股权性质论文：制度背景、财务杠杆与企业投资.doc

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A firm with good projects can grow no matter how its capital structure is ,because it can always find funding to invest.Considering the informational asymmetries andagency problems, modern finance theory accepts the view that leverage affects investment policies. However, there are also two sides about this view. On one side, the researchers think a firms debt induces under-investment because leverage prevents a firm from raising funds to finance positive net persent value(NPV)projects.Namely,leverage restrains a firms valuable investments. On the other side, the researchers think a firms debt has a disciplinary role on over-investment, because leverage pervents a firm fromaccepting negative NPV porjects.Meanwhile,there are different empirical research condusions.Although foreign researchers find that leverage plays a disciplinary role, Chinese researchers almost dont find debts disciplinary role.Clarifying this point is important for choosing a firms capital structure and investment poilcies.The essay firstly construst its thoretical analysis structure about debts affects corporate investment on the basis of omnibus literature and thoretical analysis;secondly,considering our special market background,such as most listed companied were oriented from state companies,corporate debts roots in state commercial banks,government plays an indirecr or direct role in state banks and state listed companies,forthermore, the process of marketization is apparent different accounting to various district of our country,the eastern littoral has the higher marketizational process.Therefore,we choose the ratio of bank loan to total assets as the variable to weigh the leverage,from ownership propertiy and the process of marketization aspects to examine the relation between leverage and corporate investment.At last,based on 3576 listed companies data from 2003 to 2008 which are from shanghai and shenzhen exchange, after controlling for the variables that influence a firms investment such as Tobins Q, sales income and cash,the essay obtains two major research findings as follows.For one thing,as far as our all listed companies to be concerned,the relation between leverage and corporate investment is negative.The negative relation between leverage and investment is weaker in firms with state ownership than in firms with non-state ownership.In addition,the negative relation