【作者】 曾义；

【导师】 杨兴全；

【作者基本信息】 石河子大学 ， 会计学， 2010， 硕士

【摘要】 公司投资中的资本配置效率一直是公司财务理论关注的基本问题。Modigliani and Miller (1958)的MM定理开创了公司微观投资理论研究的先河,他们所描述的完美世界中,公司的投资、融资和股利政策分别是独立的,公司的投资支出总额也仅由公司面临的投资机会集决定,与其他因素无关。然而,回到现实世界里,由于深受信息不对称和代理问题的影响,作为公司成长主要动因和未来现金流量增长的重要基础的公司资本性投资必然影响公司的价值。随着公司治理研究从具有典型股权分散结构的美国向其他国家的不断延展,世界范围内越来越多的研究证实了大多数公司中控制性股东的存在(La Porta et al.,1999)。控制性股东与中小股东之间的代理冲突逐步取代了股权分散下的传统委托代理冲突,成为公司治理研究中的重点问题,也是现代公司治理下财务决策研究所关注的焦点。本文主要研究资本性投资和公司价值的关系,首先建立了治理环境、大股东控制与资本性投资的理论模型,其次分析了大股东控制下资本性投资对公司价值的影响,最后从内部的股权适度制衡和完善外部治理环境两个维度探讨了公司资本性投资对公司价值的重要意义。本文的主要结论如下：1.上市公司进行资本性投资将有利于公司价值的提升,但是投资机会越低和拥有自由现金流越多的企业降低了资本性投资对公司价值的正面作用。2.控股股东行为对资本性投资和公司价值将产生消极的作用。具体而言,存在控股股东、政府控制的公司和两权分离越严重的上市公司降低了资本性投资对公司价值的正面作用,并且控股股东的这种消极作用在投资机会较低和拥有自由现金流越多的上市公司更加明显。3.股权的适度制衡和良好的治理环境有助于发挥资本性投资对公司价值的正面作用,并且治理环境的这种正向作用会对控股股东行为的负面效果起到良好的抑制作用。由此带来的启示是,在通过公司内部治理机制,协调大股东与中小股东利益,以规范我国上市公司资本性投资行为的同时,还要关注于隐藏在内部治理机制背后更重要、更基本的因素,即公司所处的治理环境(投资者保护程度)。更多还原

【Abstract】 Capital allocation efficiency in company investment is always the theory of corporate finance basic concem.Modigliani and Miller (1958) of the MM theorem of the company created a precedent for micro-investment theory, they describe a perfect world, the company’s investment, financing and dividend policy are independent, the company’s total investment spending is also only faced by the companyset of investment opportunities in the decision, independent of other factors.However, back to the real world, as well asymmetric information and agency problems influence, as the main drivers of the company’s growth and future cash flow growth, an important foundation for the company’s capital investment will inevitably affect the value of the company.With the corporate governance of stock distributed from the typical structure of the United States continued to extend to other countries, worldwide more and more studies confirm that most companies there controlling shareholders (La Porta et al.,1999).Controlling shareholders and minority shareholders the proxy conflict between the dispersed ownership gradually replaced the traditional agent under the conflict as the focus of the study of corporate governance issues of modern corporate governance, Financial Decision Making Institute under the focus of attention.This paper studies the value of capital investment and corporate relations, investment and the establishment of a theoretical model of large shareholders and the capital investment of theoretical model to analyze the level of investment, investment opportunities and free cash flow of the company’s capital by value of the company brought the changes of the major shareholders of capital investment under the control of the value of the company investigated how to control the environment affect the company’s capital investment and thus affect the value of the company.The main conclusions of this paper is as follows:1.Listed companies increased investment will help enhance the value of the company, but the companies have the low investment opportunities and more free cash flow reducing capital investment value of listed companies.2.Controlling shareholders will act on the capital investment value of a negative effect.In particular, the existenc of controlling shareholders, government-controlled companies and the separation of ownership will reduce the value of listed companies, the negative effect of Controlling shareholders is more serious in the low investment opportunities and more free cash flow companies.3.Appropriate checks and balances equity and good governance environment will help to enhance the value of corporate capital investment, and governance environment, the role of this positive behavior of controlling shareholders will play a negative role of a good extent.The enlightenment bringing about from this is, in the inside governs mechanism by the company, harmonize the strong stock holder and small and medium shareholder benefit, simultaneous with standard our country listed company capital investment behavior, wants attention to be governing important, more fundamental machine-made the back factor inward in concealing too, is that what company gets along governs an environment (the investor protects degree).更多还原