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控股股东代理问题对公司投融资决策影响的研究

时间:2018-08-14 20:29来源:毕业论文
通过理论分析和构建模型回归分析,发现随着控股股东持股比例增大,企业的投资支出会随之增大,且企业都偏好股权融资,国有控股企业更是如此。 最后,针对所得出的结论,提出相

摘要企业投资决策和融资决策影响着该企业未来现金流量的增长,实现企业价值最大化,必须重视投资和融资。在我国资本主义市场,普遍存在控股股东,凭借其超强的控制力,左右其所在企业的投资决策和融资决策。在机会主义行为促使下,控股股东会忽视企业价值最大化,转而追求自身利益最大,获取控制权私人收益,掠夺中小股东的利益,投资产生的控制性资源。是产生控制权收益的来源,所以控股股东会通过影响企业的投资决策来达到自己的目的由于我国的特殊情况,企业融资方面,有着明显的偏好,即股权融资,这与有序融资理论相悖。同理,产生这种现象的主要原因也是控股股东的自利行为。本文通过理论分析和构建模型回归分析,发现随着控股股东持股比例增大,企业的投资支出会随之增大,且企业都偏好股权融资,国有控股企业更是如此。
最后,针对所得出的结论,提出相应的建议。27012
关键词  控股股东  投资决策  融资决策
毕业论文外文摘要
Title  Research on Controlling Shareholder proxy issues affect investment and financing                                                         
Abstract
The enterprise will invest the decision-making and the financing decision-making is affecting this enterprise future the cash current capacity growth, the realization enterprise value maximization, will have to take to invest and financing.In our country capitalism market, has the holding shareholder generally, relies on its ultra strong controlling force, about its in enterprise's investment decision-making and financing decision-making.Urges under the opportunism behavior, the holding shareholder meeting neglects the enterprise value maximization, transfers pursues own benefit to be biggest, gain domination personal income, in plundering young shareholder's benefit, invests controllability resources has the domination income origin, therefore the holding shareholder meeting through the influence enterprise's investment decision-making achieved own goal

源¥自%六:维;论-文'网=www.lwfree.cn


As a result of our country's peculiar circumstance, the enterprise financing aspect, have obviously by chance, and stockholder's rights financing, this contradicts with the order financing theory.Likewise, has this kind of phenomenon primary cause also is the holding shareholder's self-interest behavior.
This article through the theoretical analysis and the construction model regression analysis, discovered owns stocks the proportion along with the holding shareholder to increase, enterprise's investment disbursement can increase along with it, also enterprise all by chance stockholder's rights financing, the state-owned holding enterprise is so.
Finally, in view of the conclusion which obtains, puts forward the corresponding proposal.
Keywords  The holding shareholder  Investment Decision  Financing Decision
 目   次   
1绪论    1
1.1研究背景和研究意义    1
1.1.1研究背景    1
1.1.2研究意义    1
1.2国内外文献综述    2
1.2.1股权结构与控股股东代理问题    2
1.2.2控股股东与公司投资融资决策    2
1.3研究方法和研究内容    4
1.3.1研究方法    4
1.3.2研究内容    4
2概念界定与相关理论    5
2.1 概念界定    5 控股股东代理问题对公司投融资决策影响的研究:http://www.lwfree.cn/kuaiji/20180814/21361.html
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