient investment. Management ownership can effectively alleviate the lack of investment, and the role of equity balance is not obvious in small and medium-sized enterprises. It can not effectively restrain the inefficient investment of enterprises. According to the above conclusions, this paper puts forward the corresponding policy recommendations to solve the financing difficulties of SMEs; improve the commercial credit debt market; banks to expand the proportion of long-term loans to SMEs; reasonable allocation of equity, play a role of equity checks and balances.
【学位授予单位】：沈阳工业大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275;F276.3
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