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摘要在金字塔式的股权结构下，由于控制权与现金流权的分离，形成终极股东与中小股东间的利益冲突。终极股东拥有较强的能力与动机为实现控制权收益，通过对公司经营投资决策的影响进行符合其意志与利益的投资行为，攫取中小股东利益、甚至损害公司价值。 我国上市公司股权高度集中，呈现出向国有大股东单向集中的现象，近年来我国上市公司出现投资效率低下、资金严重闲置、盲目投资等一系列问题。因此，在我国资本市场背景下，研究公司终极控制权对投资行为的影响具有一定的意义。
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本文首先概述了国内外相关文献的研究成果，界定了终极控制权和投资行为的相关概念与理论，以沪深两市493家A股上市公司20XX-20XX年三年的数据为样本数据，实证研究了终极控制权对投资行为的影响并得出结论：在其他因素不变的前提下，上市公司终极控制权与投资支出呈倒“U”型关系，其中绝对控股型上市公司的终极控制权与投资支出呈负相关关系，相对控股型上市公司的终极控制权与投资支出呈倒“U”型关系，股权分散型上市公司的终极控制权与投资支出关系不确定。26434
关键词 终极控制权 投资行为
毕业论文外文摘要
Title The Influence of the Ultimate Control Over the Conduct of Investment Research
Abstract
In the pyramidal ownership structure, due to the separation of control rights and cash flow rights, the conflict of interest between ultimate shareholder and medium and small shareholders comes into being. Ultimate shareholder has the ability and motivation to achieve control rights benefits through the influence from ultimate shareholder to the company's investment decision, and invest in actions are consistent with its will and interests, grab the interest of medium and small shareholders and even damage the company's value.In recent years, shareholding of domestic listed companies is highly concentrated, shows a phenomenon that to centralize way to state-owned major shareholder, and accompanies a series of issues like inefficient investments, funds idle, blind investments. Therefore, under the background of domestic capital market, researching the influence of the ultimate control over the conduct of investment has a certain significance.
This paper overviews the research achievements of relevant literature at home and abroad, defines the relevant concepts and theories of ultimate control and investment behavior. This paper selects 493 listed companies of A-share in Shanghai and Shenzhen Stock Exchange, acquires 2011--2013 three-year data for the sample data, empirical researches the influence of ultimate control over the investment behavior and obtains conclusions: under the same premise, the ultimate control of listed companies and investment expenditure present "U" shaped relationship, where the relationship between ultimate control and investment expenditure of absolute holding company is negative correlation, "U" shaped relationship for relative holding company and uncertain relationship for dispersed ownership company.
Keywords Ultimate control rights Investment behavior
目 次
1 绪论 1
1.1 研究背景和研究意义 1
1.2 国内外相关研究 2
1.3 研究方法和研究内容 4
2 概念界定与相关理论 6
2.1 概念界定 6
2.2 相关理论 6
3 理论分析和研究假设 8
3.1 理论分析 8
3.2 研究假设 9
4 实证设计 11
4.1 数据来源和样本选取 11