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论文编号：	7637
作者编号：	2120132465
上传时间：	2015/6/24 18:32:38
中文题目：	环境不确定性、股权结构与企业投资效率——基于我国上市企业数据的实证研究
英文题目：	Environmental Uncertainty, Ownership Structure and Investment Efficiency——An Empirical Research Based on Chinese Listed Firms Data
指导老师：	李莉
中文关键字：	环境不确定、股权结构、企业投资效率
英文关键字：	Environmental Uncertainty, Ownership Structure, Investment Efficiency
中文摘要：	作为经济发展的“三驾马车”之一，投资一直以来都是经济发展的重要影响因素，而且多年来在国民经济中扮演着重要的角色。但非效率投资已经成为我国企业的普遍现象，并对经济的增长造成一定的负面影响。现有的研究表明，作为转型经济下的中国企业，内外部环境的不确定性会扭曲企业的投资行为，进而影响企业的投资效率。另一方面，除了环境不确定性，企业投资的低效率与信息不对称和代理问题有着密切的关系，而不同股权性质及结构所造成的信息不对称和代理问题都会影响企业的投资效率。因此，本文先研究环境的不确定性对投资效率的影响；并在此基础上，加入股权性质和结构因素，进一步从股权性质和股权集中度两个维度，探讨不同股权性质和集中度的条件下，环境不确定性对企业投资效率的影响。对本文所谈议题的研究既有助于我国企业在高环境不确定下应对挑战，探索企业投资效率低下难题的解决途径，同时也可以为我国相关企业进一步改善股权治理结构提供可借鉴的理论依据和经验证据。本论文以我国上市公司的数据为研究对象，采用理论与实证相结合的研究方法探讨环境不确定、股权结构对企业投资效率的影响。
英文摘要：	As one of the "troika" of economic development, investment has always been the important influencing factors of economic development. But the low efficiency of investment has become a universal phenomenon in China’s enterprises, and has some negative influence on economic growth. On the one hand, as under the economic transition of Chinese enterprises, internal and external environment of uncertainty may distort the investment behavior of the enterprise, and then affect the investment efficiency of the enterprise. On the other hand, in addition to environmental uncertainty, the low efficiency of corporate investment has close relation with asymmetric information and agency problems. Different equity property and structure caused by asymmetric information and agency problems will also influence the investment efficiency of the enterprise. Therefore, this article first studies the uncertainty of the environment impact on investment efficiency. Further, from two aspects as equity nature and ownership concentration, this paper explores the effects of uncertainty environment on the efficiency of the enterprise investment under different ownership structure. In this article, we regard the data of Chinese listed companies as the research object and use the combination of theoretical and empirical research method to build the multi-factor regression model. In this model we explore the influence of ownership structure and environmental uncertainty on the enterprise investment efficiency. We divided equity structure into equity nature and ownership concentration as two dimensions and divided corporate investment inefficiency into investment excessive and investment inadequate, which is a kind of innovation. Issues discussed in this paper will help China's enterprises face the challenge and explore the problem solutions of investment inefficiency, at the same time, this paper can also provide referential theoretical basis and empirical evidence to enterprise to improve equity structure.
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