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摘要西方经济学理论中提到，经济的增长靠的是正确的投资，科学的投资决策是下的企业投资行为是推动经济增长的关键力量，这两者之间的关系十分密切。对现代企业来说，也是如此。投资决策涉及到要素的投入与资源的配置，是现代企业能否获得企业成长、企业价值能否得到提升的关键，因此，现代企业投资行为一直备受东西方学者的关注。而作为公司治理结构基础的股权结构对于企业的成长性以及企业组织结构具有重大的意义，通过影响企业的投资行为，最终表现在企业的价值上。从这个方面来讲，研究股权结构与企业投资行为的相关关系，其意义不言而喻。
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本文选取20XX年度沪深两市制造业上市公司数据，检验了上市公司投资行为的普遍状态并且重点关注了股权集中度对企业投资行为的影响，试图发现合理的能够减少非效率投资行为、投资效率的股权结构，从而引导我国股票市场上市公司的投资决策更加有效化。28157
关键词：投资行为、股权结构、股权集中度
毕业论文外文摘要
Title A Research about the influence of ownership structure on investment behavior ,taking manufacturing listed companies for example Abstract
Western economics theory suggests that economic growth is driven by investment decisions and the investment is the driving force of economic growth. Investment decisions which are the key that modern companies have access to development and gain enterprise value include the input of elements and the allocation of resources .That is why it gets the attention from financial academics . As the basis of corporate governance , Ownership structure is important to the growth and organizational structure and have a final determination on the enterprise value by affecting the investment behavior. Therefore ,the meaning and value is self-evident of the research on relation between the company ownership structure and investment behavior.
The Paper select the data of listed manufacturing companies in Shanghai and Shenzhen from the year 2013 ,testing the general state of the company's investment behavior and focusing on the impact of ownership concentration on corporate investment behavior. The final intent is to guide the listed companies to make effective investment decisions, and to establish effective corporate governance structure
Keywords: investment behavior、ownership structure、ownership concentration
目 次
1 引言 1
1.1 研究背景及研究意义 1
1.2研究框架及研究方法 2
2 文献综述 3
2.1 国外文献综述 3
2.2 国内文献综述 3
2.3 研究综述总结 4
3理论分析与研究假设 6
3.1上市公司股权集中度与非效率投资行为 6
3.2上市公司股权制衡度与非效率投资行为 6
4 研究设计 8
4.1 样本选取 8
4.2 模型构建及变量解释 8
5 实证分析 11
5.1 描述性分析 11
5.2 相关性分析 11
5.3回归分析 12
5.4本章小结 14
6 实证结论及建议 15
6.1 本文结论 15
6.2 政策建议 15
6.3 本文不足之处 16
致谢 17
参考文献 18
1 引言
1.1 研究背景及研究意义