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论文编号：	10122
作者编号：	2120162704
上传时间：	2018/6/8 22:32:37
中文题目：	企业生命周期视角下的融资约束与投资效率
英文题目：	Financing Constraints and Investment Efficiency from the Perspective of Corporate Lifecycle
指导老师：	刘志远
中文关键字：	企业生命周期；融资约束；投资过度；投资不足
英文关键字：	Lifecycle; Financing Constraints; Over-investment; Under-investment
中文摘要：	制造业的不断进步对社会经济的发展而言至关重要，“中国制造2025”概念的提出，为我国制造行业的进一步发展进行了科学合理的规划。投资决策是公司财务决策的核心，中国在通向制造业强国的道路上，首先要做的就是设法提高企业在进行项目投资时的效率，并使企业的各项资源得到更为有效的配置。现实中的资本市场大多面临信息不对称和逆向选择等问题，很难满足完美资本市场的约束条件，所以从企业外部筹集资金所付出的代价远远高于企业内部积累的资金。毋庸置疑，融资约束是企业在权衡项目可行性、制定投资决策时所必须考虑的因素之一。 国内外学者关于融资约束和投资行为的研究，在前期主要集中于融资约束存在性的证明，后来才开始关注融资约束对投资效率的影响，但很少有学者从企业生命周期视角研究融资约束与投资效率之间的关系，企业所处阶段不同，财务战略、财务特点不同，内外部融资成本不同，所受到的融资约束自然不同；此外，不同阶段企业的经营目标、公司治理特点不同，产生投资过度和投资不足的可能性也不同；而为了能够更好的把握融资约束对投资效率的影响，很有必要从企业生命周期的视角展开研究。 本文采用理论与实证相结合的方法，以2012年到2016年上海证券交易所A股主板市场的全部制造业公司为研究对象，研究不同企业生命周期阶段下融资约束对投资效率的影响，结果发现：（1）我国制造业企业普遍面临融资约束，衰退期企业面临的融资约束程度高于成长期与成熟期。（2）我国制造业企业投资不足的问题更为严重，2012到2016年的每一年内，投资不足样本占比基本在60%以上。（3）融资约束可以抑制企业的投资过度行为，当企业处于成长期和衰退期时抑制作用更为有效。（4）融资约束的存在会加剧企业的投资不足问题，该作用在成长期和衰退期企业中更为显著。
英文摘要：	Manufacturing industry is the main body of the national economy and the fundamental driving force for national economic growth. The concept of ‘Made in China 2025’ emerged in response to the Chinese government’s strategy of creating a powerful country. Investment decision-making is the core of the company’s financial decision-making. If China is to become a strong manufacturing country, it should first improve the investment efficiency of enterprises and strengthen the effective allocation of resources. Due to the existence of asymmetric information and adverse selection, China's capital market is not perfect. The differences in internal and external financing costs directly lead to listed companies in China are generally facing financing constraints. Needless to say, the investment decision-making behavior of companies is affected by financing constraints. Domestic and foreign scholars' researches on financing constraints and investment behaviors mainly focused on the existence of financing constraints in the previous period, and later they began to pay attention to the effect of financing constraints on investment efficiency. However, few scholars have studied from the perspective of the enterprise lifecycle. When the company is in different stages, the company's financial strategy, financial characteristics, internal and external financing costs are different, the financing constraints are naturally different; in addition, the company's operating objectives and corporate governance characteristics in different stages are different, so the degree of over-investment and under-investment is also different. In order to better grasp the impact of financing constraints on investment efficiency, it is necessary to study from the perspective of the company's lifecycle. This paper uses a combination of theory and empirical methods to study all manufacturing companies in the A-share main board market of the Shanghai Stock Exchange from 2012 to 2016, and studies the effect of financing constraints on the investment efficiency of different companies during the lifecycle : (1) China's manufacturing companies are generally facing financing constraints, and the enterprises in the recession period are facing higher financing constraints than those in the growth and maturity periods. (2) The problem of insufficient investment in Chinese manufacturing companies is even more serious. In each year of 2012 to 2016, the proportion of underinvested sample accounts for more than 60%. (3) Financing constraints can restrain the over-investment of the company. When the company is in the growth period and the recession period, the financial restraint will be more effective in inhibiting the excessive investment. (4) Financing constraints will exacerbate the underinvestment of companies, and this effect is more pronounced in companies in the growth and recession periods.
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