摘要本文研究了我国上市公司，尤其是制造业企业的资本结构对其投资效率的影响。本文 基于实证的研究方法，选取了在上交所上市的制造业企业最近四年的财务报告数据，采用 Richardson 模型量化投资效率。通过分析搜集的数据，探索资本结构对投资效率的影响。 研究结果表明：保持合理的长期投资，以及相对应地保有价值创造能力更强的非流动性资 产，能够提高企业的投资效率；而国有股权持股比例和股权集中度，都会给公司的投资效 率造成负面影响，即两者分别与投资效率负相关。因而，为了能够提高公司的投资效率， 除了需要投资非流动性资产，还需要优化股权结构，引入更多的股东参与决策。79450

毕业论文关键词 资本结构 投资效率 制造业

毕 业 论 文 外 文 摘 要

Title Analysis on the effect of capital structure on  investment efficiency based on manufacturing industry

Abstract This paper mainly studies on the listed companies in China, especially the manufacturing ones, and the influence of their capital structure on their efficiency of investment。Based on empirical research, we select the data from manufacturing industry listed in the Shanghai Stock Exchange in recent five years, and use Richardson model to quantify the investment efficiency。Through the analysis of the data, we’ll explore the the impact of capital structure on investment efficiency。The results show that: long-term investment and relatively illiquid assets which are able to create value can improve the efficiency of investment。Meanwhile, state-owned stock ownership and ownership concentration, will have a negative impact on investment efficiency。Therefore, in order to improve the investment efficiency of the company, we need to not only invest in illiquid assets, but also optimize the ownership structure and let more shareholders participate in decision making。

Keywords  Capital structure  Investment efficiency  Manufacturing industry

目 次

1 绪论 1

1。1 研究背景及意义 1

1。2 国内外文献回顾 2

1。3 研究内容与方法 4

2 概念界定 5

2。1 资本结构 5

2。2 投资效率 5

3 理论基础与假设提出 7

3。1 委托代理理论 7

3。2 信息不对称理论 7

3。3 行为金融理论 8

3。4 研究假设 9

4 实证设计