政府干预对我国中小板公司投资行为的影响分析

发布时间：2018-05-15 01:31

本文选题：政府干预 + 中小板公司　；参考：《江西财经大学》2013年硕士论文

【摘要】：改革开放以来，我国中小企业发展迅猛，数量不断增多，经营实力不断增强，为我国区域经济发展社会稳定做出了巨大贡献，中小板公司的发展受到了社会各界极大的关注影响我国中小板公司投资行为的因素有很多，既有中小板公司自身特点方面的原因，也有融资途径产品市场及制度方面的原因，本文研究政府干预对中小板公司投资行为的影响现有的研究我国上市公司过度投资的文献认为，我国经济体制特点使得政府干预上市公司投资行为变得可行和便利，这种干预作用对我国上市公司特别是国有上市公司的过度投资具有显著的正相关关系但是政府干预的对象通常是地方政府控股的，或对地方经济贡献度大的企业，而我国中小板公司中国有企业比例相对较少，单个企业的经营规模及发展实力还远不及大型上市公司对地方经济社会的影响本文将深入研究地方政府干预对我国中小板公司的投资行为并购行为的影响，主要从三个部分展开实证研究首先，在广泛了解深入学习已有研究文献的基础上，本文选取2007～2011年的中小板公司为样本，，从企业当年的固定资产投资增加额折旧和摊销额长期投资增加额以及追加的运营资本四个部分衡量中小板公司的总投资支出水平，并从这四个方面统计分析我国中小板公司的投资特点，采用Richardson（2006）的残差度量模型，探析中小板公司的过度投资情况，同时对比现有我国上市公司投资效率的研究结论，发现中小板公司存在更严重的过度投资现象其次，本文采用描述性统计方法，从樊纲等（2011）的市场化指数报告世界银行报告（2006）中取得数据，同时以企业的所有权性质衡量政府干预，检验政府干预对中小板公司过度投资的影响，发现政府干预强的公司的过度投资更严重本文以企业的所有权性质为政府干预的代理变量，进行Logistic回归，发现相对于非政府控制的公司，政府干预强的公司发生过度投资的概率更大，验证了本文提出的假设，说明政府有动机推动中小板公司不断扩大投资规模再次，作为经济与政治的参与人，地方政府有能力也有动机干预上市公司的并购交易，本文以2009年深圳证券交易所中小板市场上56家发生并购交易的上市公司为样本，考察政府干预对中小板公司并购行为的影响，得出地方政府干预的中小板公司更倾向于进行本地并购和发生关联交易，政府干预强的中小板公司并购绩效明显弱于政府干预弱的中小板公司，并分析得出政府干预强的中小板公司并购绩效在并购后两年内波动更大，表明政府干预的企业并购能在短期内迅速提高公司的绩效，但长期绩效仍需进一步观察这与有些地方政府出于提高短期政绩，以国有资产出资人的身份推动企业并购，仅着眼于解决眼前的矛盾和问题的行为有很大关系最后，为了有效减少政府干预对我国中小板公司的过度投资行为及并购行为的影响，提高中小板公司的投资效率，使其更好地促进经济发展提高地区就业率，本文认为地方政府应该从较长远来考虑本地的发展，要合理定位政府职能，确保政企分开，规范政府职能，严管越位干预政府应着力培育市场中介组织，重构政府与市场的桥梁；发展资本市场，培育外部监督力量，减少政府干预行为良好的公司治理是企业快速发展的必要条件，中小板公司也应努力完善公司内部治理结构，加强自身制度建设，在政府的政策支持下，更好地发展壮大
[Abstract]:Since the reform and opening - up , the development of small and medium - sized enterprises in our country has been increasing rapidly , the number of small and medium - sized enterprises has been increasing , the operation strength has been continuously strengthened , the development of the small and medium - sized enterprises has been greatly influenced by the social stability of the regional economy in our country , the development of the small and medium - sized board companies has been greatly influenced by the social stability of the small and medium - sized board companies , the reasons of the characteristics of the small and medium - sized board companies and the causes of the market and the system of the financing channel products are discussed in this paper , and the influence of government intervention on the investment behavior of the small and medium - sized board companies is studied in this paper .

The paper argues that the characteristics of our country ' s economic system make it feasible and convenient for the government to intervene in the investment behavior of listed companies . This kind of intervention plays a significant positive relationship to the excessive investment of listed companies , especially the state - owned listed companies .

First , on the basis of extensive understanding of the existing research literature , this paper selects the medium and small board companies from 2007 to 2011 as samples , which measures the total investment expenditure level of the medium and small board companies from the four aspects of the increment of the fixed assets investment and the long - term investment of the amortization amount and the additional operating capital , and analyzes the investment characteristics of the small and medium board companies from the four aspects .

Secondly , this paper uses descriptive statistics method to report the data in World Bank report ( 2006 ) from the market - oriented index of Fan Gang et al .

Thirdly , as an economic and political participant , local governments have the ability to intervene in the M & A transactions of listed companies . In 2009 , the companies of M & A trading on the medium and small board market of Shenzhen Stock Exchange in 2009 were taken as samples to study the effect of government intervention on the M & A behavior of small and medium - sized enterprises .

Finally , in order to effectively reduce the influence of government intervention on the excessive investment behavior and M & A behavior of small and medium - sized board companies in China , the investment efficiency of small and medium - sized board companies is improved so as to promote the economic development and improve the employment rate . In this paper , local governments should take the long - term development into account , and ensure the separation of government and enterprises , standardize the functions of government , and strictly control the government to cultivate market intermediaries , reconstruct the bridge between the government and the market ;
The development of capital market , cultivation of external supervision power and reduction of corporate governance with good government intervention are necessary conditions for the rapid development of enterprises . Small and medium board companies should also strive to improve the internal governance structure of the company , strengthen its own system construction , and better develop and strengthen under the government policy support .

【学位授予单位】：江西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F832.51;F275

【参考文献】