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论文编号：	1232
作者编号：	2120071938
上传时间：	2009/6/12 9:29:56
中文题目：	上市公司过度投资影响因素的案例
英文题目：	Mutiples cases study on impact
指导老师：	程新生
中文关键字：	过度投资;成长性;投资机会tl
英文关键字：	Over-investment;Growth;Investm
中文摘要：	国内外研究表明，代理问题容易导致企业投资决策的非效率化。目前关于我国上市公司投资决策非效率化行为的研究也都是基于代理理论和自由现金流理论，有部分学者从管理层过度自信、信息披露等角度研究其对过度投资的影响，但大多数都考察过度投资的制约机制。在实际的投资决策中，影响企业投资决策的因素很多，本文将这些因素归纳为四类：经营层因素、组织经营因素、公司治理因素和外部环境因素。过度投资的实证研究大都以托宾Q作为企业投资机会的衡量，但托宾Q的均值概念在衡量边际概念的投资机会时存在一定缺陷，参考国内外对投资机会变量的选择，本文选取七个投资机会的替代变量，利用因子分析方法，构造企业成长性综合评价指标，以2003—2007年我国制造业上市公司为样本，结合Richardson（2006）对过度投资的衡量，构建合理投资规模模型。 上市公司合理投资规模模型实证结果显示，影响合理投资规模的大部分变量都具有统计显著意义，企业成长性越高、期初现金存量越多、期初每股收益越大、上一年投资规模越多、经营跨行业越多，其合理投资规模越高。期初财务杠杆越大，由于负债的偿还性，其合理投资规模越小，本文将合理投资模型回归所得的正残差作为过度投资的替代变量。 本文以成长性高、期初现金存量为负和股权制衡作用明显为标准，选取了三家存在过度投资行为的上市公司作为案例公司。案例分析表明，存在过度投资行为的企业投资效率和业绩表现都不是很好；在制造业上市公司中，国有企业过度投资现象较为普遍，学历和专业构成对过度投资有一定的影响，企业家精神和组织文化对民营企业经营层特征影响大；不同负债来源对不同性质企业影响不同；公司治理对两类企业存在的过度投资行为都没有发挥有效的约束作用，总体信息披露水平不高，信息中介缺乏，两类企业所在行业都受外部环境因素的影响而存在过度投资现象。通过案例分析，本文针对我国企业投资决策和国家相关政策调整提出了一些建议。
英文摘要：	Domestic and international studies have shown that the agency problem easily lead to non-investment decision-making efficiency. At present, studies on investment decision-making behavior of non-efficiency of China's listed companies are based on agency theory and free cash flow theory, some scholars focus on managerial overconfidence and disclosure of information to study the impact of over-investment. However, the majority of studies are about the constraints mechanism of over-investment. There is a number of factors which are bound to be considered in the actual investment decision-making. This paper sum up these factors and classify them into four categories: business layer factors, organizational and operational factors, corporate governance factors and external environmental factors. Most empirical studies of over-investment make Tobin Q as a measure of business investment opportunities. However, there are some defects by using the average Tobin's Q to measure the concept of the concept of marginal investment opportunities. After researching correlative literature, we select seven variables as alternative investment opportunities. Then, by using the method of factor analysis, we got the composite investment opportunity index of these companies and design a reasonable scale of investment Model according to research of Richardson（2006）. Hence we have a linear regression analysis to study the relationship between investment opportunity and reasonable scale of investment. The model of reasonable scale of investment shows that, most variables have statistically significant effects on the reasonable higher growth，more cash, higer earnings per share, more investment of last year and higer level of inter-business lead to more reasonable investment. Due to debt repayment, the higer financial leverage of last year, the less reasonable investment. And we make the plus residual of the model as the alternative over-investment. We select three listed companies cases which have high-growth, less cash stock and obvious stake in checks and balances as cases. Case analysis shows that, investment efficiency and performance of the three companies are not very good; in the listed companies in the manufacturing sector, the phenomenon of over-investment in state-owned enterprises more generally, the academic and professional composition over-investment have a certain impact on over-investment, entrepreneurship and organizational culture on the role of private enterprises and different sources of indebtedness of enterprises have diffident impact ; corporate governance are not bound to play an effective role; in the overall, the level of information disclosure is not high and these cases are lack of Information Intermediary. External environmental factors have impact on three cases existence of the phenomenon of over-investment. Through case studies, we hope this paper provide some advices for investment decision-making of China's enterprises, as well as for the relevant policy recommendations.
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