本文關(guān)鍵詞： 投資過度 投資不足 中國(guó)國(guó)有控股上市公司 非效率投資　出處：《山西財(cái)經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：隨著近些年我國(guó)國(guó)有控股上市公司改革推進(jìn)，其籌集到的資金使用效率也得到了各方的關(guān)注和重視。整體而言，世界各國(guó)普遍存在企業(yè)投資效率低下的問題。但是，我國(guó)企業(yè)投資效率低下的問題尤為突出，特別是國(guó)有控股上市公司由于大股東治理機(jī)制和負(fù)債融資“軟約束”機(jī)制的影響，其投資決策中過度投資和投資不足的問題十分突出。國(guó)外學(xué)術(shù)界對(duì)于企業(yè)投資效率的研究較早，從研究基礎(chǔ)理論到相關(guān)實(shí)證研究均較多。我國(guó)學(xué)術(shù)界對(duì)該課題的研究起步較晚，，目前研究中對(duì)國(guó)有控股上市公司投資效率的研究并不透徹，尚需進(jìn)一步完善。研究我國(guó)國(guó)有控股上市公司投資效率問題的現(xiàn)狀，并針對(duì)我國(guó)國(guó)有控股上市公司實(shí)際情況分析影響其投資效率的主要因素和對(duì)策措施，具有十分重要的意義。 全文劃分為4個(gè)部分。第一部分是緒論，界定了本文的研究對(duì)象，并闡述了本文的研究背景及意義、整體的研究思路和方法和本文的創(chuàng)新點(diǎn)。第二部分為國(guó)內(nèi)外學(xué)術(shù)界對(duì)投資效率問題研究的基礎(chǔ)理論闡述和相關(guān)研究文獻(xiàn)的回顧與評(píng)價(jià)。第三部分采用了實(shí)證分析與規(guī)范分析相結(jié)合的研究方法，以我國(guó)資本市場(chǎng)上市的大量國(guó)有控股上市公司為研究樣本，運(yùn)用EXCEL2007軟件，實(shí)證分析了我國(guó)國(guó)有控股上市公司的投資效率現(xiàn)狀；并且采用規(guī)范分析的研究方法分析了我國(guó)國(guó)有控股上市公司投資效率低下的兩方面影響因素。第四部分針對(duì)我國(guó)國(guó)有控股上市公司的實(shí)際和投資效率低下的原因，提出了提高我國(guó)國(guó)有控股上市公司投資效率的對(duì)策措施——健全公司投資決策的治理機(jī)制、強(qiáng)化債權(quán)治理及約束智能。 本文的特色與創(chuàng)新之處在于：系統(tǒng)的梳理了有關(guān)投資效率研究的基礎(chǔ)理論，包括信息不對(duì)稱理論、自由現(xiàn)金流假說、委托代理理論。系統(tǒng)地闡述了這些理論對(duì)于投資效率的影響和作用。將國(guó)內(nèi)外學(xué)術(shù)界的相關(guān)研究文獻(xiàn)做了系統(tǒng)的回顧和評(píng)價(jià)。選取我國(guó)資本市場(chǎng)上市的大量國(guó)有控股上市公司為研究樣本，通過其2006-2010年五年間的數(shù)據(jù)為基礎(chǔ)，分析了我國(guó)國(guó)有控股上市公司投資效率現(xiàn)狀。以實(shí)證研究結(jié)果為基礎(chǔ)指出了我國(guó)國(guó)有控股上市公司投資效率的主要影響因素（大股東治理的影響和負(fù)債融資的影響），并提出了相對(duì)應(yīng)的治理措施。本文的研究對(duì)于我國(guó)國(guó)有控股上市公司的投資決策優(yōu)化和投資效率提高具有積極作用。
[Abstract]:With the development of the reform of the state-owned holding listed companies in China in recent years, the efficiency of using the funds raised by them has also been paid attention to by all parties. As a whole, the investment efficiency of enterprises is generally low in the world. However, The problem of low investment efficiency of Chinese enterprises is particularly prominent, especially the influence of the governance mechanism of large shareholders and the "soft constraint" mechanism of debt financing of state-owned holding listed companies. The problems of overinvestment and underinvestment in investment decision-making are very prominent. Foreign academic circles have studied the efficiency of enterprise investment earlier, from the basic theory to the related empirical research. At present, the research on the investment efficiency of state-owned holding listed companies is not thorough and needs to be further improved. It is of great significance to analyze the main factors and countermeasures that affect the investment efficiency of the state-owned holding listed companies. The paper is divided into four parts. The first part is the introduction, defines the research object of this paper, and expounds the research background and significance of this paper. The second part is the review and evaluation of the basic theory of investment efficiency research in domestic and foreign academic circles and the related research literature. The third part adopts the empirical analysis. Research methods combined with normative analysis, Taking a large number of state-owned holding listed companies listed in China's capital market as the research sample, using EXCEL2007 software, the paper empirically analyzes the present situation of the investment efficiency of the state-owned holding listed companies in China. The paper also analyzes the two factors influencing the low investment efficiency of the state-owned holding listed companies by using the normative analysis method. Part 4th is aimed at the reasons of the low investment efficiency and the actual situation of the state-owned holding listed companies in China. This paper puts forward the countermeasures to improve the investment efficiency of the state-owned holding listed companies, that is, to perfect the governance mechanism of the company's investment decision, and to strengthen the governance of the creditor's rights and the intelligence of restraint. The characteristics and innovations of this paper lie in: systematically combing the basic theories of investment efficiency research, including information asymmetry theory, free cash flow hypothesis, Principal-agent theory. The influence and function of these theories on investment efficiency are systematically expounded. The relevant research literature of domestic and foreign academic circles is reviewed and evaluated systematically. A large number of state-owned enterprises listed in China's capital market are selected. Holding listed companies as research samples, Based on its data for the five-year period 2006-2010, This paper analyzes the present situation of the investment efficiency of the state-owned holding listed companies in China. Based on the empirical research results, the paper points out the main influencing factors (the influence of the governance of the large shareholders and the influence of debt financing) on the investment efficiency of the state-owned holding listed companies in China. The research in this paper has a positive effect on the optimization of investment decision and the improvement of investment efficiency of our country's state-owned holding listed companies.
【學(xué)位授予單位】：山西財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2012
【分類號(hào)】：F276.1;F832.51

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