摘要融资及投资活动是企业生产经营过程中密不可分的两部分。融资被视为企业的活力来源，为企业投资提供所需资金；同时，投资活动也受到融资结构的约束。因此企业投资行为与融资结构息息相关。考虑到我国资本市场的发达程度及我国国有上市公司的特点，本文重点考察我国国有上市公司是否存在非效率投资行为，以及融资结构对其投资行为是否产生影响。83683

本文将融资结构定义为资产负债率，并分解为短期资产负债率和长期资产负债率，就其具体如何影响企业投资支出进行实证研究分析。通过实证分析发现：我国国有上市公司同时存在投资不足及投资过度的非效率投资行为，整体上负债的增加能抑制企业的投资支出；负债融资能缓解其投资不足的问题，但是对投资过度的问题的抑制作用不大。

毕业论文关键词  国有上市公司  融资结构  投资行为

毕 业 论 文 外 文 摘 要

Title    An Empirical Research on the Impact of Financial Structure on Investment Behavior in State-owned Listed Enterprises in China                                                     

Abstract Financing and investing activities are the two parts closely related in the process of production and management of an enterprise。 Financing activities is regarded as the source of an enterprise’s vitality and provides the necessary funds for business investment; at the same time, the financial structure has also been the constraints of investment behavior。 So the investment behavior and financial structure are closely related。 Considering the level of development of China's capital market and the characteristics of China's state-owned listed companies, this paper focuses on whether there are inefficient investment behaviors in our state-owned listed companies, as well as the research of the impact of financial structure on the investment behavior in state-owned listed companies in China。

In this paper, the financial structure is defined as asset-liability ratio, which is decomposed into short-term asset-liability ratio and long-term asset-liability ratio, and the paper analyses the exact impact of financial structure on the investment behaviors by an empirical research。The empirical research indicates that there exist inefficient investment behaviors in our state-owned listed companies ,underinvestment problems and overinvestment problems at the same time, and the increase of the debt will restrain overinvestment behavior of an enterprise;and debt financing can alleviate the underinvestment problems,but it has little effect on the overinvestment。

Keywords   state-owned listed enterprises  financial structure  investment behavior

目   次

1  绪论                                  1

1。1  研究背景                                1

1。2  研究思路                                1

1。3  研究方法                                2

1。4  研究内容                                2

2  文献回顾与研究假设                           4

2。1  文献回顾                                4