兰花科创公司过度投资问题研究

发布时间：2018-02-13 02:01

本文关键词： 过度投资负债融资自由现金流兰花科创公司　出处：《兰州财经大学》2017年硕士论文　论文类型：学位论文

【摘要】：改革开放以来,我国的经济发展日新月异,全社会长期资产投资支出占GDP总额的比例逐年增加,但是在这样经济繁荣的背景下,也存在着投资效率低下的现象。有些学者已指出,非效率的投资行为已然影响到我国许多上市公司的经营业绩与企业价值。近些年来,由过度投资引起的产能过剩广泛存在于我国煤炭、钢铁等行业,企业盲目扩大投资规模是产生这些现象的主要原因。在市场经济条件下,投资行为是企业生产经营的核心内容、是企业创造现金流量、增加市场价值的源动力。而煤炭行业对我国的经济发展极其重要,由过度投资引起的一系列的经济后果制约着我国市场经济的健康发展。因此研究煤炭企业的投资行为,分析企业过度投资的原因及后果,这对提高煤炭企业的投资效率、提升企业价值具有重要的现实意义。文章将选取煤炭行业兰花科创公司为例。首先,从国内外不同的角度搜索了关于过度投资的内涵、引起过度投资的原因以及过度投资造成的后果。之后在相关理论的基础上,先是分析了兰花科创公司的历年投资情况,并且根据汉克尔和李凡特计算投资效率的方法得出该公司存在投资过度的行为;其次是分析了导致兰花科创公司过度投资的原因,分别是政府资金及政策上的支持、市场竞争变化、企业自由现金流、管理层过度自信和负债的影响所致。过度投资行为给兰花科创公司带来了一定的负面影响,包括该公司的盈利能力、发展能力和经营业绩等都有所下降。最后本文从五个方面提出了抑制企业过度投资的策略,这将有助于改善煤炭行业的投资行为,促进我国煤炭产业的健康发展。
[Abstract]:Since the reform and opening up, the economy of our country has been developing with each passing day. The proportion of long-term asset investment expenditure in total GDP has been increasing year by year. However, under the background of economic prosperity, Some scholars have pointed out that inefficient investment behavior has affected the operating performance and enterprise value of many listed companies in China. Overcapacity caused by overinvestment exists widely in coal, steel and other industries in China. The main reason for these phenomena is that enterprises blindly expand their investment scale. Under the condition of market economy, investment behavior is the core content of enterprises' production and operation. It is the source power for enterprises to create cash flow and increase market value. And the coal industry is extremely important to the economic development of our country. A series of economic consequences caused by overinvestment restrict the healthy development of China's market economy. Therefore, to study the investment behavior of coal enterprises and analyze the causes and consequences of overinvestment, this will improve the investment efficiency of coal enterprises. It is of great practical significance to promote the value of enterprises. This article will select Orchid Co., Ltd in coal industry as an example. First of all, it searches for the connotation of overinvestment from different angles at home and abroad. The causes of overinvestment and the consequences of overinvestment. Then, on the basis of relevant theories, we first analyzed the past years of investment of the orchid family Chuang Company. And according to Hankel and Livant's method of calculating investment efficiency, it is concluded that the company has overinvestment behavior. Secondly, it analyzes the causes of overinvestment of Orchid Coche Company, which is supported by government funds and policies, respectively. Changes in market competition, free cash flow, management overconfidence and the impact of debt. Overinvestment has had a negative impact on Orchid Coche, including its profitability. Finally, this paper puts forward the strategy of restraining the overinvestment of enterprises from five aspects, which will help to improve the investment behavior of coal industry and promote the healthy development of China's coal industry.
【学位授予单位】：兰州财经大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F426.21;F406.7

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