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II A公司投资效率及影响因素研究 摘要 作为公司在发展过程当中的重要动力之一,公司的投资活动将是未来经济之 中现金流的基础组成部分。随着近年来我国经济环境的不断发展,各个产业在近 年来取得了跨越式发展。针对A公司所处的纺织服装行业来说,该产业为我国 的传统制造产业,在我国经济的发展中起到了拉动消费的基础性作用。但随着时 间的推移服装产业的竞争呈现出白热化发展的趋势,其中的资金募集、投资效率 问题受到了越来越多人的关注。本文以A公司的投资效率及对投资效率产生影响 的相关因素作为研究对象,对A公司所进行的投资活动进行整体研究,找出导致 A公司投资活动效率较低的根本原因,同时对各个影响因素进行作用机制研究, 能够为该公司提供一套完善的提升投资效率的投资机制改革方案,能够有效的推 进国内公司建立起合理完善的投资体制建设进程。 本文以A公司的将国内外与投资活动相关的研究成果作为基础,借助投资相 关基础理论,界定A公司的投资活动及效率的概念,结合当前A公司的发展现状, 分析当前A公司的投资效率。首先在绪论部分对本文的研究背景、意义与方法进 行了论述,在理论基础和文献综述部分对国内外研究现状、相关概念和理论基础 进行了介绍。其次介绍了A公司的现状,在前述的理论基础上分析了可能对A 公司投资效率造成影响的各项微观因素,划分为5个指标,并对该5个指标进行 测度。再次,通过回归模型对其与投资效率的相关性进行验证,并且对投资效率 的影响机制进行了论述。最后得出本文结论,A公司的投资机会、现金流、资产 负债率、大股东持股比例和投资效率之间呈现出正相关,而A公司的管理层持股 比例和投资效率之间呈现出负相关。 关键词:投资效率;影响因素;A公司;回归分析 Abstarct III RESEARCHONTHEINVESTMENTEFFICIENCYANDINFLUENCING FACTORSOFACOMPANY Abstract Asoneoftheimportantdrivingforcesinthedevelopmentprocessofthe company,theinvestmentactivitiesofthecompanywillbethebasiccomponentofthe cashflowinthefutureeconomy.WiththecontinuousdevelopmentofChina's economicenvironmentinrecentyears,variousindustrieshavemadegreatstridesin recentyears.Forthetextileandgarmentindustryofaclothingcompany,thisindustry isatraditionalindustryinChinaandplaysabasicroleinpromotingconsumptionin thedevelopmentofChina'seconomy.Butastimegoeson,thecompetitionofclothing industryshowsatrendofwhitehotdevelopment.Theefficiencyoffundraisingand investmenthasattractedmoreandmoreattention.Thispapertakestheinfluencing factorsofacompany'sinvestmentefficiencyastheresearchobject,makesanoverall understandingoftheinvestmentactivitiescarriedoutbyacompany,findsouttheroot causesofthelowefficiencyofacompany'sinvestmentactivities,andstudieseach factor,whichcanprovideasetofperfectinvestmentmechanismreformschemeto improvetheinvestmentefficiencyforthecompany,andeffectivelypromotethe establishmentofareasonableandperfectdomesticcompanyInvestmentsystem buildingprocess. Basedonacompany'sresearchresultsrelatedtoinvestmentactivitiesathome andabroad,withthehelpofinvestmenttheory,thispaperdefinestheconceptof investmentactivitiesandefficiencyofaclothingcompany,andanalyzesthecurrent investmentefficiencyofaclothingcompanyincombinationwiththecurrent developmentofaclothingcompany.Firstofall,intheintroductionpart,theresearch background,significanceandmethodsofthispaperarediscussed.Inthetheoretical basisandliteraturereviewpart,theresearchstatusathomeandabroad,related conceptsandtheoreticalbasisareintroduced.Secondly,itintroducesthecurrent situationofcompanya,analyzesthefactorsthatmayaffecttheinvestmentefficiency Abstarct IV ofcompanyaonthebasisoftheabovetheory,anddividesthemintofiveindicators. Thirdly,thispaperputsforwardtheresearchhypothesis,verifiesitbyregression model,anddiscussestheimpactmechanismofinvestmentefficiency.Finally,the conclusionofthispaperisthatthereisapositivecorrelationbetweentheinvestment opportunity,cashflow,assetliabilityratio,largeshareholdershareholdingratioand investmentefficiencyofaclothingcompany,whilethereisanegativecorrelation betweenthemanagementshareholdingratioandinvestmentefficiencyofaclothing company. LiGuo(MBA) Supervised by ZhaoHongYan Keywords:investmentefficiency,influencingfactors,Acompany,regression analysis 目录 目录 摘要...............................................................................................................................II Abstract........................................................................................................................III 第1章绪论..................................................................................................................7 1.1研究背景与意义..............................................................................................7 1.1.1研究背景...............................................................................................7 1.1.2研究意义...............................................................................................9 1.2国内外研究综述............................................................................................10 1.2.1相关基础理论....................................................................................10 1.2.2投资效率相关文献综述....................................................................15 1.2.3投资效率的影响因素相关文献综述................................................16 1.2.4文献评述............................................................................................20 1.3研究内容与技术路线....................................................................................21 1.3.1研究内容............................................................................................21 1.3.2技术路线............................................................................................23 1.4研究方法与创新点.......................................................................................24 1.4.1研究方法.............................................................................................24 1.4.2本文创新点.........................................................................................24 第2章A公司投资效率的影响因素分析.................................................................25 2.1A公司投资现状分析.....................................................................................25 2.1.1A公司投资的发展历程.....................................................................25 2.1.2A公司投资项目的规模分析.............................................................27 2.1.3A公司投资项目的结构分析.............................................................29 2.2A公司投资效率分析.....................................................................................32 2.2.1A公司投资利用率分析.....................................................................32 2.2.3A公司投资利润率分析.....................................................................33 2.3A公司投资效率的影响因素分析.................................................................35 2.3.1资产负债率与投资机会因素.............................................................35 2.3.2股东持股比率.....................................................................................37 2.3.3内部现金流.........................................................................................38 第3章A公司投资效率影响因素的指标体系构建.................................................40 3.1模型构建与变量选取...................................................................................40 3.2A公司投资效率评价指标与测算.................................................................41 3.2.1投资利用率评价指标.........................................................................41 3.2.2投资利润率评价指标.........................................................................42 3.2.3A公司投资效率的测算结果与分析..................................................43 3.3A公司投资效率影响因素指标体系.............................................................46 3.3.1资产负债率........................................................................................46 3.3.2大股东持股比率................................................................................46 3.3.3管理层持股比率................................................................................46 3.3.4投资机会.............................