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论文编号：	10220
作者编号：	2120162731
上传时间：	2018/6/12 8:34:22
中文题目：	公司债券发行对上市公司过度投资的影响研究——来自中国A股上市公司的证据
英文题目：	The Study on the Effect of Corporate Bond on Overinvestment Behavior in Listed Companies：Evidence from Chinese A-share Stock Market
指导老师：	覃家琦
中文关键字：	公司债券；过度投资；上市公司
英文关键字：	Corporate Bond; Overinvestment; Listed Company
中文摘要：	在现代企业中，投资与融资这两项基本活动相互联系、相互依存，投资是一个企业得以生存和发展的基础，而融资也是投资的基本条件之一。在西方，公司债券作为一种融资形式广泛存在，其相关理论也较为成熟，而在中国公司债券则尚处在起始阶段。2007年5月，我国证监会推出《公司债券发行试点办法》，越来越多的企业开始依靠公司债券这一融资形式进行融资，近几年公司债券发行的笔数更是快速攀升。以本文的债券发行样本期间为例，2011-2014年，我国公司债券发行总笔数为251笔，而2015年单年的发行笔数就达到了1044笔。虽然公司债券正在如火如荼地发展，但学术界关于公司债券对企业投资行为尤其是过度投资行为的影响理论的研究却不甚丰富。本文重点研究公司债券发行对上市公司企业过度投资行为的影响。本文首先对企业过度投资行为的相关理论、负债对企业过度投资行为的影响理论以及公司债券发行对企业过度投资行为的影响理论进行了回顾和综述。在企业过度投资行为理论层面，主要结合信息不对称理论、委托代理理论及管理者非理性行为理论等理论进行分析。在负债对企业过度投资行为的影响理论层面，主要从负债对企业过度投资行为的相机治理作用、股东——债权人冲突对企业过度投资行为的影响及负债来源对企业过度投资行为的影响研究三个维度进行论述。随后文章使用我国沪深两市全部A股上市公司2011-2016年的财务数据进行了实证研究。研究发现，公司债券发行能够抑制上市公司的自由现金流转化为过度投资这一过程；与非国有上市公司相比，国有上市公司发行公司债券对自由现金流转化为过度投资这一过程的抑制作用更加显著；公司债券发行对上市公司过度投资行为的抑制作用优于银行借款。
英文摘要：	In modern enterprises, investment and financing are interrelated and interdependent. Investment is the foundation for an enterprise to survive and develop, and financing is also one of the basic conditions for investment. In the West, corporate bonds exist widely as a form of financing, and the relevant theories are relatively mature. In China, the development of corporate bonds are still at the initial stage. In May 2007, the China Securities Regulatory Commission enacted "Corporate Bond Issuance Pilot Approach", more and more companies have begun to rely on corporate bonds for financing. In recent years, the number of corporate bonds issued has risen rapidly. From 2011 to 2014, the total number of corporate bonds issued in China was 251, but the number of corporate bonds issued only in 2015 reached 1044. Although corporate bonds are developing rapidly, academic research on the impact of corporate bonds on corporate investment behavior, especially over-investment behavior, is not very extensive. This article focuses on the effect of corporate bond issuance on over-investment of listed company companies. This paper first reviews and summarizes the theories related to over-investment in companies, the theory about how liability affects on over-investment, and the impact of corporate bond issuance on over-investment. As to the theories related to over-investment in companies, the theory of information asymmetry, principal-agent theory and managers' irrational behavior theory are mainly analyzed. As to the theory about how liability affects on over-investment, this paper mainly refers to the effects of the governance on over-investment behavior, the impact of shareholders-creditor conflicts on over-investment behavior, and the impact of debt sources on over-investment behaviors. Subsequently, this paper use the financial data from 2011 to 2016 of all A-share listed companies in Shanghai and Shenzhen for empirical research. The study finds that corporate bond issuance can restrain the free cash flow of listed companies from transforming into over-investment. Compared with non-state listed companies, the issuance of corporate bonds by state-owned listed companies inhibits that process. It is even more significant that corporate bonds is more effective than bank loans for the constraining over-investment in listed companies.
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