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论文编号：	2035
作者编号：	2002008
上传时间：	2010/4/8 15:12:23
中文题目：	我国上市公司融资方式与投资行为关系研究
英文题目：	Research on the Relationship between Financing Ways and Investment Behavior in Listed Companies of China
指导老师：	齐寅峰
中文关键字：	融资方式 投资行为 终极控制权 股权特征
英文关键字：	Financing ways; Investment Behavior;
中文摘要：	融资、投资和股利分配是公司中最为重要的财务管理活动，其中融资解决了公司资金的筹集问题；投资则将融资所获得的资金配置到所选定的项目中去，从根本上而言，投资活动是公司价值创造的源泉；股利分配则是解决公司盈利的分配问题。公司的投资活动一方面涉及到资金的筹集问题，另一方面涉及资金的配置效率问题，因此投资和融资之间紧密相关。但是长期以来，尤其在我国基本上是割裂地研究公司的投资活动和融资活动，忽视了两者之间的关联性。本文从大股东控制的角度出发，研究融资方式和投资行为之间的关系，在理论分析的基础上采用实证研究方法检验我国上市公司不同股权特征下融资方式与投资行为之间关系的差异。希望通过本文的研究，一方面对我国公司投融资关系理论的研究有所推动，另一方面对理解我国上市公司投资效率低下的形成机制，并为优化投资决策实现公司价值最大化提供有益的启示。 全文共分七章，章节安排如下： 第一章 导论。主要介绍论文的研究背景、研究意义、基本概念、研究方法以及预期实现的学术创见。 第二章 文献回顾及评述。全面系统地回顾了融资方式与投资行为关系方面的相关文献，并对已有的研究进行评述。 第三章 相关制度背景分析。主要分析与本文主题相关的制度背景，包括我国国有企业改革和证券市场的发展、改革开放以来的投融资体制改革、我国上市公司的治理特征以及上市公司投融资的法律法规框架，为后文的理论分析和实证研究提供制度背景的支持。 第四章 内源融资与投资行为。主要对我国上市公司的内源资金和公司投资行为之间的关系进行理论分析，并在此基础上，利用中国上市公司连续4年的面板数据对提出的理论假设进行检验，同时还对不同股权特征下内源融资与投资行为关系的差异性进行了比较研究。 第五章 新权益融资与投资行为。从一个相对完整的投融资过程，对新权益融资和后续投资行为的关系进行理论分析和实证检验。根据我国上市公司新权益融资和后续投资所表现出的特征，本文将权益融资分为投资引导型的权益融资和非投资引导型的权益融资，分别分析两种情况下投资过度或投资不足形成的机制；并通过实证研究检验不同股权特征下新权益融资与投资行为关系的差异性。 第六章 负债融资与投资行为。主要考察负债融资对不同特征上市公司投资行为的影响，以揭示股东-债权人代理冲突和负债作为治理机制在公司投资方面所带来的综合的经济后果。本章考察了不同的负债融资方式、不同期限结构的负债与投资行为之间的关系，并按照上市公司终极所有者产权属性和行政归属的不同考察了负债所发挥作用的差异。 第七章 结论和不足及未来研究方向。总结全文主要研究结论，在此基础上提出优化投资决策的建议；并指出研究中存在的不足和未来研究方向。 论文的创新之处主要体现在以下几个方面： 首先，目前在国内，对于投资问题的研究还更多地集中在宏观经济的角度；从微观层面讲，大部分研究集中在内源融资与投资行为的关系上。因此，在融资方式与投资行为关系研究方面缺乏一个系统性的研究成果。本文以规范分析和实证研究的方法深入研究了我国上市公司各种主要融资方式与投资行为之间的关系，率先提供了较为系统性的研究成果。 第二，本文在考虑转轨经济国家制度背景的基础上，充分考虑了我国上市公司在终极所有权方面的特征，对国家终极控制公司和非国家终极控制公司、中央终极控制公司和地方终极控制公司、一股独大公司和多股同大公司等不同类型公司中的融资方式与投资行为之间的关系进行了系统地比较分析，提供了更丰富、更深入的研究成果。 第三，实证研究方法的改进和实证研究结论的新发现。本文实证研究采用我国非金融行业上市公司2000年至2003年非均衡面板数据作为研究样本，克服国内学者在同领域研究中样本选择区间过于狭窄的不足。并且综合考虑了数据的可获得性、样本数量大小以及样本时间区间，采用固定效应或者随机效应模型进行统计分析，克服了某些潜在因素对融资方式与投资行为之间关系的固定或随机影响，从而发现了一些新的、更可靠的实证研究结论。
英文摘要：	Financing, investment and dividends distribution are the most important financial management activities in companies. Financing resolves the raising fund, and dividends distribution is about the problem of collocating corporate profits. The investment activities combine both of them. On one hand, investment involves raising fund, on the other hand, it involves the efficiency of allocating funds, so investment and financing is closely connected. But for a long time, especially in our country, we study the investment and financing separately on the whole ignoring the linkages between them. This article explores the relationship between the financing methods and investment behaviors through the aspect of the agency problem between the large shareholders, and employs the empirical methods to testify the difference of the relations between financing methods and investment behaviors between firms that hold different ownership characteristics. Through this research we hope that we can promote the theoretical research about the relationship between investment and financing and provide a useful inspiration to understand the formation mechanism of inefficient investment in listed companies and to optimize the investment decision-making to achieve maximum value of the company. The text consists of seven chapters as the following: Chapter 1. Introduction. This chapter mainly provides the research background, the research value, the basic concepts, the research methods, and the academic innovation expected to achieve. Chapter 2. Literature review and comments. This chapter reviews the related literature of the relationship between financing ways and investment behaviors comprehensively. I also analysis some shortcomings of the current researches and dig the valuable potential research project. Chapter 3. The analysis of institution background. This chapter analyses the institution backgrounds in China including the state-owned enterprises reform and the security market development, investment and financing systems reform in