摘要国内外学者都对上市公司投资行为受到融资约束的影响程度进行了不同角度的研究，得出了许多不一样的结论。国内的相关研究起步比国外的较晚，但是针对中国这一与国外资本市场不同、正处于经济转型阶段、很多监管制度并不完善的市场，国内学者也做出自己独到的研究，融资约束与上市公司的投资行为的关系通过投资-现金流敏感性或者是现金-现金流敏感性，通过将各种相关数据进行回归分析得出相应的结论。由于前者对债务治理成本对过度投资的约束作用研究甚少，本文将着力于从债务治理成本这个切入点来研究与融资约束之间的关系，并通过定性和定量的分析得出自己的结论，提出相关建议和意见。64464

毕业论文关键字  债务约束   自由现金流  过度投资

毕业论文 外 文 摘 要

Title    The investment of excessive investment of free cash flow based on debt constraint                     

Abstract Many scholars, both at home and abroad, have studied the influences of financial restrictions on the investment behaviors of listed companies from different perspectives, and have made different conclusions. Relevant researches in China started later than that in the west. Given the context of Chinese market, which is in the stage of economic transition and is lack of complete regulatory system, Chinese scholars, however, have also contributed a lot in the studies on the relationship between financial restrictions and the investment behaviors of listed companies through their regression analyses of relevant data about investment-cash sensitivity or cash-cash sensitivity. Since relatively fewer research efforts go into the impacts of debt governance costs on excessive investment, the present paper attempts to analyze the relationship between investment behaviors and financial restriction from the perspective of debt governance costs. Moreover, the paper is also to draw conclusions on this topic through both qualitative and quantitative analyses and to put forward relevant suggestions on this regard.

Keywords  financial restrictions  free cash flow  excessive investment

1  引言 1

2  相关理论概述 2

2.1  相关定义 2

2.2  相关理论 2

2.3  文献综述 4

3  研究假设 8

3.1  债务约束对过度投资抑制假设 8

3.2  债务治理自由现金流量代理成本对过度投资抑制假设 8

4  研究设计 10

4.1  样本选择及数据来源 10

4.2  变量选择与模型建立 10

5  实证结果及分析 13

5.1  描述性统计 13

5.2  过度投资行为的检验 14

5.3  债务约束下公司过度投资行为的检验 16

5.4  研究结论及政策建议 18

结  论 20

致  谢 21

参考文献 22

1  引言

     众所周知，湖南太子奶集团曾占据中国发酵型乳酸菌饮料业的霸主之位。然而，因扩张过速，管理粗放、决策不当、营销单一等原因，又遭遇金融危机，公司资金链出现断裂。最终太子奶进入“破产重整”程序。论文网