上市公司投资效率评价与影响因素研究

发布时间：2018-05-30 22:37

本文选题：投资效率 + 投入—产出视角　；参考：《湖南大学》2013年博士论文

【摘要】：投资、融资与分配是现代公司金融的三大核心活动。在国内资本市场，大多数上市公司关注得较多的是融资活动。它们通过发行新股和增发等方式来实现融资，部分上市公司融资次数众多、数额巨大，被媒体和投资者戏称为“圈钱”行为。然而，一些上市公司对其创造价值的投资活动却不是非常重视，完成融资后便不再真正关心投入的产出效果，致使其经营状态低迷，绩效水平不高。本文从理论与实证两个方面系统探讨上市公司投资活动的效率与其影响因素，以期为相关企业提升经营水平和管理部门完善监管行为提供理论参考。在理论研究部分，本文首先界定上市公司的投资概念，并总结了投资的相关理论；然后对当前上市公司投资支出特征进行了分析；接着从投入合理程度、产出大小以及投入产出比三个视角出发分别定义三种投资效率，并阐述投资效率的目标和环境；并从微观运行角度系统探讨上市公司投资效率的影响机理，分析公司治理、财务治理、投融资状况以及产品市场因素对投资效率的影响。在实证研究部分，本文首先分别从投入和产出的视角评价上市公司的投资效率。选取2008年至2012年的中国证券市场的数据，运用投资支出模型计算投入视角的投资效率。实证结果表明，上市公司存在一定程度投资不足和投资过度行为。而从投资偏差度的相对指标来看，上市公司的投资效率相对较高，各行业的平均值大部分超过了0.98，接近最高值1，投资不足和投资过度的程度较轻。根据主成分分析来对各产出变量进行加权汇总，从产出视角评价上市公司的投资效率，发现大多数行业的投资效率小于0，说明在样本期间，各上市公司的投资结果不甚理想。本文接着从投入与产出统一的视角构建投资效率评价模型，并对上市公司的投资效率进行实证考察，，在构建投资效率评价的随机前沿分析模型的基础上，对上市公司的投资效率进行评价。实证结果表明，2008年至2012年间上市公司效率基本上在0.7左右波动，说明上市公司的投资效率损失近30%，投资效率还有较大的提升空间。本文然后分别运用多元回归分析和结构方程模型对企业投资效率的影响因素进行实证研究，发现上市公司的机构投资者持股比例、第一大股东持股比例、高管持股、财权配置、财务控制、财务监督、负债比率、现金持有量、行业集中度和市场份额分别对企业投资效率有不同程度和方向的影响。而从结构方程模型的路径系数可以发现，潜变量公司治理能力、财务治理能力以及投融资状况和产品市场因素都对投资效率产生了较为显著的影响。在对策研究部分，本文提出提升上市公司投资效率的若干对策。认为为了提高上市公司投资效率，有必要进一步完善相关监管制度。同时，上市公司要规范自身的公司治理机制和财务管理制度、提高产品市场竞争力，提升投资管理水平和运营效率，从而有助于上市公司的健康发展，也为上市公司的利益相关者带来价值的增加。本文的创新在于从较新的角度对上市公司投资效率进行了界定，基于投入或产出分析视角、投入—产出分析视角等不同角度，构建了上市公司投资效率的评价模型，在一定程度上改进了投资效率评价方法。同时，克服以往研究大多从单个因素进行研究的局限，从微观运行角度，将公司治理、财务治理、投融资状况以及产品市场状况纳入到一个统一分析框架，从而可以更全面地把握上市公司投资效率及其影响因素。
[Abstract]:Investment, financing and distribution are the three core activities of modern company finance. In the domestic capital market, most listed companies pay more attention to financing activities. They realize financing by issuing new shares and additional issuance. Some listed companies have a large number of financing times and huge amount, which are dubbed "circle money" by the media and investors. However, some listed companies do not pay much attention to the investment activities of their creative value. After completing financing, they do not really care about the effect of input output, which makes their operating state low and the performance level is not high. In this paper, the efficiency and influence factors of the investment activities of listed companies are systematically discussed from two aspects of theory and demonstration. It provides a theoretical reference for enterprises to improve their management level and improve regulatory actions.
In the theoretical part, this paper first defines the investment concept of listed companies, and summarizes the related theories of investment, then analyzes the characteristics of the investment expenditure of the listed companies, and then defines three kinds of investment efficiency from the three perspectives of investment rationality, output size and input-output ratio, and expounds the investment efficiency. The impact of corporate governance, financial governance, investment and financing status and product market factors on investment efficiency is analyzed from the micro operation angle and the mechanism of the investment efficiency of listed companies.
In the empirical part, this paper first evaluated the investment efficiency of the listed companies from the perspective of input and output, selected the data of China's securities market from 2008 to 2012 and used the investment expenditure model to calculate the investment efficiency of the investment perspective. The empirical results show that the listed companies exist in a certain degree of investment and overinvestment. From the relative index of the investment deviation degree, the investment efficiency of the listed companies is relatively high, the average value of each industry is more than 0.98, close to the highest value of 1, and the degree of insufficient investment and overinvestment is lighter. The investment efficiency of most listed companies is less than 0, which indicates that the investment results of the listed companies are not ideal during the sample period. Then, the investment efficiency evaluation model is constructed from the perspective of the unification of input and output, and the investment efficiency of the listed companies is empirically investigated, and the basis of the stochastic frontier analysis model of investment efficiency evaluation is built. The investment efficiency of listed companies is evaluated. The empirical results show that the efficiency of listed companies from 2008 to 2012 is basically around 0.7, which indicates that the investment efficiency of listed companies is nearly 30%, and the investment efficiency has a greater promotion space. The empirical study of the factors affecting the rate is that the shareholding ratio of the institutional investors, the proportion of the first large shareholders, the managerial ownership, the financial rights allocation, the financial control, the financial supervision, the debt ratio, the cash holdings, the industry concentration and the market share have different degrees and directions on the investment efficiency of the enterprises. The path coefficient of the equation model can be found that the corporate governance ability, the financial governance ability, the investment and financing status and the product market factors have a significant impact on the investment efficiency.
In the part of countermeasure research, this paper puts forward some countermeasures to improve the investment efficiency of listed companies. It is necessary to further improve the relevant regulatory system in order to improve the investment efficiency of listed companies. At the same time, the listed companies should standardize their own corporate governance mechanism and financial management system, raise the market competitiveness of the products and improve the management level of the investment. Operational efficiency, which contributes to the healthy development of listed companies, also brings value increase to stakeholders of listed companies.
The innovation of this paper is to define the investment efficiency of listed companies from a new angle. Based on the angle of input or output analysis and the angle of input output analysis, the evaluation model of the investment efficiency of listed companies is constructed, and the investment efficiency evaluation method has been improved to a certain extent. At the same time, most of the previous studies have been overcome. The limitation of the research is that the corporate governance, financial governance, investment and financing status and product market conditions are integrated into a unified framework from the micro operation point of view, so that the investment efficiency and the influencing factors of the listed companies can be more fully grasped.
【学位授予单位】：湖南大学
【学位级别】：博士
【学位授予年份】：2013
【分类号】：F275;F276.6;F832.51

【参考文献】