投资不可逆性对于投资价值的影响-金融学专业论文.docxVIP

投资不可逆性对于投资价值的影响摘要投资不可逆性指对于某些资产的投资，无法通过变卖、转变用途 等方式收回投入成本的特性。传统的投资理论往往忽视了投资不可逆 性对于投资决策的影响。而后在一些研究中，有不少学者研究了投资 不可逆性对于企业内部管理者进行投资决策时的影响。而本文从外部 投资者的角度，考察投资不可逆性因素对于上市企业投资价值的影响。 通过分析投资不可逆性的主要成因，将投资不可逆性按其来源分为两 类，并基于公开可得的财务信息，设立相应的度量指标；在具体上市 企业数据的基础上，通过回归拟合，验证度量指标的合理性，并将这 两个新设立的指标与传统解释变量一起进行回归，考察了投资不可逆 性在钢铁行业、有色金属采选业、食品饮料行业和造纸印刷行业四个 具体行业中，对于上市公司投资价值的影响。最后，着重考虑由资产 的专有性引起的投资不可逆性，在分析行业共性的基础上，考察投资 不可逆性对于具有某些共同特性的行业中上市公司投资价值的影响。 并且在行业的不同发展阶段，考察高投资不可逆性对于钢铁行业市场 表现的影响。关键词：投资不可逆性，资产专有性，固定资产比率，投资价值THE EFFECTOF INVESTMENT IRREVERSIBILITYON INVESTMENTVALUEABSTRACTInvestment irreversibility refers to the characteristics of some investment which can’t be recovered by reselling or changing the usage of certain equipment. Traditional investment theory tended to ignore the impact of investment irreversibility on investment decisions. Later, in some studies, many scholars began to study the impact of investment irreversibility on internal managers’ investment decisions. In this paper, I inspect the impact of investment irreversibility on the investment value of listed companies from the point of view of the outside investors. Investment irreversibility is divided into two categories according to their sources, and corresponding metrics are established based on public financial information. Then, these metrics are verified through regression based on actual data. Use the appreciate metrics as well as some traditional explanatory variables to do regression, to exam impact of the investment irreversibility on companies’ investment value in four specific industries. Finally, focusing on the irreversibility caused by the proprietary of assets, research the impact of investment irreversibility on company’s investment value in some certain industries which share some common characters. And research the impact of a high irreversibility on company performance in the steel industry.KEY WORDS:Investment Irreversibility, Exclusive Assets, Ratio of Fixed Assets, Investment Value目录第一章 导论 ···············