本文選題：區(qū)域軟環(huán)境 + 投資效率　； 參考：《西南財(cái)經(jīng)大學(xué)》2014年碩士論文

【摘要】：區(qū)域軟環(huán)境因?yàn)槠溆行У馁Y源整合效應(yīng),已受到社會(huì)各界的廣泛關(guān)注。區(qū)域軟環(huán)境建設(shè)能很好的促進(jìn)區(qū)域經(jīng)濟(jì)的全面發(fā)展,為社會(huì)的可持續(xù)發(fā)展提供有利的環(huán)境基礎(chǔ)。作為市場(chǎng)經(jīng)濟(jì)的主體,企業(yè)的經(jīng)營(yíng)活動(dòng)無(wú)不受到所處區(qū)域環(huán)境的影響,民營(yíng)企業(yè)由于自身經(jīng)濟(jì)實(shí)力和社會(huì)背景相對(duì)較弱,其經(jīng)營(yíng)活動(dòng)更容易受到所處環(huán)境變化的影響。投資活動(dòng)作為企業(yè)經(jīng)營(yíng)活動(dòng)中的重要問(wèn)題之一,投資活動(dòng)的效率關(guān)系到企業(yè)的資本收益和發(fā)展?jié)摿?因此民營(yíng)企業(yè)的投資效率也很容易受到區(qū)域環(huán)境的影響。從實(shí)踐上看,盡管投資者已經(jīng)意識(shí)到在投資決策時(shí)應(yīng)考慮企業(yè)外部環(huán)境因素對(duì)投資效率的影響,政府也逐步認(rèn)識(shí)到營(yíng)造良好區(qū)域軟環(huán)境的重要性,但目前我國(guó)民營(yíng)企業(yè)仍普遍存在非效率投資行為。面對(duì)這樣的現(xiàn)實(shí)情況,筆者認(rèn)為探討區(qū)域軟環(huán)境及構(gòu)成要素對(duì)民營(yíng)企業(yè)投資效率的影響作用機(jī)制是十分必要的。這樣可以為企業(yè)制定投資決策時(shí)提供更多的參考依據(jù),幫助企業(yè)在日后的投資行為中,充分考慮區(qū)域軟環(huán)境的影響作用,采取更有效的投資計(jì)劃,獲取有利的環(huán)境資源優(yōu)勢(shì),盡量減少非效率投資行為的出現(xiàn),全面提升企業(yè)的投資效率,實(shí)現(xiàn)企業(yè)價(jià)值的全面提升。這樣也可以幫助我國(guó)政府充分認(rèn)識(shí)營(yíng)造區(qū)域軟環(huán)境工作的重要性,提升其制定相關(guān)政策的針對(duì)性,充分發(fā)揮政府在市場(chǎng)經(jīng)濟(jì)中的規(guī)范指導(dǎo)作用,減少社會(huì)資源的浪費(fèi)。 基于上述出發(fā)點(diǎn),本文以我國(guó)民營(yíng)上市公司所處不同地區(qū)的區(qū)域軟環(huán)境條件為切入點(diǎn),將區(qū)域軟環(huán)境分為制度環(huán)境、政務(wù)環(huán)境、市場(chǎng)人文環(huán)境、教育科技環(huán)境、金融服務(wù)環(huán)境,選取《中國(guó)分省企業(yè)經(jīng)營(yíng)環(huán)境指數(shù)報(bào)告》中的基礎(chǔ)數(shù)據(jù),進(jìn)行加工處理將民營(yíng)企業(yè)所處的區(qū)域軟環(huán)境情況用數(shù)據(jù)予以量化。運(yùn)用Richardson(2006)模型計(jì)算出殘差值衡量民營(yíng)上市公司的投資效率,參考國(guó)內(nèi)關(guān)于區(qū)域軟環(huán)境的實(shí)地案例研究和數(shù)據(jù)實(shí)證分析,結(jié)合國(guó)內(nèi)外學(xué)者對(duì)投資效率的深入研究,從理論解釋和實(shí)證分析兩方面入手探討區(qū)域軟環(huán)境體系及其各構(gòu)成因子對(duì)我國(guó)民營(yíng)上市公司投資效率的影響作用機(jī)制。從本文的研究中可以看出,區(qū)域軟環(huán)境及其體系構(gòu)成要素對(duì)民營(yíng)上市公司的投資效率具有顯著的正向影響作用,即上市公司所處區(qū)域軟環(huán)境條件越好,民營(yíng)上市公司投資效率越高。從出現(xiàn)非效率投資行為現(xiàn)象的數(shù)目來(lái)看,區(qū)域軟環(huán)境條件越好,處于該區(qū)域出現(xiàn)投資不足和投資過(guò)度行為的民營(yíng)上市公司越少。該研究結(jié)果表明,重視區(qū)域軟環(huán)境對(duì)民營(yíng)企業(yè)投資效率的影響,改善民營(yíng)上市公司所處區(qū)域軟環(huán)境有助于企業(yè)投資決策的有效執(zhí)行、投資效率的顯著提高,可以進(jìn)一步帶動(dòng)社會(huì)經(jīng)濟(jì)水平的整體提高。 從文章的整體情況來(lái)看,本文的主要貢獻(xiàn)體現(xiàn)在以下三個(gè)方面：一是在區(qū)域軟環(huán)境背景下研究民營(yíng)上市公司的投資效率,為相關(guān)問(wèn)題的研究提供一個(gè)嶄新的探討視角,使本文的研究結(jié)論對(duì)已有的相關(guān)研究成果起到補(bǔ)充和拓展作用。二是構(gòu)建了影響民營(yíng)上市公司投資效率的區(qū)域軟環(huán)境要素理論體系。該體系的構(gòu)建將從管理公司投資行為的視角出發(fā),系統(tǒng)性的總結(jié)了區(qū)域軟環(huán)境的相關(guān)理論概念,對(duì)日后進(jìn)行相關(guān)研究具有一定的借鑒意義。三是初步滿足揭示區(qū)域軟環(huán)境要素體系對(duì)民營(yíng)上市公司投資效率作用機(jī)制的需要。在本文研究中構(gòu)建了區(qū)域軟環(huán)境因素對(duì)企業(yè)投資效率影響機(jī)制的理論模型,該模型的建立和回歸結(jié)果能為企業(yè)和政府的相關(guān)實(shí)踐問(wèn)題提供合理有效的科學(xué)解釋,并具有一定的創(chuàng)新意義。
[Abstract]:Regional soft environment has attracted wide attention from all walks of life because of its effective resource integration effect. Regional soft environment construction can promote the overall development of regional economy and provide a favorable environment foundation for the sustainable development of the society. As the main body of the market economy, the business activities of enterprises are affected by the influence of the regional environment. As the private enterprises are relatively weak in their economic strength and social background, their operating activities are more easily affected by the changes in the environment. As one of the important problems in the business activities, the efficiency of investment activities is related to the capital income and development potential of the enterprises. Therefore, the investment efficiency of the private enterprises is also easily subject to the investment efficiency. In practice, although investors have realized that the influence of the external environmental factors on the investment efficiency should be taken into account in the investment decision, the government has gradually realized the importance of building a good regional soft environment, but at present, the