公司治理与上市公司过度投资行为研究
毕业论文关键词 过度投资 公司治理 独立董事 管理层持股
Title Research on Corporate Governance and Over-investment Behavior
Abstract Investment is one of the main driving force of enterprise development, the investment behavior becomes the leading power of the finance behavior. The magnitude of value of enterprise investment decision-making level can be said is that depends on enterprises. Then according to the recent data and reports, investment efficiency of the Chinese listed companies is not high, some even reached a very dangerous low level, investigating its reasons, over-investment can be said to be one of the most important reasons. On the other hand, the enterprise investment and corporate governance are closely linked, the level of corporation governance directly determines the enterprise investment efficiency. Based on the above background, this paper studies the corporate governance and over-investment behavior relationship. This paper first introduces the domestic foreign relevant researches, and then introduces the corporate governance and excessive investment related concept and content, next this paper introduces the theory of corporate governance and the theory of over-investment, which laid the theoretical foundation for the empirical analysis. Then this paper puts forward a series of hypotheses and research through the analysis of the data, to examine what aspects of corporate governance has an inhibitory effect on the listing Corporation of excessive investment. Finally, this paper puts forward some policy suggestions about how to control over-investment based on the research.
Keywords Over-investment Corporate Governance Independent director Managerial ownership
目录
1绪论..5
1．1研究背景和意义5
1．2研究内容和研究框架.6
1．3国内外相关研究6
2相关理论基础.8
2．1相关概念界定.8
2．2企业投资理论.9
2．3公司治理理论..10
3公司治理对过度投资行为影响的机理与假设12
3．1公司治理对过度投资行为影响的机理12
3．2公司治理抑制过度投资行为的研究假设..13
4公司治理制约过度投资的实证分析.15
4．1数据来源及样本选择..15
4．2变量的定义与模型的构建15
4．3描述统计分析..18
4．4相关性检验与线性回归方法实证检验..20
4．5研究结论与建议.21
结论..24
致谢..25
参考文献.26
1 绪论 1．1 研究背景和意义 伴随着改革开放,我国的经济得到了飞速的发展，这其中上市公司又是投资活动的主要力量，它们的投资增长构成了我国宏观经济发展的基础。 自改革开放以来，我国 GDP一直就保持着快速增长的态势，进入 21世纪后，GDP的增幅甚至在连续突破 8%，9%，10%后，在 2007年达到了13%后一直水平态势。与此同时,作为拉动 GDP 发展的企业投资的增长速率也远远超过了GDP的增幅。 另一方面，伴随着我国目前投资的热潮，势必也会出现投资过度的情况。我国目前长期将GDP的增长情况作为衡量区域、城市发展的重要指标之一，这样直接导致政府为发展地方经济，为鼓励企业进行投资，设立一系列政策乃至经济上的优惠条件，而这直接导致企业过度投资情况的增加。另外，改革开放后证券市场的建立，使得企业能通过证券市场进行融资活动，这种融资活动由于其低成本的优势，成为众多企业融资的首选，这些行为都会直接导致上市公司利用资本市场的融资特权来积聚财富。