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论文编号：	2128
作者编号：	2005009
上传时间：	2010/4/28 9:45:35
中文题目：	中国制造业上市公司融资约束对
英文题目：	financing constraints investment in fixed assets manufacturing listed companies
指导老师：	黄福广
中文关键字：	融资约束 固定资产投资 制造业上市公司
英文关键字：	financing constraints investment in fixed assets manufacturing listed companies
中文摘要：	关于融资约束对企业投资影响的研究一直是国外学者研究的热点，而国内的研究相对落后一些。中国的资本市场发展还很不完善，企业直接融资渠道不是很通畅，对银行借款等间接融资依赖性较大。股票市场和债券市场发展也很不均衡，债券市场的发展明显滞后。在上市公司中，信息不对称和代理问题是普遍存在的。这些情况的存在必将导致企业的外部融资存在一定程度的限制，本文对融资约束对上市公司固定资产投资的影响研究显得有必要。 本研究在回顾国内外关于融资约束问题相关研究的基础上，对中国上市公司的融资约束背景进行了分析，并以制造业上市公司为研究对象，选取2003-2006年的相关数据，采用实际控制人类别、偿债能力比率和净资产收益率为分组标准，主要运用多元回归分析的方法进行了分组比较研究。 经过研究，本文得到了以下主要结论：公司的固定资产投资与企业的投资机会代表量呈正相关关系。本研究考虑到普遍使用的托宾Q在中国这个连弱有效的标准就还达不到的市场无法很好的反映投资机会，采用了公司的主营业务收入比来代表投资机会，并取得了良好的效果，这是本研究的一个创新之处，为其他进行投资机会相关研究的读者提供了一个思路。作为对比，本研究也使用了Q来表示投资机会，但其在模型中很不显著。在融资方面，国有控股的制造业上市公司相比于其他控制人的制造业上市公司具有优势。这个结果反映了国有控股上市公司的强势地位，也为改善其他控制类别上市公司的经营环境提供了依据。流动比率低的公司相对于高的公司具有融资优势。而资产负债率和净资产报酬率则不能很好的区分企业所面临的融资约束状况。现金流和短期借款的增量可以促进公司的固定资产投资，特别是短期借款的增量效果更为明显。这反映了短期借款在上市公司外部融资所扮演的重要角色。将现金流和短期借款增量结合起来研究其对公司固定资产投资的影响也是本文的一个特色。
英文摘要：	The study on the financing constraints to investments has been a hot topic in the scholar studies abroad, but domestic research falls behind relatively. The development of China's capital market is very imperfect. The direct financing channels for enterprises are not very clear, and enterprises have greater dependence on indirect financing, such as bank borrowings. Stock market and bond market development are also extremely uneven, and the development of bond market has lagged obviously. In the case of listed companies, information asymmetry and the agency problem are common existences. The existence of these conditions will lead to a certain degree of external financing constraints for enterprises, so it is necessary to study the impact of financing constraints to investments in fixed assets among listed companies. On the basis of reviewing the related research issues of financial constraints at home and abroad, this paper analyzed the background of financing constraints for China's listed companies. Then it took manufacturing listed companies as objects of study, selected the relevant data during 2003-2006, adopted the final controller types, solvency ratio and the return on equity to be a standard, and applied multiple regression analysis as the main methods for a comparative study. After the study, this paper comes to the following major conclusions: First, there is a positive correlation between the proxy of investment opportunity and the company's investment in fixed assets. The study considered the capital market in China had not yet reached weak effective, so the universal used counter of the Tobin Q could not reflect investment opportunities well. This paper used the ratio of the company's main business income to represent investment opportunities, and achieved good results. This is an innovation of the study, and it have provided an idea to related studies with investment opportunities. As a contrast, the study also used Tobin Q to stand for investment opportunities, but the models were not very significant. Second, in the field of financing, state-controlled manufacturing listed companies have advantages compared to others. This result reflects the strong position of state-controlled listed companies, and provides a basis to improve the business environment for other types of listed companies. In relation to companies with high liquidity ratio, low liquidity ratio companies have financing advantages. And the debt-to-asset ratio and the rate of return on equity can not distinguish the state of financing constraints between corporates. Third, Cash flow and short-term borrowing for companies can increase the investment in fixed assets, especially the incremental effect of short-term borrowing is more visible. This reflects the important role of short-term borrowing in the external financing of listed companies. It is a feature of this paper to combine cash flow and short-term borrowing increment to examine their effects to company’s fixed assets investment.
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