终极控制权结构对上市公司投资行为的影响研究

发布时间：2017-12-28 08:44

本文关键词：终极控制权结构对上市公司投资行为的影响研究　出处：《华东师范大学》2017年博士论文　论文类型：学位论文

【摘要】：在上市公司的生产经营活动中,投资决策行为是决定它的价值和发展前景的重要因素之一,投资质量的好坏直接影响到上市公司的成长发展前景以及未来现金流的增长。因为投资可以将公司治理结构与价值有效的结合起来,所以通过对上市公司的投资行为和效果的悉知,可以在理论和实务方面指导预测上市公司的业绩价值或对已公布的价值进行分析。在中国,因为种种历史因素的存在,资本市场发展还不够完全。在我国资本市场不断发展的前提下,我国的上市公司都普遍存在非理性投资,所以研究上市公司的投资规模和投资质量的影响因素具有重要的现实意义。本文目标是探究终极产权对投资行为的影响,我们将投资行为分为投资规模和投资质量两个维度分别讨论。将投资规模的影响因素加入到Vogt模型和扩展模型中作为控制变量,探究终极控制权、现金流权和终极控制权与现金流权的分离程度这三个变量对投资规模的影响;同时将投资质量的影响因素加入到多元回归模型中作为控制变量,因为他们之间存在较高的相关性,我们引入了岭回归的方法估计分析终极产权变量对投资质量的影响。本文在理论模型和假设准备基础上,采取筛选后的我国2012年～2014年A股上市公司3042个数据做实证研究,研究得到的主要结论有:(1)我国上市公司具有较强的投资现金流敏感性,投资与现金流之间存在显著的正相关关系。(2)终极控股股东控制权与企业投资规模呈正相关关系,终极控股股东的现金流权与控制权的分离程度与企业投资规模之间也是显著正相关,而现金流权与上市公司的投资规模呈显著的负相关关系。(3)终极控股股东控制权与企业投资质量呈负相关关系,终极控股股东的现金流权与控制权的分离程度与企业投资质量也是显著负相关,而现金流权与上市公司的投资质量呈显著的正相关关系。据此,本文从宏观和微观角度提出了相关建议:宏观而言,1)完善法制建设,强化法律保护关注意识,完善投资者利益的法律保护,从法律方面对控股股东侵占中小股东利益行为明令禁止,从法规制度上监督并惩罚利益侵占行为。2)大力发展资本市场,提高金融保障机制,适当放低企业上市的门槛,在市场准入降低之后更多的企业才能通过上市获取更多资金,大力发展公司业务与此同时我国应该加快银行体制改革,减少政府对银行业务的干预,放宽借款利率波动的幅度。微观来说,1)上市公司应增加投资规模和提高投资质量,可以适当增加其融资负债水平和提高自身技术的先进性来适当增加投资规模,可以通过改善投资经营管理制提高投资质量,从而使投资高效地进行。2)规范董事会建设,首先,改善董事长和总经理两职位设置情况,实现真正意义上的两职分离;其次,建立以董事会为代表的充分务实的高管层约束体系;最后,要完善经理人任用机制。
[Abstract]:In the production and operation activities of listed companies, investment decision making is one of the important factors that determine its value and development prospects. The quality of investment directly affects the growth and development prospects of listed companies and the growth of future cash flows. Because investment can effectively integrate corporate governance structure and value. Therefore, knowing the investment behavior and effect of listed companies can guide the prediction of the performance value of Listed Companies in theory and practice and analyze the published value. In China, because of the existence of various historical factors, the development of the capital market is not enough. Under the premise of the continuous development of China's capital market, there are irrational investments in China's listed companies. Therefore, it is of great practical significance to study the factors affecting the scale of investment and the quality of investment of listed companies. The aim of this paper is to explore the effect of ultimate property right on investment behavior. We divide the investment behavior into two dimensions, the scale of investment and the quality of investment respectively. The factors that influence the scale of investment is added to the Vogt model and the extended model as control variables, explore the impact of ultimate control rights, cash flow rights and control rights of the ultimate flow separation degree of right and cash these three variables on the scale of investment; influence factors and the quality of investment into the multiple regression model as control variables because, there is a high correlation between them, we introduce the method of ridge regression analysis of the influence of ultimate ownership variables on the quality of investment estimation. Based on the theoretical model and assumptions are based on, take after screening in China in 2012 to do empirical research on 2014 A shares of listed companies 3042 data, the main conclusions are: (1) Chinese listed companies with strong investment cash flow sensitivity, there is a significantly positive relationship between investment and cash flow. (2) the ultimate controlling shareholders and corporate investment are positively related, the separation between the degree and the enterprise ultimate controlling shareholder's cash flow rights and control rights is positively related to the scale of investment, investment scale is the cash flow rights of listed companies with a significant negative correlation. (3) there is a negative correlation between the ultimate controlling shareholder's control right and the quality of corporate investment. The separation of cash flow right and control right of ultimate controlling shareholder is also negatively correlated with the quality of corporate investment, while cash flow right has a significant positive correlation with the quality of investment of listed companies. Accordingly, this paper puts forward some relevant suggestions from macro and micro perspectives: macro, 1) improve the legal system, strengthening the legal protection awareness, improve legal protection of the interests of the investors, banned the Controlling Shareholders Expropriation of small shareholders behavior from the legal aspects, from the laws and regulations on the supervision and punishment of expropriation. 2) to develop the capital market, improve the financial guarantee mechanism, proper low threshold of listed companies, listed more money after the market access reduced by more and more enterprises to develop the company's business at the same time, China should speed up the reform of banking system, reduce government intervention in the banking business, the relaxation of loan interest rate volatility. The micro, 1) listed companies should increase investment and improve the quality of investment, may be appropriate to increase its debt financing level and appropriate to increase the scale of investment to improve its advanced technology, can improve the investment management system to improve the quality of investment, thus making investment efficiently. 2) standardize the construction of the board of directors. First, improve the position of the two positions of the chairman and the general manager, and achieve the separation of two duties in a real sense. Secondly, establish a fully practical and practical top management system that is represented by the board of directors, and finally, improve the manager appointment mechanism.
【学位授予单位】：华东师范大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F275;F832.51

【相似文献】