上市公司投资效率评价与影响因素研究
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摘要
投资、融资与分配是现代公司金融的三大核心活动。在国内资本市场，大多数上市公司关注得较多的是融资活动。它们通过发行新股和增发等方式来实现融资，部分上市公司融资次数众多、数额巨大，被媒体和投资者戏称为“圈钱”行为。然而，一些上市公司对其创造价值的投资活动却不是非常重视，完成融资后便不再真正关心投入的产出效果，致使其经营状态低迷，绩效水平不高。本文从理论与实证两个方面系统探讨上市公司投资活动的效率与其影响因素，以期为相关企业提升经营水平和管理部门完善监管行为提供理论参考。
在理论研究部分，本文首先界定上市公司的投资概念，并总结了投资的相关理论；然后对当前上市公司投资支出特征进行了分析；接着从投入合理程度、产出大小以及投入产出比三个视角出发分别定义三种投资效率，并阐述投资效率的目标和环境；并从微观运行角度系统探讨上市公司投资效率的影响机理，分析公司治理、财务治理、投融资状况以及产品市场因素对投资效率的影响。
在实证研究部分，本文首先分别从投入和产出的视角评价上市公司的投资效率。选取2008年至2012年的中国证券市场的数据，运用投资支出模型计算投入视角的投资效率。实证结果表明，上市公司存在一定程度投资不足和投资过度行为。而从投资偏差度的相对指标来看，上市公司的投资效率相对较高，各行业的平均值大部分超过了0.98，接近最高值1，投资不足和投资过度的程度较轻。根据主成分分析来对各产出变量进行加权汇总，从产出视角评价上市公司的投资效率，发现大多数行业的投资效率小于0，说明在样本期间，各上市公司的投资结果不甚理想。本文接着从投入与产出统一的视角构建投资效率评价模型，并对上市公司的投资效率进行实证考察，在构建投资效率评价的随机前沿分析模型的基础上，对上市公司的投资效率进行评价。实证结果表明，2008年至2012年间上市公司效率基本上在0.7左右波动，说明上市公司的投资效率损失近30%，投资效率还有较大的提升空间。本文然后分别运用多元回归分析和结构方程模型对企业投资效率的影响因素进行实证研究，发现上市公司的机构投资者持股比例、第一大股东持股比例、高管持股、财权配置、财务控制、财务监督、负债比率、现金持有量、行业集中度和市场份额分别对企业投资效率有不同程度和方向的影响。而从结构方程模型的路径系数可以发现，潜变量公司治理能力、财务治理能力以及投融资状况和产品市场因素都对投资效率产生了较为显著的影响。
在对策研究部分，本文提出提升上市公司投资效率的若干对策。认为为了提高上市公司投资效率，有必要进一步完善相关监管制度。同时，上市公司要规范自身的公司治理机制和财务管理制度、提高产品市场竞争力，提升投资管理水平和运营效率，从而有助于上市公司的健康发展，也为上市公司的利益相关者带来价值的增加。
本文的创新在于从较新的角度对上市公司投资效率进行了界定，基于投入或产出分析视角、投入—产出分析视角等不同角度，构建了上市公司投资效率的评价模型，在一定程度上改进了投资效率评价方法。同时，克服以往研究大多从单个因素进行研究的局限，从微观运行角度，将公司治理、财务治理、投融资状况以及产品市场状况纳入到一个统一分析框架，从而可以更全面地把握上市公司投资效率及其影响因素。
Investment, financing and dividend distribution are the core activity of the moderncorporate finance. In domestic capital market, most of the listed companies concernmore about the financing management, and they realize the financing through initialpublic offering and seasoned equity offering. The frequency and amount of thefinancing lead the media and the investors call it money encirclement. The listedcompanies do not care much about the value creative of the investment activities. Oncefinanced successfully, the output of the input is often neglected, thus lead to depressedoperation and poor performance. Under this background, it is essential to investigate theinvestment efficiency and its influencing factors through theoretical and empiricalanalysis with the purpose of enhancing the investment efficiency.
In the theoretical research, firstly, the definition of listed companies’ investment isdefined. Secondly, the investment theories are summarized. Thirdly, the investmentcharacteristics of the listed companies are analyzed. Fourthly, from the aspects of therationality of the inputs, output performance and the input and output ratio, threecategories of investment efficiency are defined, and the environment of the investmentefficiency are subsequently clarified. Nextly, the influencing factors of the investmentefficiency are analyzed from the corporate governance, financing management,financing activities and product market factors.
