基于DEA-Tobit的我国低碳经济板块上市公司投资效率研究

发布时间：2018-02-15 10:19

本文关键词： 数据包络分析（DEA） Tobit模型低碳经济低碳板块投资效率　出处：《东北农业大学》2013年硕士论文　论文类型：学位论文

【摘要】：当低碳经济已然成为全球化经济的发展趋势与潮流，面对巨大的商机和良好的发展前景，我国低碳经济板块上市公司提升低碳技术自主创新能力、打造低碳核心竞争力成为了当前的首要任务。公司的投资决策和投资效率从根本上决定了公司价值的增加，公司价值最大化的目标能否实现直接取决于投资行为是否有效率。但是，我国的上市公司大多重视融资过程，而过度投资和投资不足等非效率的投资现象普遍严重，这已经成为制约公司绩效和质量提升、公司持续而健康发展的重要因素。因此，研究低碳经济板块上市公司投资效率对发展我国低碳经济具有重要的意义。本文运用比较和历史分析相结合、定性和定量分析相结合、实证和规范分析相结合的研究方法，在搜集和统计数据的基础上，应用因素分析法对投资效率进行研究。文章分为七个部分，第一章主要对选题背景、目的意义、文献综述以及研究内容与方法进行介绍；第二章阐述了低碳经济、DEA、投资效率的相关概念及基础理论，并且比较了投资效率的评价方法；第三章剖析了我国低碳板块上市公司的投资及投资效率的状况；第四章为低碳板块上市公司投资效率的测度。首先，从DEA的基本模型中选取了BCC模型作为分析模型。接着，建立了指标评价体系，从资本投入和劳动投入角度选择了五个投入指标，以加权净资产收益率、每股收益和主营业务收入为产出指标。然后，把筛选出的52家低碳板块上市公司样本数据，经过Matlab软件处理后，运用DEAP软件对其投资效率进行测算分析。经过测算，，发现有16家上市公司的投资效率相对有效，并且针对测算结果同时从横向和纵向两个角度对低碳板块上市公司的整体情况加以分析，最后以有效的决策单元为参照，给出了对其他投资效率较低的决策单元的改进目标值；第五章总结分析了影响低碳板块上市公司投资效率的因素，包括公司内部现金流、公司治理特征、公司规模及年龄。通过对影响因素的Tobit回归分析得出以下结论：公司投资效率与内部现金流、公司规模均存在显著的正相关关系；公司投资效率与资产负债率管理层持股比例存在负相关关系，但不显著；第一大股东持股比例的回归系数为正，而公司年龄的回归系数为负。第六章从公司治理和负债融资两方面提出了提高我国低碳经济板块上市公司投资效率的建议；第七章为本文的结论。
[Abstract]:When the low-carbon economy has become the trend and trend of the global economy, facing the huge business opportunities and good development prospects, the listed companies of low-carbon economy plate enhance the ability of independent innovation of low-carbon technology. Building a low-carbon core competitiveness has become a top priority. The company's investment decisions and investment efficiency fundamentally determine the increase in the value of the company. Whether the goal of maximizing corporate value can be realized directly depends on whether the investment behavior is efficient or not. However, most listed companies in our country attach importance to the financing process, and the phenomenon of inefficient investment, such as overinvestment and underinvestment, is generally serious. This has become an important factor that restricts the improvement of company performance and quality, and the sustainable and healthy development of the company. Therefore, it is of great significance to study the investment efficiency of listed companies in the low carbon economy sector for the development of China's low-carbon economy. This paper uses the research methods of comparison and historical analysis, qualitative and quantitative analysis, empirical and normative analysis, on the basis of collecting and statistical data. The article is divided into seven parts. The first chapter mainly introduces the background, purpose, significance, literature review and research contents and methods. The second chapter describes the concept and basic theory of low carbon economy and investment efficiency, and compares the evaluation methods of investment efficiency, the third chapter analyzes the status of investment and investment efficiency of listed companies in low carbon plate. Chapter 4th is the measurement of investment efficiency of listed companies with low carbon plate. Firstly, the BCC model is selected as the analysis model from the basic model of DEA. Then, the index evaluation system is established. Five input indicators were selected from the perspective of capital input and labor input, with weighted net asset return, earnings per share and main business income as output indicators. After processing with Matlab software, the investment efficiency of 16 listed companies is measured and analyzed by using DEAP software. It is found that the investment efficiency of 16 listed companies is relatively effective. At the same time, the paper analyzes the whole situation of the listed companies in low carbon plate from both horizontal and vertical angles. Finally, the improved target value of other decision making units with low investment efficiency is given according to the effective decision making unit. Chapter 5th summarizes and analyzes the factors that affect the investment efficiency of listed companies in low carbon plate, including the internal cash flow, corporate governance characteristics, Company size and age. By Tobit regression analysis of influencing factors, the following conclusions are drawn: there is a significant positive correlation between investment efficiency and internal cash flow and company size; There is a negative correlation between the investment efficiency of the company and the proportion of assets and liabilities, but it is not significant, and the regression coefficient of the proportion of the first largest shareholder is positive. The regression coefficient of company age is negative. Chapter 6th puts forward some suggestions to improve the investment efficiency of listed companies in low carbon economy from two aspects: corporate governance and debt financing. Chapter 7th is the conclusion of this paper.
【学位授予单位】：东北农业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F124.5

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