Author: 刘朝斌
Liu, Chaobin
Title: 中国上市国企和民企投资行为和投资效率比较研究
Zhongguo shang shi guo qi he min qi tou zi xing wei he tou zi xiao lü bi jiao yan jiu
Other Title: A study on the differences of investment behaviors and efficiency between the state-owned enterprises and non-state-owned enterprises in Chinese stock market
Degree: D.Mgt.
Year: 2014
Subject: Hong Kong Polytechnic University -- Dissertations
Corporations, Government -- China
Business enterprises -- China
Stock companies -- China
Department: Faculty of Business
Pages: 81 leaves ; 30 cm
Language: Chinese
Abstract: 本文以2002年至2011年中国大陆市场中的上市公司作为研究对象,从上市公司的最终控制人性质是否为国有来划分国有和民营股权性质。通过笔者多年的中国企业经营经验,充分结合中国市场的特殊国情特征与中国企业的特殊性,依据现有的投资理论和模型,主要从股权性质、现金流、股价的投资敏感度和投资规模角度进行实证研究。本文给出四个假说:(1)国企与民企融资约束不同,国企新增投资的现金流敏感度较低。(2)国企相较于民企,更倾向于出现过度投资。(3)国企相较于民企,具有更低的投资股价敏感度。(4)国企投资效率与民企没有差异。实证方面,在传统检验模型的基础上做了改进,使得对假说的实证模型的构建与检验过程更加的严谨。同时,本文改进了传统的投资效率模型,添加了宏观周期变量和行业分类变量,其中宏观周期变量是根据美林投资时钟的4阶段来划分,契合行业景气波动和企业投资效率的宏观环境波动,能更好地提取出在不同宏观条件下和不同行业周期下国企与民企的投资效率差异。具有较多的创新之处。实证对本文提出的假说进行了仔细的检验,得到了有意义的结论。最后本文根据实证结果与中国实际企业经营经验,分析了这些结论中国企与民企假说中差异产生的原因及可能导致的社会经济后果,并对该问题未来的发展和解决方法进行了展望。
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