唧唧堂编辑二朵2014-03-28 12:01 PM

中国上市公司过度投资的行为研究—公司治理角度下的原因、对策分析Over-investment behaviour studies of Chinese public companies - Cause and solution analysis from a corporation management perspective

论文摘要

自改革开放以来,尤其是在建立了社会主义市场经济制度后,中国经济就进入了高速发展时期,上市公司对于提高公司价值的方式进行着不断的尝试,投资是提高企业价值的必经之路。然而,在看似高速增长的经济发展速度背后,一些隐形的问题也逐渐暴露,例如过度投资所带来的一系列负面影响。上市公司盲目进行投资(将资金投向于自己并不熟悉的领域)、频繁并购、投资于一些净现值为负的项目都是过度投资的典型表现。盲目投资,不只会对公司造成很沉重的打击,造成资源的浪费,甚至会对国家整体的经济状况造成不良的趋势影响。投资作为公司的主要活动之一,对公司的成败有着至关重要的作用,因此引起了国内外学者的广泛关注。 

本文主要从三个角度:股权结构、董事会结构、管理层的特征与能力三个角度阐述了过度投资行为的主要影响因素,并且针对这三个方面,利用统计数据进行数据支撑,对中国房地产上市公司的过度投资行为进行剖析,并针对这三个因素提出相应的对策,探讨企业的效率投资的良性出路。 

本文共包括以下五个部分: 

第一部分,本文的绪论。阐述本文研究的背景、意义,国内外研究现状等。 

第二部分,过度投资的行为特征,表现,影响。 

第三部分,公司治理与上市公司过度投资的关系分析。 

第四部分,从公司治理的角度进行过度投资行为的对策分析。 

第五部分,为本文的结论。 


研究方法主要为规范研究的方法,对过度投资行为影响因素和对策进行阐述。本文的创新点是针对某一特定行业:房地产业,进行过度投资的研究,对目前经济生活的热点房地产业进行研究, 更具有现实意义。 

关键词:过度投资 公司治理 自由现金流 企业投资 代理问题 股权结构


Abstract 

Since the reform and opening policy, especially the establishment of the Socialist market economic system, the Chinese economy has entered a booming period. For public companies continuously striving for a way to improve their corporate value, they have found that investment is the only way. However, behind Chinese high speed economic growth hidden problems have been gradually exposed, for instance, negative affections caused by over-investment. Blind investment, the capital investment in an unfamiliar industry field, the frequent mergers and acquisitions in today’s market environment and to invest in projects that have negative cash flow can all be seen as typical occurrences in over investment cases. Blind investment, not only can heavy hit a company, and thus cause resource abuse, but it can also bring about negative effects to the economic situation of an entire country. As a company's main activity investment plays a vital role in a company's success, and thus it has obtained widespread and notable attention from both domestic and foreign scholars. 

From three perspectives: equity structure, board structure and management features and competence, this study describes the main influence factors of over investment. Then from these three perspectives, with statistical data support, we analysed Chinese real estate public companies over investment activities. Finally, we discussed how a company can make effective investments and established solutions from each perspective. 

This study contains five parts as follows: 
Part One: Introduction describing the background, significance and research status from domestic to abroad of this study. 
Part Two: Features, presentations and influences of over investment.  
Part Three: Relationship analysis to corporate management and public company’s over investment. 
Part Four: Solution analysis for over investment from a corporate management perspective. 
Part Five: Conclusion

With the use of normative research methods,this study describes major influence factors and solutions for over investment. The innovation point for this study is that we analysed over investment focus on one specific industry – the real estate industry, which is a very popular economic subject in our daily life, this gives my study a more realistic significance as it provides a much needed reparability for the reader. 

Key words: Over Investment, Corporation, Free Cash Flow, Corporate investment, Agency Problem, Equity Structure

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