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论文编号：	8323
作者编号：	2120142500
上传时间：	2016/6/7 18:03:41
中文题目：	负债水平对民营上市公司投资效率的影响研究
英文题目：	The Study on the Effect of Debt Levels on Investment Efficiency in Private Listed Companies
指导老师：	李莉
中文关键字：	投资效率；负债水平；环境不确定性；民营上市公司
英文关键字：	Investment Efficiency; Debt Level; Environmental Uncertainty; Private Listed Company
中文摘要：	自改革开放以来，随着民营企业的迅速发展，民营经济已经成为我国市场经济的重要组成部分，并且在提供就业岗位、增加居民财富、促进技术发展、推动经济增长等都多方面均做出了巨大贡献。但是，我国民营上市公司却普遍存在投资效率低下现象，因此这也成为理论界的专家学者们和现实中的企业高层管理者们的热门关注话题。 本文从企业负债水平以及环境不确定性着手，探讨二者与企业投资效率之间的相互关系。通过对相关经典理论和过往学者们研究成果的梳理，发现负债能通过资产替代效应、债务积压效应、风险规避效应以及相机治理效应对企业投资效率造成影响，导致投资过度、投资不足以及抑制过度投资。环境不确定性能够增加信息不对称性程度、加大企业经理人的私人成本，进而影响企业的投资效率。 基于此，本文设置了六大假设，并借鉴以往研究成果，构建回归模型，以2009-2014年我国深、沪两市的民营上市公司数据为研究样本，分投资过度与投资不足两组对企业的负债水平、环境不确定性与企业投资效率之间的相互关系进行了实证检验，主要结论如下：（1）企业负债水平能够从两方面影响投资效率，一方面能够抑制企业的过度投资行为，另一方面却导致企业产生投资不足现象的发生，具有两面性；（2）环境不确定性与企业过度投资程度正相关，但与其投资不足行为之间并无显著相关性；（3）环境不确定性能够增强企业负债对其投资过度行为的抑制作用，同时削弱了负债导致的企业投资不足的程度。 本文再次通过实证检验了企业负债水平与投资效率之间的关系，并针对中国民营上市公司这一对象进行具象化的研究，并引入环境不确定性这一变量，在新的视角下对二者关系进行重新审视，同时研究结论为政府部门推动债券市场建设、上市公司优化资本结构、以及债权人资产自我保护等提供了新的思考，因此本文具有一定的理论和现实意义。
英文摘要：	Since the reform and opening up, with the rapid development of private enterprises, the private economy has become an important part of the market economy and made huge contribution to providing jobs, increasing household wealth, promoting technology development and economic growth. However, the investment inefficiencies are common in China's private listed companies, which have also become the hot topic that experts and scholars in the theory and the reality of business executives are concerned about. This thesis starts from the level of corporate debt as well as environmental uncertainty to explore their relation with investment efficiency. Based on classical theory and past relevant research scholars, it can be found that the liabilities have impact on corporate investment efficiency through "asset substitution" effect, "debt overhang" effect, "risk avoidance" effect and "contingent governance" effect, leading to over-investment, under-investment and curbing over-investment. Environmental uncertainty can increase the degree of information asymmetry, increase the cost of private business managers, and thereby affect the investment efficiency. Based on this, this thesis sets up six assumptions, learns from the results of previous studies and builds regression model, taking 2009-2014 China in Shenzhen and Shanghai listed companies in the private data as the study sample, to test the effect and mutual relation of insufficient investment and overinvestment on business debt levels, the environmental uncertainty and business investment efficiency through the empirical test. The main conclusions are as follows: (1) Debt levels can affect the efficiency of investment in two ways. On the one hand it curbs over-investment behavior of enterprises, and on the other hand it leads to under-investment, so debt levels have two sides; (2) Environmental uncertainty is positively correlated with over-investment, but there was no significant correlation between it and under-investment; (3) Environmental uncertainty can strengthen the inhibitory effect of debt on over-investment, while weakening the degree of under-investment debts caused. Through the empirical examines, this thesis once more tests the relationship between corporate debt levels and efficiency of investment; focusing on Chinese private listed companies, introduces the environmental uncertainty , the variable, to re-examine under a new perspective on its relationship. Besides, the conclusion provides a new way of thinking for the government to promote the bond market construction, to optimize the capital structure of listed companies, as well as assets self-protection of creditors. Therefore, this paper has a certain theoretical and practical significance.
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