內(nèi)部資本市場與企業(yè)非效率投資行為研究——來自中國民營上市公司的實證研究.pdf

1、杭州電子科技大學(xué)碩士學(xué)位論文內(nèi)部資本市場與企業(yè)非效率投資行為研究——來自中國民營上市公司的實證研究姓名：劉雙鋒申請學(xué)位級別：碩士專業(yè)：會計決策與控制指導(dǎo)教師：吳偉20091201杭州電子科技大學(xué)碩士學(xué)位論文 IIABSTRACT This paper makes use of the modern firm theory, business organization theory, information economics and e

2、conomics of property rights theory and uses deductive reasoning and empirical research as research methods. The paper uses the China's private companies listed as objectives to research their investment behaviors and

3、 treatment mechanism. First, this paper relatively strict describes the relevant research purposes from the beginning and defines the concepts of investment and internal capital market. Second, this paper sorts out a det

4、ailed literature of internal capital market to improve investment behaviors from the two aspects of valid and invalid, and also sorts out a detailed literature of internal corporate governance mechanisms and external gov

5、ernance environment on investment behavior of listed companies. Then, this paper carries out a detailed analysis of the China's private listed companies’ environment from three aspects of the legal system the market

6、system the company system, and this paper puts forward the corresponding theoretical assumptions on theoretical basis of the analysis. Then, the paper uses the China's private listed companies group (In this paper, w

7、e called the two listed companies belongs to the same one or two of actual control over listed companies as “the Group“) as samples. This paper uses the empirical methods of analysis to test of theoretical assumptions an

8、d cites the finance and business specific data of China's private listed companies group to reveal the existence of non-efficient investment behavior and comparison of listed companies, the private listed companies g

9、roup investment efficiency is lower, and the internal capital market is not expected to play a role in optimizing capital allocation. Combined with the external governance environment of data China's private listed c

10、ompanies group ,this paper tests the governance of the inefficiency of investment behavior from the internal governance mechanisms and external governance environment for private listed companies group and reveals the go

11、vernance role for inefficiency of investment behavior from the three aspects of the board of directors features ,market-oriented process and the law level of the china's private listed companies group, and relatively

12、 comprehensive analyses the governance mechanism of he inefficiency of investment behavior for the China's private listed companies. Finally, this paper points out two innovative points: first, this paper uses the gr

13、oup of private listed companies as an alternative to the internal object, and obtaines the conclusion of the existence of the inefficiency of investment behavior in the china's private listed companies group, and com