發(fā)布時間：2018-04-20 07:59

  本文選題：財務柔性 + 投資不足��； 參考：《山東大學》2017年碩士論文

【摘要】：投資作為企業(yè)最重要的經(jīng)濟活動之一,貫穿于企業(yè)的整個生命周期中,是影響其未來發(fā)展的重要因素。正確的投資決策可以給企業(yè)注入更多現(xiàn)金流,提升企業(yè)價值,反之則可能會給企業(yè)帶來無法挽回的損失。在現(xiàn)實中由于委托代理沖突與信息不對稱的存在,公司的非效率投資行為十分普遍。因此如何改善投資效率,抑制企業(yè)非效率投資行為是一個亟待解決的問題。在當前全球化進程之中,企業(yè)面臨越發(fā)復雜的經(jīng)濟環(huán)境,財務柔性的概念應運而生,加之我國正處在經(jīng)濟轉(zhuǎn)型與升級的關(guān)鍵時刻,不確定性風險隨之加重,不少企業(yè)通過儲備一定水平的財務柔性以應對突發(fā)事件,及時獲得資金支持,把握有利的投資時機。同時,我國企業(yè)的內(nèi)部控制體制逐漸完善,高質(zhì)量的內(nèi)部控制可以提高公司內(nèi)部管理水平,及時發(fā)現(xiàn)并糾正投資決策與執(zhí)行過程中的偏差,防止管理層選擇投資凈現(xiàn)值小于0或者舍棄凈現(xiàn)值大于0的項目�；�于以上背景,本文探究財務柔性是否可以在實際中改善上市公司的投資效率,同時將內(nèi)部控制納入分析框架,結(jié)合上市公司的產(chǎn)權(quán)性質(zhì),深入探討內(nèi)部控制對公司財務柔性與非效率投資關(guān)系的影響。論文采用理論分析與實證檢驗結(jié)合的方法,首先界定內(nèi)部控制、財務柔性、非效率投資等概念,通過對國內(nèi)外有關(guān)財務柔性、內(nèi)部控制和非效率投資關(guān)系的文獻進行整理并加以評述,為實證檢驗提供理論基礎。其次,選擇2012-2015年我國滬深兩市A股制造業(yè)上市公司為研究對象,分別探討財務柔性對企業(yè)投資不足以及過度投資的影響,并檢驗了內(nèi)部控制對財務柔性與非效率投資關(guān)系的治理效應,以期為改善我國上市公司的投資效率,進而逐步提升公司價值提供理論和數(shù)據(jù)依據(jù)。本文的主要結(jié)論如下:(1)財務柔性儲備越少,公司投資不足現(xiàn)象越嚴重,有效的內(nèi)部控制可以在一定程度上緩解信息不對稱,從而減輕因財務柔性儲備水平較低而導致的投資不足現(xiàn)象;(2)公司儲備財務柔性的水平越高,過度投資現(xiàn)象越嚴重,高質(zhì)量的內(nèi)部控制可以減輕公司面臨的代理沖突,因此抑制公司對財務柔性儲備的過度投資。(3)進一步區(qū)分產(chǎn)權(quán)性質(zhì)后,本文研究發(fā)現(xiàn)相較于國有控股公司,內(nèi)部控制對財務柔性與非效率投資關(guān)系的治理效果在非國有控股公司中更明顯。因此,合理儲備財務柔性與良好的內(nèi)部控制機制相配合,能更有效地解決上市公司的非效率投資問題。最后,本文根據(jù)理論上和實證上的研究結(jié)論,從完善內(nèi)部控制制度、合理儲備財務柔性等方面提出了建議,并為后續(xù)研究提供了新的方向。
[Abstract]:As one of the most important economic activities, investment runs through the whole life cycle of an enterprise and is an important factor affecting its future development. The correct investment decision can inject more cash flow and enhance the value of the enterprise, otherwise it may bring irreparable losses to the enterprise. In reality, due to the existence of principal-agent conflict and information asymmetry, the inefficient investment behavior of companies is very common. So how to improve the investment efficiency and restrain the non-efficient investment behavior is an urgent problem to be solved. In the current process of globalization, enterprises are facing more and more complex economic environment, the concept of financial flexibility came into being, coupled with the fact that China is at a critical moment of economic transformation and upgrading, the uncertainty risks are aggravated. Many enterprises reserve a certain level of financial flexibility to deal with emergencies, timely access to capital support, grasp the favorable investment opportunities. At the same time, the internal control system of our country's enterprises is gradually consummated, the high quality internal control can improve the internal management level of the company, discover and correct the deviation in the process of investment decision and execution in time. Prevent management from choosing projects where NPV is less than 0 or if NPV is greater than 0. Based on the above background, this paper explores whether financial flexibility can improve the investment efficiency of listed companies in practice, and bring the internal control into the analysis framework, combined with the property rights of listed companies. This paper probes into the influence of internal control on the relationship between financial flexibility and inefficient investment. This paper uses the method of theoretical analysis and empirical test to define the concepts of internal control, financial flexibility, inefficiency investment and so on. Internal control and inefficient investment relations are reviewed and reviewed to provide a theoretical basis for empirical testing. Secondly, we choose China's A-share manufacturing listed companies in Shanghai and Shenzhen stock markets from 2012 to 2015 to study the impact of financial flexibility on the underinvestment and over-investment of enterprises. The paper also examines the governance effect of internal control on the relationship between financial flexibility and inefficient investment in order to provide theoretical and data basis for improving the investment efficiency of listed companies in China and gradually enhancing the company value. The main conclusions of this paper are as follows: (1) the less flexible financial reserves, the more serious the underinvestment phenomenon is. Effective internal control can alleviate the information asymmetry to some extent. The higher the level of financial flexibility, the more serious the over-investment phenomenon is, and the higher the internal control quality is, the less the agency conflict the company faces, and the lower the level of financial flexibility, the more serious the over-investment phenomenon is, and the higher the level of financial flexibility is, the more serious the over-investment phenomenon is. Therefore, after restraining the over-investment of financial flexible reserve in the company. (3) further distinguishing the property right nature, this paper finds that compared with the state-owned holding company, The governance effect of internal control on the relationship between financial flexibility and non-efficiency investment is more obvious in non-state holding companies. Therefore, reasonable reserve financial flexibility and good internal control mechanism can effectively solve the problem of inefficient investment of listed companies. Finally, according to the theoretical and empirical research conclusions, this paper puts forward some suggestions from the aspects of perfecting the internal control system and reasonable reserve financial flexibility, and provides a new direction for further research.
【學位授予單位】：山東大學
【學位級別】：碩士
【學位授予年份】：2017
【分類號】：F425;F406.7

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