recent years, the governance characteristics of listed companies and the legal framework of listed companies investment and financing, to deepen the understanding of the theoretical analysis and empirical design. Chapter 4. Internal finance and investment behaviors. This chapter mainly analyzes the relationship between the inside funds and investment. Based on this theoretical investigation, I employ the panel data of the listed companies to test the hypothesis. I also explore the difference relationship between the inside funds and investment under the different equity ownership characteristics. Chapter 5. New equity finance and investment behaviors. From the aspect of a relatively complete process, this chapter analysis theoretically and testifies empirically the relationship between new equity financing and investment and. According to the listed companies features showed after the new equity finance, this article divides the new equity into two types, investment-guiding financing and non-investment-guiding financing, and analyze the formation mechanism of overinvestment and underinvestment respectively. I further explore the difference relationship between the equity financing and investment under the different equity ownership characteristics. Chapter 6. Debt financing and investment behaviors. This chapter mainly studies the impact of debt financing on the investment behaviors in different type of listed companies to reveal the comprehensive economic consequences of shareholder- creditor agency problem and debt as the governance mechanism. This chapter also explores the relationship between different kinds of debt financing, the different maturity structure of debt with and investment behaviors. In the next part, I distinguish the different roles of the debt according to difference in characteristic of the ultimate controlling owner and administrative ascription of the listed companies. Chapter 7. Conclusions, shortcomings and the further research directions. This chapter provides the main conclusions of the full dissertation and policy advice for optimization of investment decision-making. In the last, I point out the shortcomings of this dissertation and future research directions. The main contributions of this dissertation lies in: First, this dissertation deeply explores the relationship between the main financing ways and investment behaviors in Chinese listed companies through normative and empirical research, providing more systematic findings. At present in our country, the research on investment mainly focuses on macroeconomic perspective, and the research from microeconomic perspective mainly focuses on relationship between inside finance and investment. Thus, there is lack of a systematic study about the relationship between financing ways and investment. Second, based on the analysis of transitional economy background and the characteristic of ultimate ownership, I provide the systematic comparative findings about the financing methods and investment behaviors between the ultimately state-controlled companies and the ultimately non-state-controlled companies, central government controlled companies and local government controlled companies, one shareholder dominated companies and several shareholder dominated companies. These findings enrich the understanding about their relationship especially in China. Third, I employ the more appropriate empirical methods and find some new interesting results. In order to achieve the more robust results I use the unbalanced panel data from 2000 to 2003 and adopt the fixed effect or random effect model in regress analysis. This regress technique can effectively conquer some fixed or random effect of some important factors on the relationship between funding and investment. Furthermore, I discover the moderating effect of the size of shareholding held by the largest shareholders on the relationship between funding and investment and so on.
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