【摘要】：在公司最重要的財(cái)務(wù)決策之一就是投資決策,它主要包括資金的融通以及之后的配置效率,對(duì)企業(yè)的發(fā)展和經(jīng)營(yíng)有著很重要的作用,一直以來(lái)都受到實(shí)業(yè)界、經(jīng)濟(jì)學(xué)家和財(cái)務(wù)學(xué)家的關(guān)注。投資決策作為公司財(cái)務(wù)決策的基礎(chǔ)直接影響股利決策和融資決策并且作為公司能夠穩(wěn)步發(fā)展的動(dòng)力以及公司未來(lái)現(xiàn)金流量能夠不斷增長(zhǎng)的基本推動(dòng)力,不斷影響著公司的經(jīng)營(yíng)效益以及將要面對(duì)的各種風(fēng)險(xiǎn),以及資本市場(chǎng)對(duì)其的評(píng)價(jià)。 我國(guó)上市公司的投資效率和行為在很大程度上受到外界環(huán)境的影響,那是因?yàn)槲覈?guó)的資本市場(chǎng)與發(fā)達(dá)國(guó)家相比屬于新興市場(chǎng),在很多方面都有待改進(jìn)。我國(guó)的上市公司普遍存在大股東控制的現(xiàn)象,這些大股東經(jīng)常利用自己的控制權(quán)從而制定一些符合自己利益和意志的投資決策。盡管我國(guó)為了完善公司的治理結(jié)構(gòu)實(shí)行了股權(quán)分置改革,但是大股東控制的問(wèn)題卻依然沒(méi)用從根本上得到解決。與此同時(shí),我國(guó)資本市場(chǎng),尤其是股票市場(chǎng)大多投資者都沒(méi)有理性的投資理念,投機(jī)思想充斥了整個(gè)股票市場(chǎng),這使得上市公司的投資發(fā)展不能得到很好的監(jiān)督,投資行為呈現(xiàn)出短期化。在這種背景下,上市公司的投資效率普遍低下,并且其投資行為被嚴(yán)重扭曲。 鑒于以上原因,我們認(rèn)為研究上市公司的投資效率以及投資行為已經(jīng)迫在眉睫。因此,本文從公司治理出發(fā),將定量分析和定性分析兩種方法相結(jié)合,來(lái)研究我國(guó)上市公司的投資效率和投資行為特征,并在最后提出一些政策建議。本文的研究不論是對(duì)我國(guó)監(jiān)管機(jī)構(gòu)政策的制定、投資者的決策行為還是對(duì)上市公司的投資效率以及行為的研究,以及上市公司的可持續(xù)發(fā)展都有著非常重要的現(xiàn)實(shí)意義和理論價(jià)值。 本文的研究主要以計(jì)量分析為基礎(chǔ),來(lái)研究分析我國(guó)上市公司投資行為的分布特征和結(jié)構(gòu),以及從產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)、流動(dòng)性水平、治理結(jié)構(gòu)和融資行為四個(gè)主要因素對(duì)我國(guó)上市公司投資行為的影響,分析了企業(yè)業(yè)績(jī)和企業(yè)價(jià)值受企業(yè)投資行為的影響程度。本文的研究工作只要集中在以下三個(gè)方面： 首先,通過(guò)研究我國(guó)上市公司投資支出的分布特征以及支出結(jié)構(gòu),從多個(gè)視角分析了我國(guó)上市公司投資行為特點(diǎn),包括投資的時(shí)間特征、投資的構(gòu)成以及分布狀況,并在此基礎(chǔ)上研究了不同行業(yè)、不同年度以及不同規(guī)模的上市公司的投資的分布情況。研究結(jié)果表明：首先,低成長(zhǎng)性的公司其投資水平普遍低于高成長(zhǎng)性以及中成長(zhǎng)性的公司。這表明相對(duì)于低成長(zhǎng)性的公司,中高成長(zhǎng)性的公司通常擁有更好的投資機(jī)會(huì),并且在融資過(guò)程中更容易獲得資金以支持自身的發(fā)展壯大。其次,上市公司的投資行為在很大程度上受到公司控制權(quán)結(jié)果以及控股股東性質(zhì)的影響。最后,通過(guò)統(tǒng)計(jì)上市公司2005-2009年各個(gè)年度的投資支出的合并數(shù)據(jù)顯示上市公司新增投資水平比重是最大的,而攤銷和折舊占據(jù)較小的比重。 其次,從投資行為的企業(yè)價(jià)值效應(yīng)、自由現(xiàn)金流的微觀應(yīng)用以及投資行為的影響因素這三個(gè)方面深入分析了中國(guó)上市公司投資效率及投資行為。第四章研究了股權(quán)結(jié)構(gòu)、產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)、資產(chǎn)特性以及融資行為四大因素對(duì)上市公司投資行為的影響。主要結(jié)論有：第一,競(jìng)爭(zhēng)能力和經(jīng)營(yíng)風(fēng)險(xiǎn)與上市公司的總投資支出、增量投資水平、資本性投資支出之間具有顯著的正比例關(guān)系。第二,投資水平與資產(chǎn)流動(dòng)性之間存在反比例關(guān)系。第三,資本性投資支出和總投資與第一大股東持股比例之間存在正比例關(guān)系。第四,企業(yè)的投資水平與其融資規(guī)模之間存在正比例關(guān)系,融資規(guī)模越大企業(yè)投資水平也就越高。 最后,探討了提高上市公司投資效率以及規(guī)范化上市公司投資行為的方法,主要包括改善上市公司的治理結(jié)構(gòu)、加強(qiáng)對(duì)上市公司投資行為的外部控制和監(jiān)督、完善和強(qiáng)化我國(guó)上市公司信息披露機(jī)制。通過(guò)實(shí)行以上對(duì)策,不但可以提高上市公司的發(fā)展和競(jìng)爭(zhēng)能力更能為上市公司的發(fā)展提供一個(gè)較好的外部環(huán)境,從而使得上市公司的投資行為得到優(yōu)化,投資效率得到提升,最終提升上市公司的市場(chǎng)價(jià)值和經(jīng)營(yíng)業(yè)績(jī)。 本文的創(chuàng)新點(diǎn)主要包括以下兩個(gè)方面： 首先,從市場(chǎng)價(jià)值指標(biāo)、經(jīng)營(yíng)業(yè)績(jī)指標(biāo)這兩個(gè)指標(biāo)分析了我國(guó)上市公司企業(yè)市場(chǎng)價(jià)值和企業(yè)業(yè)績(jī)表現(xiàn)受到企業(yè)投資行為的影響程度,并且分析了我國(guó)上市公司的投資效率的特征。 其次,從產(chǎn)品市場(chǎng)競(jìng)爭(zhēng)、資產(chǎn)特性、股權(quán)結(jié)構(gòu)以及融資行為這四個(gè)全新的因素分析了我國(guó)的上市公司投資行為,并且構(gòu)建了綜合性的分析框架。
[Abstract]:Investment decision-making is one of the most important financial decisions in a company. It mainly includes the financing of capital and the efficiency of allocation after it. It plays an important role in the development and operation of an enterprise. It has always been concerned by the industrial circles, economists and financiers. Decision-making and financing decisions, as the driving force for the steady development of the company and the basic driving force for the continuous growth of the company's future cash flow, constantly affect the company's operating efficiency and the risks it will face, as well as the evaluation of the capital market.
The investment efficiency and behavior of Listed Companies in China are influenced by the external environment to a great extent, because the capital market of our country is an emerging market compared with developed countries and needs to be improved in many aspects. In order to improve the corporate governance structure in China, the problem of controlling large shareholders is still not solved fundamentally. At the same time, most investors in China's capital market, especially in the stock market, have no rational investment concept. In this context, the investment efficiency of listed companies is generally low, and their investment behavior is seriously distorted.
