【作者】 张悦；

【导师】 陈岩；

【作者基本信息】 沈阳理工大学 ， 会计学， 2012， 硕士

【摘要】 投资与融资是现代企业资本运动中不可分割的两个方面，其分别强调的是资源的配置问题和资金的来源问题。关于二者关系的研究一直是财务理论界的一个热点。国内外学者对于二者之间的关系进行了大量理论研究和实证分析，但研究结果不尽相同。高新技术产业是国民经济的战略性先导产业，是调整产业结构、提高国家竞争力的生力军，在我国经济发展中占有重要的战略地位。本文以转型期的中国市场为背景，以高新技术产业上市公司为研究对象，研究其融资结构与投资行为之间关系，一方面对于提高上市公司质量、完善公司治理结构有一定的理论价值，同时对于提高企业投资效率也有重要的现实意义。本文在对融资结构与投资行为关系的理论分析基础之上，提出一系列可检验的研究假设，然后进行实证研究。以深沪两市高新技术产业上市公司2007-2010年财务数据组成面板数据作为实证样本，分别运用最小二乘法、固定效应模型和随机效应模型等方法进行了实证检验。实证结果表明：1、在总体样本检验结果中，企业融资结构对投资行为的影响呈现出显著的负相关关系；2、按企业的成长性分组检验结果表明，在低成长性企业中，融资结构与投资支出呈现出较强的负相关关系，而高成长性企业中，负债融资对投资行为的影响不是很显著，外源融资对投资行为有显著影响；3、按企业规模分组检验结果表明，在大规模企业中，融资结构与投资支出呈现出较强的负相关关系，而小规模企业中，负债融资对投资行为的影响不是很显著，外源融资对投资行为有显著影响。本文认为企业在经营过程中应当重视融资结构对投资行为的影响，根据所处具体财务环境，合理设计融资结构，促进有效投资，改进企业治理结构，最终提高企业的市场价值。更多还原

【Abstract】 Investment and financing is two integral aspects of modern enterprise capitalmovement, they respectively emphasize that the problems of resource allocation andfunds source. Studying about the relationship between investment and financing hasbeen one of the hot points in financial theories field. Scholars at home and abroad hadmuch theory researched and empirical analyzed on the relation between investment andfinancing, but the results are not the same. High-Tech Industry is a strategic leadingindustry in national economics, is a state force of adjusting the industrial structure,improves the national competitiveness, and plays an important strategic position in thenational economic development. Based on the background of China’s market in thetransformation period, with High-Tech Industry listed company as the research object,this thesis studies the relationship between financing structure and investment behavior.On one hand, thesis has certain theoretical value in order to raise the quality of listedcompanies, and perfect the corporate governance structure, on the other hand, haveimportant practical significance in improving enterprise investment efficiency.After theoretical analysis on the relationship between financing structure andinvestment behavior, this thesis put forward a series of can test the hypotheses, thenempirical research. This thesis chooses High-Tech Industry listed companies’ financialdata during2007and2010in shanghai and Shenzhen stock exchanges as a studysample, analyze the relationship of financing structure and investment behavior by theleast square method, fixed effects model and random effects model. The empiricalresults show that:1. According to the overall sample inspection results show that,enterprises financing structure had significant negative correlation with investmentbehavior;2. According to the growth of the enterprise group inspection results showthat, in low growth enterprise, financing structure and investment spending present astrong negative correlation, but high growth enterprise, the influence of debt financingon investment behavior is not significant, and the influence of exogenous financing oninvestment activities is significant;3. According to the scale of the enterprise groupinspection results show that, in the large-scale enterprise, financing structure andinvestment spending present a strong negative correlation with investment expenditure and in the small-scale enterprise, the influence of debt financing on investment behavioris not significant, and the influence of exogenous financing on investment activities issignificant.This thesis argues that enterprise should pay attention to the influence of financingstructure on investment behavior in the business process, design financing structurereasonably based on the specific financial environment, promote effective investment,improve corporate governance structure and enhance the enterprise market value finally.更多还原