private enterprises in our country still have the inefficiency investment behavior. The author believes that it is necessary to explore the impact mechanism of regional soft environment and components on investment efficiency of private enterprises, which can provide more reference for enterprises to make investment decisions, and help enterprises to take full consideration of the influence of regional soft environment in future investment behavior and take more effective investment plans. It will also help our government to fully understand the importance of building the regional soft environment, improve the pertinence of the relevant policies, and give full play to the government in the city, and make full use of the government in the city. The guiding role of norms in the field economy reduces the waste of social resources.
Based on the above point of departure, this paper divides the regional soft environment into institutional environment, government environment, market human environment, educational science and technology environment, financial service environment, and selects the basic data in the China provincial enterprise management environment index report. Using the Richardson (2006) model to calculate the investment efficiency of private listed companies by using the model of Richardson (2006) to calculate the investment efficiency of the private listed companies, and refer to the domestic case study and the empirical analysis of the regional soft environment, and combine the domestic and foreign scholars' in-depth study of the investment efficiency, from the theoretical solution. The impact mechanism of regional soft environment system and its constituent factors on the investment efficiency of private listed companies in China is discussed from two aspects. The better the soft environment conditions in the region, the higher the investment efficiency of the private listed companies. From the number of non efficient investment behaviors, the better the regional soft environment conditions, the less the private listed companies are in the area of insufficient investment and overinvestment in the region. The influence of the capital efficiency, improving the regional soft environment of the private listed companies is helpful to the effective implementation of the investment decision of the enterprise, and the significant improvement of the investment efficiency can further promote the overall improvement of the social and economic level.
From the overall situation of the article, the main contributions of this paper are reflected in the following three aspects: one is to study the investment efficiency of private listed companies in the context of regional soft environment, and to provide a new perspective for the research on related issues, so that the conclusions of this paper play a complementary and expanding role in the related research results. Two The construction of the regional soft environment factor theory system which affects the investment efficiency of private listed companies. The construction of this system will systematically summarize the relevant theoretical concepts of the regional soft environment from the perspective of the investment behavior of the management company, and have certain reference significance for the related research in the future. The three is to preliminarily meet and reveal the regional soft ring. In this study, the theoretical model of the influence mechanism of regional soft environment factors on the efficiency of enterprise investment efficiency is constructed. The establishment and regression results of this model can provide reasonable and effective scientific explanation for the related practical problems of the enterprises and the government, and have a certain creation. New meaning.
【學(xué)位授予單位】：西南財(cái)經(jīng)大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F275;F276.6

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