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论文编号：	9329
作者编号：	2120152470
上传时间：	2017/6/20 11:00:13
中文题目：	上市公司股权结构、成长性与投资效率的实证研究
英文题目：	Empirical Research on the Ownership structure, Growth and Investment Efficiency of Listed Companies
指导老师：	张晓农
中文关键字：	股权结构；公司成长性；投资效率
英文关键字：	Ownership Structure；Coporate Growth；Investment Efficiency
中文摘要：	投资活动是企业未来现金流量增长的基础，也是目前最具有长期影响力的企业资源配置活动之一。企业投资效率是企业进行投资时获得的产出与实际耗用的资源之间的比例，影响投资效率的因素有很多，进而使投资结果存在大量的不确定性，因此如何提高投资效率也就成了社会关注的热点问题。学者们纷纷从自由现金流量、债务融资等方面对投资效率进行研究。其中，对股权结构和投资效率之间关系的研究也不在少数。 本研究将从股权结构角度出发，以上市公司投资效率作为研究对象，同时引入公司成长性的研究视角，分析股权结构对于公司投资效率的影响，并同时将上市公司根据其成长性分为具有高成长性的上市公司和具有低成长性的上市公司，分别探讨股权结构在不同成长性公司之间对投资效率的影响有何不同。 本文首先对相关概念进行界定，并在以往研究的理论回顾和文献综述的基础上提出相应的研究假设，采用理论分析与实证研究相结合的方法，以2010年12月31日前发行的沪深A股上市公司为研究样本，利用2012-2015四个会计年度的数据，结合公司成长性，对公司投资效率、股权结构以及相关的指标进行实证分析，对研究假设进行验证。本文通过实证研究发现：1. 第一大股东持股比例与上市公司投资效率呈负相关关系；2. 上市公司第二到第五大股东持股比例与第一大股东持股比例之比呈负相关关系；3. 国有控股会降低上市公司投资效率；4. 低成长性上市公司则更容易引起投资过度，高成长性上市公司更容易导致投资不足；5. 对于不同成长性的上市公司，其股权结构对投资效率的影响程度不同，股权结构对投资效率的影响在低成长性上市公司中效果更明显，但是对高成长性上市公司的影响不大。
英文摘要：	Investment activity is the foundation of the growth of cash flow of an enterprise in the future, and it is also one of the enterprise resource configuration activities that has the most far-reaching influence up to now. Corporate investment efficiency is the ratio for enterprises between the effective results that investment achieved and the consumption of resources. There are many factors that can influence the efficiency of the enterprise investment activities, thus causing a lot of uncertainty to the results of investment. Therefore, how to improve the efficiency of investment has become a hot topic in modern society. A lot of scholars studied investment efficiency from aspects of the free cash flow, debt financing and so on. The research of relationship between equity structure and investment efficiency is not in the minority. This study will view the investment efficiency of listed companies as the research object, and analyze the effects of Owner structure on corporate investment efficiency. In addition, the research introduced the ompany growth indicators at the same time, studying the influence towards corporate investment efficiency from the perspective of equity structure. We discuss the influence between equity Owner structure and investment efficiency according to its growth ability of listed companies respectively. Firstly, this thesis define related concepts, and put forward the corresponding research hypothesis in review of theories of past research and on the basis of literature review. Besides, This article adopts the method of theoretical analysis combining empirical research. Then this study views Shanghai and shenzhen A-share listed companies which issued before December 31, 2010 as research samples. Finally, we analyze the relationship between the investment efficiency of the company and its ownerhsip structure using the data of four fiscal years from 2012 to 2015. To test the research hypothesis we put forward, the study examines related parameters combined with the company growth index in the empirical analysis. The empirical study and regression came to several conclusions: Firstly, The ratio of the largest shareholders are negatively related with the investment efficiency of listed companies; Secondly, The the ratio between the second to the fifth largest shareholders Owner and the largest shareholders of listed companies holds a negative correlation relationship; Thirdly, The state-owned holding will reduce the investment efficiency of listed companies; Forthly, The listed companies of high growth are more likely to lead to inadequate investment, and companies of lower growth of are more likely to lead to over-investment; Fifthly, For listed companies of different growth abilities, the impact of Owner structure on the investment efficiency is different. The influence of Owner structure on the investment efficiency in the listed companies of low growth is more obvious than that of high-growth companies.
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