In the empirical research, firstly, the efficiency of the listed companies is evaluatedfrom the input-oriented aspect and output-oriented aspect. From the input-orientedaspect, we apply the security market data from2008-2012, the investment efficiencybased on the investment expenditure model show the existence of the over investmentand insufficient investment. And judging by the degree of the investment deviation, theinvestment efficiency are close to1, and this result show that the degree of the overinvestment and insufficient investment are not very serious. Then, we adopt theprincipal component analysis to evaluate the output performance. The results show thatthe investment efficiency is below0and not well satisfied. Secondly, we construct thestochastic frontier analysis to evaluate the investment efficiency from the output andinput oriented aspect. The empirical analysis result show that the efficiency of the listedcompanies is fluctuating around0.7and the efficiency loss are nearly30%. Theefficiency of the investment has promotion space. Thirdly, the empirical research also analyzed the influencing factors by applying the multiple regression analysis andstructural equation models. The empirical results show that the share hold ratio of theinstitutional investors, the largest shareholders and top managers, financial rightallocation, financial control, financial supervision, debt ratio, cash holds, marketconcentration and market share has significant influence on the investment efficiency.And judging by the path coefficiencies of the structural models, all the latent variablesincluding the corporate governance, finance management, financing condition and theproduct factors have significant influence on the investment efficiency.
In the countermeasure research, some suggestions are provided for promoting theefficiency of investment. It is need to strengthen the supervision. Meanwhile, the listedcompanies should regulate corporate governance and financial management, enchancethe product competitiveness, and improve the investment management level andoperation efficiency, thus to be helpful for the health development of the listedcompanies and bring the added value for the benefit counterparts of the listedcompanies.
The innovation of this paper is described as follows. The listing Corporationinvestment efficiency is defined from a new point of view. Based on the input-orientedor output-oriented aspect and the the output and input oriented aspect analysis, the thesisconstructs the evaluation of listing Corporation investment efficiency model to improvethe investment efficiency evaluation method. At the same time, overcome the pastresearch that mostly studied from single factor limits, this paper incorporate somefactors such as the corporate governance, finance management, financing condition andthe product factors into a unified analysis framework, thus comprehensively grasps thelisting Corporation investment efficiency and its influencing factors.
在理论研究部分，本文首先界定上市公司的投资概念，并总结了投资的相关理论；然后对当前上市公司投资支出特征进行了分析；接着从投入合理程度、产出大小以及投入产出比三个视角出发分别定义三种投资效率，并阐述投资效率的目标和环境；并从微观运行角度系统探讨上市公司投资效率的影响机理，分析公司治理、财务治理、投融资状况以及产品市场因素对投资效率的影响。
在实证研究部分，本文首先分别从投入和产出的视角评价上市公司的投资效率。选取2008年至2012年的中国证券市场的数据，运用投资支出模型计算投入视角的投资效率。实证结果表明，上市公司存在一定程度投资不足和投资过度行为。而从投资偏差度的相对指标来看，上市公司的投资效率相对较高，各行业的平均值大部分超过了0.98，接近最高值1，投资不足和投资过度的程度较轻。根据主成分分析来对各产出变量进行加权汇总，从产出视角评价上市公司的投资效率，发现大多数行业的投资效率小于0，说明在样本期间，各上市公司的投资结果不甚理想。本文接着从投入与产出统一的视角构建投资效率评价模型，并对上市公司的投资效率进行实证考察，在构建投资效率评价的随机前沿分析模型的基础上，对上市公司的投资效率进行评价。实证结果表明，2008年至2012年间上市公司效率基本上在0.7左右波动，说明上市公司的投资效率损失近30%，投资效率还有较大的提升空间。本文然后分别运用多元回归分析和结构方程模型对企业投资效率的影响因素进行实证研究，发现上市公司的机构投资者持股比例、第一大股东持股比例、高管持股、财权配置、财务控制、财务监督、负债比率、现金持有量、行业集中度和市场份额分别对企业投资效率有不同程度和方向的影响。而从结构方程模型的路径系数可以发现，潜变量公司治理能力、财务治理能力以及投融资状况和产品市场因素都对投资效率产生了较为显著的影响。
在对策研究部分，本文提出提升上市公司投资效率的若干对策。认为为了提高上市公司投资效率，有必要进一步完善相关监管制度。同时，上市公司要规范自身的公司治理机制和财务管理制度、提高产品市场竞争力，提升投资管理水平和运营效率，从而有助于上市公司的健康发展，也为上市公司的利益相关者带来价值的增加。
本文的创新在于从较新的角度对上市公司投资效率进行了界定，基于投入或产出分析视角、投入—产出分析视角等不同角度，构建了上市公司投资效率的评价模型，在一定程度上改进了投资效率评价方法。同时，克服以往研究大多从单个因素进行研究的局限，从微观运行角度，将公司治理、财务治理、投融资状况以及产品市场状况纳入到一个统一分析框架，从而可以更全面地把握上市公司投资效率及其影响因素。
