本文選題：房地產(chǎn)企業(yè) + 上市公司�。� 參考：《西南交通大學(xué)》2013年碩士論文

【摘要】：自Jensen(1986)提出自由現(xiàn)金流假說以來,對(duì)企業(yè)的過度投資問題的研究成為了學(xué)術(shù)界的熱點(diǎn)。學(xué)者們基于委托代理、信息不對(duì)稱、融資約束等的視角對(duì)企業(yè)過度投資問題進(jìn)行研究,但從宏觀因素角度出發(fā)研究的卻較少,并且研究結(jié)果都表明自由現(xiàn)金流是造成企業(yè)過度投資問題的主要原因。當(dāng)前我國(guó)房地產(chǎn)發(fā)展過快并出現(xiàn)了諸多問題,對(duì)房地產(chǎn)的研究也逐漸成為了學(xué)術(shù)界的研究熱點(diǎn)。因此,本文在總結(jié)前人的研究結(jié)果后,選用房地產(chǎn)上市公司2007-2010年的數(shù)據(jù)為研究樣本,從宏觀因素影響房地產(chǎn)過度投資的角度出發(fā),并選擇Richardson(2006)提出的預(yù)期投資模型,檢驗(yàn)我國(guó)房地產(chǎn)上市企業(yè)的過度投資的存在性,并探索了利率、房地產(chǎn)價(jià)格等因素對(duì)房地產(chǎn)企業(yè)過度投資的影響,同時(shí)研究了過度投資對(duì)房地產(chǎn)企業(yè)造成的內(nèi)在影響。 本研究主要分為四個(gè)部分,第一部分為緒論,介紹了房地產(chǎn)業(yè)在我國(guó)經(jīng)濟(jì)發(fā)展中的重要性、房地產(chǎn)投資的特征及房地產(chǎn)過度投資現(xiàn)象。第二部分為研究綜述,總結(jié)了前人研究過度投資問題時(shí)的理論視角與研究模型。第三部分是實(shí)證部分,首先檢驗(yàn)了房地產(chǎn)企業(yè)過度投資的存在性,接著研究了過度投資的影響因素及過度投資對(duì)企業(yè)造成的內(nèi)在影響。第四部分是結(jié)論,總結(jié)了本研究的結(jié)果。在前人研究的理論基礎(chǔ)之上,本文經(jīng)過實(shí)證分析后,研究發(fā)現(xiàn)我國(guó)房地產(chǎn)上市產(chǎn)企業(yè)存在較為嚴(yán)重的過度投資行為,其中存在過度投資行為的樣本企業(yè)占總樣本數(shù)的53.7%,并且過度投資的樣本數(shù)量逐年增加。接著,本文進(jìn)一步探索了過度投資的影響因素。結(jié)果發(fā)現(xiàn),企業(yè)的自由現(xiàn)金確實(shí)是導(dǎo)致過度投資的重要因素,自由現(xiàn)金流越充裕,房地產(chǎn)企業(yè)發(fā)生過度投資行為的概率就越大。另外,房?jī)r(jià)的上漲也顯著的增加了企業(yè)過度投資的概率,不過這種影響存在滯后性,利率的上漲在一定程度上能夠抑制企業(yè)過度投資發(fā)生的概率。研究還發(fā)現(xiàn)過度投資行為給房地產(chǎn)企業(yè)造成了嚴(yán)重的經(jīng)濟(jì)影響,其顯著降低了企業(yè)的獲利能力和償債能力。
[Abstract]:Since the hypothesis of free cash flow was put forward by Jensenn (1986), the research on the overinvestment of enterprises has become a hot topic in academic circles. Scholars based on the perspective of principal-agent, information asymmetry, financing constraints and so on to study the problem of excessive investment in enterprises, but from the perspective of macro factors, less research, The results show that free cash flow is the main cause of overinvestment. At present, the development of real estate in our country is too fast and many problems have appeared, and the research on real estate has gradually become a hot spot in academic circles. Therefore, after summing up the previous research results, this paper selects the data of real estate listed companies from 2007-2010 as the research sample, from the perspective of macro factors affecting the overinvestment of real estate, and chooses the expected investment model proposed by Richardson's 2006). This paper examines the existence of overinvestment in Chinese real estate listed enterprises, and probes into the influence of interest rate, real estate price and other factors on the overinvestment of real estate enterprises. At the same time, it studies the inherent influence of overinvestment on real estate enterprises. This research is divided into four parts. The first part is the introduction, which introduces the importance of real estate industry in the economic development of our country, the characteristics of real estate investment and the phenomenon of real estate overinvestment. In the second part, the author summarizes the theoretical perspective and research model of overinvestment. The third part is the empirical part, which first tests the existence of overinvestment in real estate enterprises, and then studies the influencing factors of overinvestment and the inherent influence of overinvestment on enterprises. The fourth part is the conclusion, summarizes the results of this study. On the basis of the previous studies, this paper, after empirical analysis, found that there are serious overinvestment behaviors in the listed enterprises of real estate in our country. Among them, the sample enterprises with overinvestment behavior account for 53.7% of the total sample number, and the number of overinvestment samples increases year by year. Then, this article further explores the influence factors of excessive investment. The results show that the free cash is an important factor leading to overinvestment. The more abundant the free cash flow, the greater the probability of overinvestment in real estate enterprises. In addition, the rise of house prices also significantly increases the probability of overinvestment, but this impact has a lag, interest rate increases to a certain extent can restrain the probability of overinvestment. The study also found that overinvestment has a serious economic impact on real estate enterprises, which significantly reduces their profitability and solvency.
【學(xué)位授予單位】：西南交通大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F299.233.4;F224

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