财务管理专业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1232其最优投资水平为年初固定资产净值的138实际投资平均水平超出其最优投资水平的79275 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528实际投资平均水平仅达到其最优投资水平的5682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 countrys capital market and the continuous contact with international financial market the over investment phenomenon of our countrys 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 Wordssmall and medium enterprise board listed company over investment metric 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