Investment, financing and dividend distribution are the core activity of the moderncorporate finance. In domestic capital market, most of the listed companies concernmore about the financing management, and they realize the financing through initialpublic offering and seasoned equity offering. The frequency and amount of thefinancing lead the media and the investors call it money encirclement. The listedcompanies do not care much about the value creative of the investment activities. Oncefinanced successfully, the output of the input is often neglected, thus lead to depressedoperation and poor performance. Under this background, it is essential to investigate theinvestment efficiency and its influencing factors through theoretical and empiricalanalysis with the purpose of enhancing the investment efficiency.
In the theoretical research, firstly, the definition of listed companies’ investment isdefined. Secondly, the investment theories are summarized. Thirdly, the investmentcharacteristics of the listed companies are analyzed. Fourthly, from the aspects of therationality of the inputs, output performance and the input and output ratio, threecategories of investment efficiency are defined, and the environment of the investmentefficiency are subsequently clarified. Nextly, the influencing factors of the investmentefficiency are analyzed from the corporate governance, financing management,financing activities and product market factors.
In the empirical research, firstly, the efficiency of the listed companies is evaluatedfrom the input-oriented aspect and output-oriented aspect. From the input-orientedaspect, we apply the security market data from2008-2012, the investment efficiencybased on the investment expenditure model show the existence of the over investmentand insufficient investment. And judging by the degree of the investment deviation, theinvestment efficiency are close to1, and this result show that the degree of the overinvestment and insufficient investment are not very serious. Then, we adopt theprincipal component analysis to evaluate the output performance. The results show thatthe investment efficiency is below0and not well satisfied. Secondly, we construct thestochastic frontier analysis to evaluate the investment efficiency from the output andinput oriented aspect. The empirical analysis result show that the efficiency of the listedcompanies is fluctuating around0.7and the efficiency loss are nearly30%. Theefficiency of the investment has promotion space. Thirdly, the empirical research also analyzed the influencing factors by applying the multiple regression analysis andstructural equation models. The empirical results show that the share hold ratio of theinstitutional investors, the largest shareholders and top managers, financial rightallocation, financial control, financial supervision, debt ratio, cash holds, marketconcentration and market share has significant influence on the investment efficiency.And judging by the path coefficiencies of the structural models, all the latent variablesincluding the corporate governance, finance management, financing condition and theproduct factors have significant influence on the investment efficiency.
In the countermeasure research, some suggestions are provided for promoting theefficiency of investment. It is need to strengthen the supervision. Meanwhile, the listedcompanies should regulate corporate governance and financial management, enchancethe product competitiveness, and improve the investment management level andoperation efficiency, thus to be helpful for the health development of the listedcompanies and bring the added value for the benefit counterparts of the listedcompanies.
The innovation of this paper is described as follows. The listing Corporationinvestment efficiency is defined from a new point of view. Based on the input-orientedor output-oriented aspect and the the output and input oriented aspect analysis, the thesisconstructs the evaluation of listing Corporation investment efficiency model to improvethe investment efficiency evaluation method. At the same time, overcome the pastresearch that mostly studied from single factor limits, this paper incorporate somefactors such as the corporate governance, finance management, financing condition andthe product factors into a unified analysis framework, thus comprehensively grasps thelisting Corporation investment efficiency and its influencing factors.
引文
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