In view of the above reasons, we think it is imminent to study the investment efficiency and investment behavior of listed companies. Therefore, starting from corporate governance, this paper combines quantitative analysis with qualitative analysis to study the investment efficiency and investment behavior characteristics of Listed Companies in China, and finally puts forward some policy recommendations. The research is of great practical significance and theoretical value to the formulation of regulatory policies, the decision-making behavior of investors, the investment efficiency and behavior of listed companies, and the sustainable development of listed companies.
Based on econometric analysis, this paper studies and analyzes the distribution characteristics and structure of investment behavior of Listed Companies in China, and analyzes the impact of four main factors on investment behavior of Listed Companies in China: product market competition, liquidity level, governance structure and financing behavior. It also analyzes the impact of enterprise performance and enterprise value on investment behavior of listed companies in China. The study of this paper focuses on the following three aspects:
Firstly, by studying the distribution characteristics and expenditure structure of investment expenditure of Listed Companies in China, this paper analyzes the characteristics of investment behavior of Listed Companies in China from various perspectives, including the time characteristics of investment, the composition and distribution of investment, and on this basis, studies the investment of Listed Companies in different industries, different years and different sizes. The results show that: firstly, the investment level of low-growth companies is generally lower than that of high-growth and medium-growth companies. Secondly, the investment behavior of listed companies is largely influenced by the results of corporate control and the nature of controlling shareholders. Finally, the merger data of investment expenditure of Listed Companies in 2005-2009 show that the proportion of new investment is the largest, while amortization and depreciation account for a small proportion. It's heavy.
Secondly, this paper analyzes the investment efficiency and investment behavior of Chinese listed companies from three aspects: the enterprise value effect of investment behavior, the micro-application of free cash flow and the influencing factors of investment behavior. The main conclusions are as follows: Firstly, there is a significant positive relationship between the competitiveness and operational risk and the total investment expenditure, incremental investment level and capital investment expenditure of listed companies. Fourthly, there is a positive proportional relationship between the level of investment and the scale of financing, and the larger the scale of financing, the higher the level of investment.
Finally, this paper discusses the ways to improve the investment efficiency and standardize the investment behavior of listed companies, mainly including improving the governance structure of listed companies, strengthening the external control and supervision of the investment behavior of listed companies, improving and strengthening the information disclosure mechanism of Listed Companies in China. The development and competitiveness of listed companies can provide a better external environment for the development of listed companies, so as to optimize the investment behavior of listed companies, improve the investment efficiency, and ultimately enhance the market value and operating performance of listed companies.
The innovations of this paper include the following two aspects:
Firstly, from the market value index and operating performance index, this paper analyzes the influence degree of the market value and performance of listed companies on the investment behavior of enterprises, and analyzes the characteristics of the investment efficiency of Listed Companies in China.
Secondly, this paper analyzes the investment behavior of Listed Companies in China from four new factors: product market competition, asset characteristics, ownership structure and financing behavior, and constructs a comprehensive analysis framework.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：博士
【學(xué)位授予年份】：2012
【分類號(hào)】：F832.51;F224

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