本文選題：重污染行業(yè) + 資本成本�。� 參考：《蘭州商學(xué)院》2011年碩士論文

【摘要】：投資決策是社會(huì)經(jīng)濟(jì)正常運(yùn)行,企業(yè)實(shí)現(xiàn)資本增值的重要途徑和手段。我國(guó)國(guó)有參(控)股的上市公司占全部上市公司的絕大多數(shù),已成為我國(guó)資本市場(chǎng)的中堅(jiān)力量。在上市公司中,重污染行業(yè)屬國(guó)有資本較集中的行業(yè),這些行業(yè)的投資狀況,直接決定著我國(guó)經(jīng)濟(jì)平穩(wěn)運(yùn)行和形成節(jié)約資源,保護(hù)生態(tài)環(huán)境的產(chǎn)業(yè)結(jié)構(gòu)。本文運(yùn)用經(jīng)濟(jì)學(xué)和管理學(xué)等相關(guān)知識(shí)和理論,以資本成本與投資回報(bào)率為兩條主線,對(duì)上市公司重污染行業(yè)的投資效率進(jìn)行估量并分析其成因,在此基礎(chǔ)上對(duì)如何使我國(guó)經(jīng)濟(jì)發(fā)展中資本流向不符合市場(chǎng)原則運(yùn)行的現(xiàn)狀提出一些政策建議。 文章首先概述了我國(guó)宏觀經(jīng)濟(jì)發(fā)展現(xiàn)狀,并在國(guó)內(nèi)外資本成本與投資回報(bào)率相關(guān)理論研究的基礎(chǔ)上,運(yùn)用修正后的Fama和French內(nèi)部報(bào)酬率方法,計(jì)算了滬深兩市1990-2007年間A股上市公司整體、重污染行業(yè)和重污染行業(yè)各子行業(yè)的價(jià)值內(nèi)部報(bào)酬率(資本成本)和成本內(nèi)部報(bào)酬率(投資回報(bào)率)。研究發(fā)現(xiàn)：在成本內(nèi)部報(bào)酬率(投資回報(bào)率)水平相近的情況下,重污染行業(yè)的資本成本為17.56%,高于13.76%的上市公司整體行業(yè)資本成本。重污染行業(yè)的投資效率為4.36%,低于7.35%的上市公司整體行業(yè)投資效率。 然后,針對(duì)我國(guó)上市公司重污染行業(yè)高資本成本現(xiàn)象和我國(guó)經(jīng)濟(jì)發(fā)展中資本流向不符合市場(chǎng)原則的原因進(jìn)行分析。通過(guò)對(duì)重污染行業(yè)整體和各子行業(yè)的資本結(jié)構(gòu)研究分析發(fā)現(xiàn)其杠桿率普遍高于整體行業(yè)水平,運(yùn)營(yíng)資本的來(lái)源對(duì)短期借款和長(zhǎng)期借款的依賴程度也高于整體行業(yè)。造成上市公司中重污染行業(yè)側(cè)重于債權(quán)融資的主要原因本文認(rèn)為是我國(guó)市場(chǎng)化進(jìn)程尚未結(jié)束,以及由此造成的政府干預(yù)和銀行金融體制中的債務(wù)軟約束。從投資效率可以看出,滬深A(yù)股的上市公司中重污染行業(yè)并不是高效率的行業(yè)。在現(xiàn)實(shí)中卻能夠得到發(fā)展和擴(kuò)張所需的資本,而不是按照市場(chǎng)原則被淘汰。這一現(xiàn)象與資本市場(chǎng)中社會(huì)資本流向所反映的投資預(yù)期并不相符。低效率行業(yè)沒有遵循市場(chǎng)優(yōu)勝劣汰的規(guī)則退出市場(chǎng)競(jìng)爭(zhēng)在于市場(chǎng)體系中不發(fā)達(dá)的要素市場(chǎng)和高退出壁壘增強(qiáng)了資產(chǎn)的專用性。 最后,對(duì)我國(guó)經(jīng)濟(jì)發(fā)展中資本流向不符合市場(chǎng)原則運(yùn)行的現(xiàn)狀提出以市場(chǎng)化改革和提升企業(yè)創(chuàng)新能力為主的政策建議。
[Abstract]:Investment decision is an important way and means for social economy to run normally and enterprises to realize capital increment. The listed companies of state-owned ginseng (controlled) shares account for the majority of all listed companies and have become the backbone of our capital market. Among the listed companies, heavy pollution industries belong to the industries with concentrated state-owned capital. The investment status of these industries directly determines the smooth operation of our economy and the formation of the industrial structure of saving resources and protecting the ecological environment. Based on the relevant knowledge and theories of economics and management, this paper, taking the capital cost and the return on investment as the two main lines, estimates the investment efficiency of the heavily polluted industries of listed companies and analyzes its causes. On this basis, some policy suggestions are put forward on how to make the current situation of capital flow in China's economic development not in accordance with the market principle. Firstly, the article summarizes the present situation of China's macroeconomic development. On the basis of the theoretical research on the cost of capital and the return on investment at home and abroad, and using the modified internal return method of Fama and French, this paper calculates the whole of A-share listed companies in Shanghai and Shenzhen stock markets from 1990 to 2007. The internal rate of return (capital cost) and internal rate of return (rate of return on investment) of each sub-industry of heavy pollution industry and heavy pollution industry. It is found that the capital cost of heavy pollution industry is 17.56, which is higher than that of 13.76% of listed companies under the condition of similar internal return on cost (ROI). The investment efficiency of heavy pollution industries is 4.36%, which is lower than 7.35% of listed companies. This paper analyzes the reasons for the high cost of capital in the heavy pollution industry of listed companies in China and the fact that the capital flow in the economic development of our country does not conform to the market principle. It is found that the leverage ratio of the heavily polluted industry is higher than that of the whole industry, and the dependence of working capital on short-term and long-term borrowing is higher than that of the whole industry. The main reason why the heavy pollution industry of listed companies focuses on debt financing is that the marketization process of our country is not over and the government intervention and the soft restraint of debt in the banking financial system. From the investment efficiency, Shanghai and Shenzhen A-share listed companies heavy pollution industry is not an efficient industry. In reality, the capital needed for development and expansion can be obtained, rather than eliminated in accordance with market principles. This phenomenon does not accord with the investment expectation reflected by the social capital flow in the capital market. Inefficient industries do not follow the rules of market survival of the fittest to withdraw from market competition because the underdeveloped factor market in the market system and high exit barriers enhance the specificity of assets. To the current situation that the capital flow direction does not accord with the market principle in the economic development of our country, this paper puts forward some policy suggestions which focus on the market-oriented reform and the promotion of the innovation ability of the enterprises.
【學(xué)位授予單位】：蘭州商學(xué)院
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2011
【分類號(hào)】：F275;X196

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本文編號(hào)：2005598