我国高科技上市公司债务融资对投资行为的影响研究

发布时间：2018-11-19 16:24

【摘要】：在这个充满机遇与挑战的社会环境中，高科技上市公司的科技和知识含量己经成为带动我国经济增长和评价我国整体实力的代表性指标，而我国高科技企业发展中面临的一个很重要的问题是资金缺乏。因此加大高科技产业的支持力度对现阶段我国国情来说至关重要。虽然改革开放三十年来，不少实力强的高科技大公司已经发展的比较成熟，发展范围逐渐覆盖全球，部分技术也已经走在世界的前端，但是发展还会遇到不少瓶颈。另外，目前我国高科技上市公司的非效率投资行为比较严重，加上在现代企业经营管理中，如何做好投融资决策引起了多数学者的紧密关注，但是研究角度主要集中在总体债务水平对投资的影响，没有通过分组或分类进行细致而深入的研究。因此，进一步探究债务融资对投资行为的影响对高科技企业持续有效发展具有重要的意义。本文以2010-2012这三年高科技上市公司中新能源上市公司的财务数据为样本，采用多元线性回归法和描述性统计分析法对数据进行了加工和处理，并进行实证分析研究了债务融资对投资行为的影响。文章的结构具体如下：首先，本文在对国内外研究文献进行分类汇总的基础上，对债务融资与投资行为相互作用研究中的主要理论基础进行了汇总，并分析了目前我国高科技上市公司的融资、投资现状，为下面的实证分析和对策的提出做好了应有的准备。其次，是文章的实证部分，具体的分析过程可以总结为以下两点：其一，对总样本的债务总水平与投资的关系进行了分析，回归结果发现不同成长性的上市公司做出的投资决策存在很大差异，所以本文将样本进行了分类，分为成长性高和低的两部分分别进行了债务与投资关系的实证。其二，在分析前人研究成果时发现，在公司债务期限结构存在差异时，样本总体债务水平和投资行为之间相互作用的研究结论对现实起不到借鉴的意义。另外，不少学者在债务对投资影响的研究中，没有说明是导致投资不足和投资过度还是抑制投资不足和投资过度，因此有必要进行深入细致的分析，所以文中将样本按残差的正负将样本分为投资不足和投资过度两组，分别研究了债务总水平、不同债务期限下的投资支出的具体情形。再次，在详细的实证后，得出实证结论，并据此提出了改善公司投资效率，，促进公司长足发展的对策和建议。最后，是文中的结尾部分，总结了本研究的不足之处，并提出了未来进行进一步研究的方向。
[Abstract]:In this social environment full of opportunities and challenges, the science and technology and knowledge content of high-tech listed companies has become the representative index to drive China's economic growth and evaluate the overall strength of our country. A very important problem in the development of high-tech enterprises in China is the lack of funds. Therefore, it is very important to increase the support of high-tech industry for the present situation of our country. Although in the past 30 years of reform and opening up, many powerful high-tech companies have developed more mature, the scope of development has gradually covered the whole world, and some technologies have been in the front end of the world, but the development will meet many bottlenecks. In addition, at present, the inefficient investment behavior of high-tech listed companies in our country is quite serious. Besides, in the modern enterprise management, how to make the investment and financing decisions has attracted the close attention of most scholars. However, the research focuses on the impact of the total debt level on investment, and does not conduct a detailed and in-depth study by grouping or classifying. Therefore, it is of great significance to explore the impact of debt financing on investment behavior for the sustainable and effective development of high-tech enterprises. Based on the financial data of new energy listed companies in three years of high-tech listed companies in 2010-2012, this paper processes and processes the data by using multiple linear regression method and descriptive statistical analysis method. The influence of debt financing on investment behavior is analyzed empirically. The structure of the paper is as follows: firstly, this paper summarizes the main theoretical basis of the interaction between debt financing and investment behavior on the basis of the classification and summary of domestic and foreign research literature. The paper also analyzes the current situation of financing and investment of high-tech listed companies in China, and makes due preparations for the following empirical analysis and countermeasures. Secondly, it is the empirical part of the article. The concrete analysis process can be summarized as follows: first, the relationship between the total debt level and the investment of the total sample is analyzed. The regression results show that there are great differences in the investment decisions made by different growth listed companies, so this paper classifies the samples into two parts: high growth and low growth, and makes an empirical study of the relationship between debt and investment. Secondly, in the analysis of previous research results, it is found that when there are differences in corporate debt maturity structure, the conclusion of the interaction between sample total debt level and investment behavior can not be used for reference in reality. In addition, many scholars in the study of the impact of debt on investment, did not indicate whether the cause of underinvestment and overinvestment or the suppression of underinvestment and over-investment, so it is necessary to carry out in-depth and detailed analysis. Therefore, the sample is divided into two groups according to the positive and negative residual error, the total debt level and the specific case of investment expenditure under different debt maturity are studied respectively. Thirdly, after the detailed demonstration, the paper draws the empirical conclusion, and puts forward the countermeasures and suggestions to improve the investment efficiency and promote the rapid development of the company. Finally, the last part of the paper summarizes the shortcomings of this study, and puts forward the direction of further research in the future.
【学位授予单位】：山西财经大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F276.44;F832.48

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