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论文编号：	2572
作者编号：	2120082130
上传时间：	2010/6/11 19:35:20
中文题目：	我国ST上市公司投资行为的实证研究
英文题目：	Empirical Research on the Investment Behavior of ST Listed Companies in China
指导老师：	余娟
中文关键字：	ST公司；投资—现金流敏感性；融资约束
英文关键字：	Special Treated Listed Company; Investment-Cash Flow Sensitivity; Financing Constraints
中文摘要：	Modigliani和Miller证明了完美市场中公司的融资决策与资本结构无关。但是现实中，资本市场并不是完美的，外部融资约束的现象普遍存在，公司的投资行为也因此受到影响。在我国，先后有406家上市公司曾经或正处于“特别处理”（ST）状态。与正常公司相比，ST公司面临更为严重的融资约束，其投资行为也可能受到较大的影响。亏损前后、被特别处理前后，ST公司的投资行为也可能呈现不同的特征，投资增减对于ST公司走出困境的影响重大。 本文首先对国内外文献进行了回顾和综述，选取1998-2007年间我国333家ST上市公司作为研究样本，介绍了ST公司被特别处理前后五年的财务状况，采用多元回归比较了正常公司与ST上市公司的投资—现金流敏感性差异，还根据利息保障倍数、公司规模的大小对ST公司分类，进一步检验了不同融资约束条件下ST公司投资—现金流敏感性。接着，本文比较了ST公司在亏损前后、被特别处理前后融资约束程度的变化，并采用Logistic回归方法分析投资行为对公司发展的影响。 本文得出了以下结论：（1）总体而言，正常公司的投资对现金流的敏感性显著正相关，ST公司的投资对现金流的敏感性并不显著；根据融资约束程度对ST公司进一步分类发现，高利息保障倍数公司的财务状况较好，表现的投资—现金流敏感性较高；（2）ST公司在亏损前的投资更依赖于内部现金流量，亏损后公司的投资行为受到多方面影响，即便出现了有利的投资机会也不得不放弃；（3）总体而言，投资增加有益于ST公司摆脱“特别处理”的困境。相较于国有企业，投资规模、现金流量、主营业务收入等的增加更加有利于非国有企业走出“特别处理”困境，国有企业更有可能通过自身以外其他因素走出困境。
英文摘要：	Modigliani and Miller proved that capital structure has nothing to do with company's financing decision in a perfect market. But the capital market is not real perfect, external financing constraints widespread existed, company's investment behavior necessarily subject to its financial condition. More than a quarter listed companies in China had been or are in the “special treatment” (ST). ST companies suffer more constraints in financing and investment than normal ones. Their investment activities exhibit quite differently before and after being in loss and special treatment. The increase and decrease in investments exerts a significant influence on their pace on walking out of financial distress. This paper first reviews literatures from both domestic and foreign researchers. Thereafter, 333 ST listed companies between 1998 and 2007 in China are selected as samples to discuss their financial situations during the five years around ST. Investment-cash flow sensitivity difference between normal and ST listed companies are computed by multiple regression method. Moreover, investment-cash flow sensitivity of different ST companies under different financial constraints is further tested after classification by interest coverage ratio and company size. At last, changes in financial constraints before and after being in loss and ST are compared and influences of investment on company development are analyzed by logistic regression. Following conclusions can be drawn from this research: (1) In general, normal listed companies show stronger investment-cash flow sensitivity. At the very year when a loss emerged, the investment-cash flow sensitivity of ST companies was not significant, further test finds that companies with higher interest coverage ratio present higher investment-cash flow sensitivity; (2) ST companies’ investment sensitivity to cash flow is stronger post-loss than pre-loss, after loss, investment behavior of companies are affected by sorts of factors, although there are many investment opportunities, companies have to give up; (3) In general, investment contributes to help company get out of special treatment plight. The increase in investment and operating cash flow significantly benefits non-state-owned companies to get out of the “special treatment” plight, but this effect is not significant enough for state-owned listed companies. State-owned enterprises more likely rely on other factors to get out of the plight.
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