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论文编号：	4539
作者编号：	2120102318
上传时间：	2012/6/15 8:47:05
中文题目：	基于大股东控制的民营企业融资结构对投资行为影响研究
英文题目：	Research on the Influence of Financing Structure on the Investment Behavior of Private Company Based on Largest Shareholder Control
指导老师：	李莉
中文关键字：	民营企业; 融资结构; 大股东控制; 企业成长性
英文关键字：	Private enterprise; Financing structure; Control of largest shareholder; Enterprises growth
中文摘要：	近年来，我国民营企业有了极大的发展，已经成为国民经济的重要组成部分。但是，民营企业在快速发展的同时，也面临着许多的问题亟待解决。其中，民营企业的融资和投资问题，直接决定着企业未来的生存和发展，成为影响民营企业发展的重要瓶颈。在融资过程中，融资难、融资渠道单一等问题，制约了民营企业发展所需要资金的来源，直接影响了民营企业确定适合企业发展实际的融资结构，进而制约了民营企业的投资决策和投资行为。而民营企业在投资过程中面临的首要问题是投资行业受限制，我国民营企业所处的主要是竞争激烈的非垄断行业，无法进入垄断行业。在投资过程中，民营企业存在着投资决策不科学、研发投资不足、投资不规范以及投资盲目过热等现象。而且对于我国的民营上市公司来讲，股权一般非常集中，大股东往往会利用其控制权将上市公司“掏空”，小股东难以对这种行为实施有效监督民营企业融资和投资的不规范，直接影响了企业的生存和发展，制约了企业核心竞争力的提高。本文针对这一问题展开研究。本文首先对理论文献进行回顾，梳理了大股东控制相关文献、民营企业相关理论、融资和投资无关理论以及融资和投资相关理论。在此基础上，深入分析了我国民营企业融资和投资制度环境，梳理了民营企业融资的制度环境变迁，分析了我国民营企业的投资环境和投资决策运行机制。在理论回顾和制度分析的基础上，本文选取了2008-2010年间的民营上市公司为研究样本，以大股东控制和企业成长性为分类变量，探讨了不同控股类型和不同成长阶段民营企业中融资结构与企业投资行为之间的关系。本文的实证结果表明，在相对控股民营企中，融资结构和企业投资行为负相关；在绝对控股民营企业中，融资结构和企业投资行为不存在显著的相关性关系；在低成长的民营企业中，融资结构和企业投资行为负相关；在高成长民营企业中，融资结构和企业投资行为不存在显著的相关性关系。因此，民营企业应该根据自身的发展阶段，确定合适的融资结构，促进企业的健康发展，提升企业的核心竞争力。
英文摘要：	The private enterprises of China have a great deal of development and have become an important part of the national economy in recent years. However, private enterprises face many problems to be solved while in the rapid development. The financing and investment issues of private enterprise become important bottlenecks affecting the development of private enterprises, which directly determine the future survival and development of the enterprise. Financing difficulties and single financing channels restrict the development of private enterprises in need of funding source and have a direct impact on private enterprise to determine suitable for enterprise development, thereby restricting the investment decisions and investment behavior of private enterprises in the process of financing. The primary problem of the private enterprises in the investment process is Investment industry restricted. Private enterprises are the main competitive non-monopolistic industries in China, unable to enter the monopoly industries. In the investment process, Private enterprises have the problems of unscientific investment decisions, lack of investment in R & D investment is not standardized, and invest blindly overheating phenomenon. The options of private listed companies are generally very concentrated in China. Large shareholders often would use its control to tunnel listed companies. It is very difficult for the minority shareholders to supervise non-standard implementation of effective supervision of the private corporate finance and investment, which has a direct impact on the survival and development, and restrict the improvement of the core competitiveness of enterprises. This is what the paper studies. We review the theoretical literature combed the literature of large shareholders control theory, financing of private enterprises and investment unrelated to the theory, as well as financing and investment-related theory in this paper. We analyze in-depth the environment of the financing and investment and combine the change of private enterprises on this basis. Then we analyze the operating mechanism of investment environment and investment decisions of private enterprises in China. On the basis of the theoretical review and system analysis, we selected study sample of the private listed companies in the 2008-2010. Then we use the largest shareholder control and corporate growth as categorical variables to explore the relationship between structure and corporate investment behavior of the barrier holding types and different stages of growth of private enterprises. The empirical results show that the financing structure and investment behavior of enterprises negative related in the relative majority of shares of private enterprises; the financing structure and corporate investment behavior does not exist a significant correlation relationship in absolute control of private enterprise; the financing structure and corporate investment behavior is negative in ground growth of private enterprise; the financing structure and corporate investment behavior does not exist a significant correlation relationship in the high growth of private enterprises. Therefore, the private enterprises should, determine the appropriate financing structure to promote the healthy development of enterprises, enhance the core competitiveness of enterprises based on their stage of development.
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