环境保护类上市公司投资效率实证研究

发布时间：2018-02-24 15:02

本文关键词： 环境保护上市公司投资效率实证研究　出处：《湖北工业大学》2015年硕士论文　论文类型：学位论文

【摘要】：当前经济发展进入新常态,经济发展方式从规模速度型粗放增长转向质量效率型集约增长。政府更加注重产业结构优化,倡导生态文明建设、绿色低碳循环发展。新兴环保产业作为我国朝阳产业,其发展是转变经济发展方式、优化经济结构的重要实践。投资活动是企业的资源配置行为,经理人的投资策略体现在资产负债表的左边,投资结果反映在利润表上。经理人选择适合于企业的投资策略有利于提高投资效率,增加企业价值。本文由企业利润回溯到经理人投资过程的各个节点,考察企业获利来源,将资产负债表的左边与企业利润表联系起来,分析资产投入与产出的对比关系,旨在检验国内环保上市公司经理人运营管理公司、配置内部资源的投资效率,有助于考察、评定公司经理人投资运营能力。从同花顺数据库中搜集2008-2013年年度财务报告数据,以国内沪深A股35家狭义环境保护类上市公司为研究对象,整理形成表示企业绩效、资产结构的面板数据,拟定流动资产及流动资产结构与企业绩效关系的研究假设、非流动资产与非流动资产结构与企业绩效的研究假设,采用逐步回归方法构建环保企业流动资产投资效率检验模型、流动资产配置效率检验模型、非流动资产投资效率模型和非流动资产配置效率模型,使用EVIEWS7.0软件选定固定效应变截距模型得出实证结果。实证表明:流动资产与加权平均ROE的正U性关系印证了现存环保类上市公司通行的BOT经营模式,流动资产的运营管理是考察公司经理人投资运营能力的关键;应收账款和存货对加权平均ROE的正贡献效应说明流动资产中应收账款和存货的是环保企业获利的主要渠道,经理人制定合理的信用政策与存货管控政策是公司经营的着重点和着眼点;环保类上市公司非流动资产与加权平均ROE的负相关关系,与环保上市公司偏好保守型资产结构模式一致,但经理人对非流动资产的投资仍不合理,投资效率较低;固定资产和在建工程对加权平均ROE的负贡献效应暗示非流动资产中固定资产和在建工程运营管理是考察公司经理人投资效率的重要方面。结合描述性分析及实证分析,提出了有关公司和行业投资、运营决策等方面的建议,为投资者评定经理人经营管理能力提供参考,同时对我国环保行业健康发展提供可行性参考依据。
[Abstract]:The current economic development has entered the new normal, and the mode of economic development has shifted from extensive growth of scale and speed to intensive growth of quality and efficiency. The government pays more attention to the optimization of industrial structure and advocates the construction of ecological civilization. Green low-carbon cycle development. As a sunrise industry in China, the development of new environmental protection industry is an important practice to change the mode of economic development and optimize the economic structure. The manager's investment strategy is reflected on the left of the balance sheet, and the investment result is reflected in the income statement. In this paper, the enterprise profit is traced back to each node of the manager's investment process, the source of the enterprise's profit is investigated, the left side of the balance sheet is connected with the enterprise's income statement, and the comparative relationship between the asset input and the output is analyzed. The purpose of this paper is to test the managers' operating and management companies of the domestic environmental protection listed companies, to allocate the investment efficiency of the internal resources, and to help investigate and evaluate the investment and operation ability of the managers of the companies, and to collect the annual financial report data from Tonghuashun database for the period of 2008-2013. Taking 35 narrow environmental protection listed companies of Shanghai and Shenzhen A shares as the research object, the paper forms the panel data to express the enterprise performance and asset structure, and formulates the research hypotheses of the relationship between the current assets and the current asset structure and the enterprise performance. Based on the hypothesis of the structure of non-current assets and the structure of non-current assets and the performance of enterprises, the paper uses the method of stepwise regression to construct the testing model of investment efficiency of current assets of environmental protection enterprises, and the model of testing efficiency of allocation of current assets. Non-current assets investment efficiency model and non-current asset allocation efficiency model, Using EVIEWS7.0 software to select fixed effect variable intercept model, the empirical results show that the positive U relationship between current assets and weighted average ROE confirms the existing BOT business model of environmental protection listed companies. The positive contribution of accounts receivable and inventory to weighted average ROE shows that accounts receivable and inventory in current assets are the main channels for environmental protection enterprises to make profits. Managers make reasonable credit policy and inventory control policy is the focus of the company management, environmental protection listed companies with non-current assets and weighted average ROE negative correlation, It is consistent with the environmental protection listed companies' preference for conservative asset structure, but the managers' investment in non-current assets is still unreasonable and the investment efficiency is low. The negative contribution effect of fixed assets and construction projects in progress to weighted average ROE implies that fixed assets and operation management of construction projects in non-current assets are important aspects to investigate the investment efficiency of company managers. Some suggestions on investment and operation decision of companies and industries are put forward to provide reference for investors to assess managers' management ability and to provide a feasible reference basis for the healthy development of environmental protection industry in China.
【学位授予单位】：湖北工业大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：X324;F275

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