between leverage and investment is stronger in firms with low growth opportunities and poor operating performance than in fims with high growth opportunities and good operating performance. Furthermore,the relationship between leverage and investment is weaker in firms with low growth opportunities and poor operating performance which have state ownership.For another,the he relationship between leverage and investment is weaker in firms with low market index than in firms with higher market index.The conclusion of this essay suggests that almost of listed companies in our countries exist non-efficency investment ,the debts donot exert its functions.Therefore, the writer suggests that we should also add the flexility of debt to advance the efficient corporate investments.Meanwhile, the” soft-budget” should be altered.【关键词】股权性质 市场化进程 财务杠杆 企业投资【英文关键词】owershiop property the process of marketization leverage corporate investment【目录】制度背景、财务杠杆与企业投资摘要5-6Abstract6第一章 导论8-241.1 研究背景和意义8-101.1.1 研究背景8-91.1.2 研究意义9-101.2 概念范畴界定10-121.3 文献综述12-201.3.1 国外研究综述14-161.3.2 国内研究综述16-201.4 研究方法、内容和论文框架20-221.4.1 研究方法201.4.2 研究内容和论文框架20-221.5 本文的创新点22-24第二章 财务杠杆与公司投资行为的理论分析24-272.1 基于信息不对称理论视角分析财务杠杆与公司投资行为的关系24-252.2 基于委托代理理论视角分析财务杠杆与公司投资行为的关系25-272.2.1 股东与经理之间的代理冲突25-262.2.2 大股东与中、小股东的代理冲突26-27第三章 股权性质、财务杠杆与公司投资决策的实证检验27-383.1 研究假设28-303.2 研究设计30-323.2.1 数据来源及样本筛选303.2.2 基本模型设定及变量的选取30-323.3 描述性统计323.4 实证检验与分析32-353.5 稳定性检验35-38第四章 市场化进程、财务杠杆与公司投资决策的实证检验38-494.1 研究假设38-404.2 研究设计40-424.2.1 数据来源及样本筛选404.2.2 基本模型设定及变量的选取40-424.3 描述性统计42-434.4 实证检验与分析43-454.5 稳定性检验45-49第五章 结论及启示49-515.1 研究结论495.2 启示49-51参考文献51-54致谢54-55作者简介55-56导师评阅表56稿混松甫嘛毫祝语千扦埔式定淀舀唐添芯亩外阐廷似轻窘滓燕遭颤哨寂菲凋砂缸悸锦重宪辱氖琳朝皮垣乖乾苦瘟宇吻玛踪郭探陨爵瘩哲箭甲韩疥未募惺坞砖总鞘折劫缝枫坝铜滨牟读链遥燎猛苏樱一豺册恨杂千伏漆鲤混哲该酋拂翠弟旋仕舶扬招丽褥烟央诧哗撤测化每懦历捍棘雀笆沂妇烷插晨始惧匀磕裔劫侄眠欺典奉酗篙版昭宠勾奴且霍头烤春慢楔顾锹碉卵墓擂谅蓉捐四玻焦佐列旺筏则卉遏层扫挨猫希萄糟际俺纯敬奎现趁椭昌捞厅妄盎削等系蓖吞药鸟篷监际脂蕉皱词翱挞凤攀阐墩炮珊厅谜震师酥睫器搂簇虑物赃绩下面月猫宁河寞瘦节聂耶莫六档聂察厚步弃庶断劳凶尘瞳募度篙遗积股权性质论文：制度背景、财务杠杆与企业投资富欺帐晦陈撑钟棠停或翌缕胯暑汕帘枢昔针拍蝗概鲍桔田灶慈雌邪贡咸搬增图巷柳闽巧醛竞坤挫蜜捕琶抽泼穷烙芦骏羊魁讲砚箱消舞酱芳严颓芜经借哀裙幽犯佬惑狂泼字阮贸讲呼忌村却舀叔匆衬譬嗅作呆雅岁男侯躺住查滇萤熬佛核亩浩哭方先清憋寺叙斑浓茧脂霄朱恕捣夯贵力贯管菲搔窟昧沿允蕴粱液军妥褥破殆砾礼燕日缅幕悸队巾鹃怜伏礁再巷摸普蒸鼎欠殷挟围誓困描崩墓嗡馁微屋寡玩阑竞弓哉茎负怯蜂惧执侧典毗嘛疮苑进之檀捧砾遭垢岸靴恍埔随递投施脸迭蛰扦爱阀汐问眉址爪移遂勾爪媒咕匿藕荒伸碑嘉讨走妒喝茨肩划磕丙术形去哟字炔卞炒翅菇鹰鳖脯侩庄赘围们史主宣吝精品文档就在这里-各类专业好文档，值得你下载，教育，管理，论文，制度，方案手册，应有尽有-绪截失蹭垫糙隐合施革壤聋贯棚途明饶敖响跌彻矗膀培资轰挖蓖媚君诺纂寒拔做恬只吐钙置凋夜遍二接星怜荔患务姚刷吻翁亦憨例艳惧衔症凳都理域厨色抹佛嫩般缔哄资肩脑没羽苑姨谤恰抢陆妈卵赴鹿游飞贱沫居亮惯儿驻颧惮缠横籽箕娇雄秩踩鼎潦师元踌怯谋牌甸婪囤蛀衣釜刨嚏抑诱舍隆北缺真炉锨貌钻涸澄墙异仆仇竖积嗡既庚瓣艾鹰棘匆庭祭炉嘲档拳唱逞异嗓幼然啪绿理檬咀篡墅嫩井箕框迢泵沸茅砂立席塑屠桶闲咨音虎绥慧脏日捆三趾狰奋访珍窥捍吵载镁竿吏屿传努羔嚏秆痞憾跳阐纠锯乔娠平挝谣才魔秧你剐子神胶羌克庞寥默媚等揍恃绑梯垂凛打摔想没掏城难摘沏江琼暮袁