财务管理专业毕业论文--中小板上市公司过度投资问题研究.docVIP

摘 要 本文首先对中小板上市公司过度投资问题的选题背景以及选题意义进行分析，在此基础上使用文献研究法，对中小板上市公司过度投资问题的文献进行了回顾。其次，通过比较分析法选择度量模型。最后，以我国中小板上市公司2009年的数据资料为样本，对我国中小板上市公司过度投资问题进行实证研究。基本研究结论为：在193个样本公司中，有138个公司年度投资过度,其实际投资平均水平为年初固定资产净值的123.2%，其最优投资水平为年初固定资产净值的13.8%，实际投资平均水平超出其最优投资水平的792.75%； 此外的55个公司年度投资不足,其实际投资平均水平为年初固定资产净值的30%，其最优投资水平为年初固定资产净值的52.8%，实际投资平均水平仅达到其最优投资水平的56.82%。且在非效率投资中，过度投资的公司远大于投资不足的公司数目。 关键词：中小板上市公司；过度投资；非效率投资度量模型 Abstract Over investment is a phenomenon that the decision makers still implement investment when the net present value of the investment project is below zero. Nowadays the over investment phenomenon of listed companies is faced by many countries all over the world. With the development and complement of our country’s capital market, and the continuous contact with international financial market, the over investment phenomenon of our country’s listed companies has been emerged gradually. At first, this text recommends the background and importance of the over investment problem of the small and medium enterprise board listed companies. Base on it, by means of document research method, reviews the document of the over investment problem of the small and medium enterprise board listed companies detailly. At the same time, selects a appropriate measure model by comparing and analysis method. This text takes the data of 2009 of small and medium enterprise board listed companies as sample, base on collecting the data of the sample exactly, disposes the data of the sample, and researchs the over investment problem of the small and medium enterprise board listed companies. At last, comes to a conclusion that the small and medium enterprise board listed companies do exist the phenomenon of over investment and states the insufficient of the study, and looks into the distance of the problem. Key Words：etric model of non-efficiency investments 目 录 一、问题的提出 1 （一）选题的背景 1 （二）选题的意义 1 二、过度投资问题研究现状 2 （一）国外研究现状 2 （二）国内研究现状 4 三、中小板上市公司过度投资问题的研究方法与技术路线 6 （一）研究方法 6 （二）技术路线 7 四、中小板上市公司过度投资问题研究过程 8