【摘要】：現(xiàn)而今，經(jīng)濟成長速度超快，這最主要作用是投資行為，該行推動的結(jié)果。企業(yè)在資源和銷售需求都不受限制時，若企業(yè)的投資支出超過了一定的“度”，那么市場經(jīng)濟就會產(chǎn)生“過熱”問題，這就會表現(xiàn)為過度投資。過度投資行為，會使得超額的生產(chǎn)能力和盈利能力下降，且這些都會出現(xiàn)在企業(yè)的非主營業(yè)務(wù)里。這會造成一個資源分配不合理的財務(wù)風(fēng)險，也會導(dǎo)致該公式的經(jīng)濟增長能力下降，當(dāng)然，人力資源問題也會出現(xiàn)。國有控股上市公司作為一個特殊的公司，其投資行為是否和非國有控股一樣，其影響因素都有哪些，且是否和非國有控股的影響因素一樣，這都是很有研究意義的。 本文借著國外學(xué)者最新投資行為的探討結(jié)論，參考一些國內(nèi)投資的相關(guān)理論，將目標(biāo)鎖定在引起投資過度行為的因素，，角度去考慮和提出相關(guān)假設(shè)，然后運用SPSS17.0和EXCEL2003統(tǒng)計軟件，選取了國有控股上市公司2008-2010三年的財務(wù)報告相關(guān)數(shù)據(jù)，建立回歸模型，利用描述性統(tǒng)計、主成份分析和回歸分析檢驗得出了如下結(jié)論： （1）自由現(xiàn)金流和過度投資，二者是同方向變動。即前者量多，后者發(fā)生就越頻繁。（2）在本文的樣本研究中得出，債務(wù)融資對投資行為的抑制作用，不分國有控股或是非國有控股，作用一樣。（3）股權(quán)集中和過度投資，一樣是同方向變動，即前者的度越高，后者產(chǎn)生的次數(shù)也就越多，且不易控制。（4）該篇增加參考了額外的兩個因素，即產(chǎn)品市場競爭和政府干預(yù)。且對于第一個因素而言，它與被解釋變量同方向變動；再看后者，它與被解釋變量就沒有關(guān)系，即它的變動不會造成任何行為的發(fā)生。
[Abstract]:Now, the economy is growing very fast, the main role of which is investment behavior, the result of the bank's push. When the resources and sales demand are not restricted, if the investment expenditure exceeds a certain degree, then the market economy will have the problem of "overheating", which will be shown as overinvestment. Excessive investment will reduce the excess production capacity and profitability, and these will appear in the non-main business of the enterprise. This creates a financial risk of an unreasonable allocation of resources, and also leads to a decline in the economic growth capacity of the formula, as well as a human resource problem. As a special company, whether the investment behavior of the state-owned holding listed company is the same as that of the non-state-owned holding company, what are the influencing factors, and whether it is the same as the non-state-owned holding company, this is of great significance. Based on the conclusion of the latest investment behavior of foreign scholars, and referring to some relevant theories of domestic investment, this paper focuses on the factors leading to excessive investment behavior, and puts forward the relevant assumptions from the perspective of SPSS 17.0 and excel 2003 statistical software. This paper selects the relevant data of the financial reports of the state-owned holding listed companies for three years from 2008 to 2010, establishes a regression model, and draws the following conclusions by using descriptive statistics, principal component analysis and regression analysis: (1) Free cash flow and overinvestment; The two are changing in the same direction. That is, the former quantity is more, the latter happens more frequently. (2) in the sample study of this paper, the effect of debt financing on investment behavior is the same, regardless of state-owned holding or non-state-owned holding. (3) Equity concentration and overinvestment. The same change is in the same direction, that is, the higher the degree of the former, the more the frequency of the latter will be, and it is difficult to control. (4) the article adds two additional factors, namely, product market competition and government intervention. For the first factor, it changes in the same direction as the explained variable; then, the latter has nothing to do with the explained variable, that is, it does not cause any behavior.
【學(xué)位授予單位】：遼寧大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F276.1;F832.51;F275;F224

【參考文獻】

相關(guān)期刊論文 前10條

1 呂峻;;政府干預(yù)和治理結(jié)構(gòu)對公司過度投資的影響[J];財經(jīng)問題研究;2012年01期

2 辛清泉;林斌;;債務(wù)杠桿與企業(yè)投資:雙重預(yù)算軟約束視角[J];財經(jīng)研究;2006年07期

3 徐曉東;張?zhí)煳?;公司治理、自由現(xiàn)金流與非效率投資[J];財經(jīng)研究;2009年10期

4 樊澎濤;;企業(yè)過度投資研究綜述[J];財會通訊;2010年06期

5 梁光紅;龔蜜;;企業(yè)過度投資國內(nèi)外文獻綜述[J];財會通訊;2011年36期

6 王渝;;我國上市公司過度投資行為的動機探討[J];當(dāng)代經(jīng)濟;2008年10期

7 胡建平;干勝道;;錢多辦“壞”事:自由現(xiàn)金流量與過度投資[J];當(dāng)代財經(jīng);2007年11期

8 李楓;楊興全;;債務(wù)融資、債務(wù)結(jié)構(gòu)與公司過度投資行為——來自我國上市公司的經(jīng)驗證據(jù)[J];大連理工大學(xué)學(xué)報(社會科學(xué)版);2008年04期

9 文守遜,楊武;不對稱信息下短視代理人的投資行為[J];重慶大學(xué)學(xué)報(自然科學(xué)版);2003年07期

10 何源;白瑩;文翹翹;;負債融資、大股東控制與企業(yè)過度投資行為[J];系統(tǒng)工程;2007年03期

相關(guān)博士學(xué)位論文 前1條

1 劉志強;產(chǎn)品市場競爭與投資者法律保護研究[D];華中科技大學(xué);2009年

本文編號：2121669