摘 要
企业投资增长和国民经济可持续发展离不开投资者信心的保持与提振。自改革开放以来，我国经济取得了举世瞩目的发展，资本市场也渐渐兴旺起来，但很多时候股票指数的走势与国民经济生产总值会有很大的背离。已有研究发现,中国资本市场投资者情绪波动幅度大,导致上市公司的股价严重偏离其基础价值。投资者热衷于炒作题材和想象空间,不少上市公司主动迎合投资者情绪配置资本,导致长期价值遭到毁损。而投资者信心作为投资者情绪中重要的一方面，加强外部投资者对企业的信心不但对于企业自身来说，能更好地得到发展，对于整个市场来说，也能更好的发挥资源配置作用，让资本市场健康有序地向前发展。
本文以沪深两市A股为研究对象，搜集了上交所和深交所发布2010-2012年年报的非ST非金融上市公司作为研究样本，采用多元线性回归模型，基于“投资者信心”的视角，从公司治理质量和企业竞争力两方面进行了分析。研究发现，投资者信心对公司治理质量和企业竞争力有很大影响，投资者信心是市场层面因素和公司层面因素共同作用的结果。公司治理质量越高，外部投资者信心越强;企业竞争力就越强，投资者信心越强。而且在公司治理质量高的公司里，企业竞争力对投资者信心的正向影响会加强。
本文的主要贡献在于在前人的研究基础上，与今年热门的企业竞争力相结合，对于行为金融中的投资者情绪的一个侧面，即投资者信心进行研究探讨，如何从公司治理质量和企业竞争力两方面提高外部的投资者信心。除此之外，本研究还对政府等监管部门指导中国证券交易市场的发展提出了一些启示性的意见和建议，以期中国的资本市场能够更加规范和完善。
关键词：投资者信心 公司治理质量 企业竞争力
ABSTRACT
Business investment growth and investor confidence remains inseparable from the national economy and boost sustainable development. Since the reform and opening up, China has achieved remarkable economic development of the capital market has gradually flourished, but many times the total stock index movements and the national economy will be of great divergence. It has been found that the Chinese capital market fluctuations in investor sentiment, leading to a serious deviation from the listed company’s share price of its basic values. Investors interested in the subject of speculation and imagination, many listed companies take the initiative to meet investor sentiment allocation of capital, resulting in long-term value was damaged. The confidence of investors as an important aspect of investor sentiment and strengthen the confidence of outside investors not only for their own business, it can be better developed, for the entire market, but also can play better allocation of resources role, so that the healthy and orderly development of the capital market forward.
In this paper, the Shanghai and Shenzhen A shares for the study, the Shanghai Stock Exchange and the Shenzhen Stock Exchange released a collection of non-ST listed non-financial companies as the 2010-2012 annual report of the study sample, using multiple linear regression model, based on the “investor confidence” perspective, were analyzed from the quality of corporate governance and corporate competitiveness in two ways. The study found that investor confidence has great influence on the quality of corporate governance and corporate competitiveness, investor confidence is the result of market factors and the level of firm-level factors working together. The higher the quality of corporate governance, the stronger the external investor confidence; stronger competitiveness, stronger investor confidence. And the high quality of corporate governance in the company, positive impact on the competitiveness of enterprises will strengthen investor confidence.
The main contribution of this paper is on the basis of previous studies, and this year’s hottest corporate competitiveness combined for a side of behavioral finance in investor sentiment, investors confidence to explore research, from how the quality of corporate governance and corporate improve the competitiveness of both external investor confidence. In addition, the study also guide the government and other regulatory authorities in the development of China’s securities market made some revealing comments and suggestions to China’s capital market will be more standardized and improved.
Key words: corporate governance quality; Confidence of investors ; corporate value
目 录
摘 要……………………………………………………………………………………………………………….. I
ABSTRACT………………………………………………………………………………………………………. II
目 录………………………………………………………………………………………………………….. IV
第一章 绪论……………………………………………………………………………………………………… 1
1.1 选题背景及意义…………………………………………………………………………………….. 1
1.2 研究内容………………………………………………………………………………………………. 1
1.3 研究方法………………………………………………………………………………………………. 3
1.4 本文可能的创新之处………………………………………………………………………………. 4
1.4.1新的投资者信心指数的构建……………………………………………………………… 4
1.4.2从企业竞争力角度研究投资者信心……………………………………………………. 4
第二章 国内外文献综述……………………………………………………………………………………… 5
2.1 国外文献综述………………………………………………………………………………………… 5
2.1.1 投资者信心文献回顾……………………………………………………………………… 5
2.1.2投资者信心理论计量研究………………………………………………………………… 6
2.1.3公司治理相关回顾………………………………………………………………………….. 6
2.2 国内文献综述………………………………………………………………………………………… 7
2.2.1 投资者信心相关回顾……………………………………………………………………… 7
2.2.2投资者信心理论计量研究………………………………………………………………… 7
2.2.3公司治理相关回顾………………………………………………………………………….. 7
第三章 理论分析……………………………………………………………………………………………….. 9
3.1标准金融理论及其缺陷…………………………………………………………………………….. 9
3.1.2标准金融理论………………………………………………………………………………… 9
3.1.3标准金融学的缺陷………………………………………………………………………… 10
3.2行为金融理论及其发展…………………………………………………………………………… 11
3.2.1行为金融学的产生和发展……………………………………………………………….. 11
3.3企业竞争力理论研究……………………………………………………………………………… 14
3.3.1企业内在增长理论………………………………………………………………………… 14
3.3.2 产业组织理论……………………………………………………………………………… 15
3.3.3持续竞争优势论……………………………………………………………………………. 15
3.4企业竞争力评价……………………………………………………………………………………. 16
3.5公司治理质量理论研究…………………………………………………………………………… 17
3.5.1代理成本假说………………………………………………………………………………. 17
3.5.2信息不对称假设……………………………………………………………………………. 17
3.5.3管理者堑壕假说……………………………………………………………………………. 18
3.5.4大股东掏空假设……………………………………………………………………………. 18
3.5.5股权结构内生假设………………………………………………………………………… 19
3.6公司治理结构的衡量及检验…………………………………………………………………….. 20
3.6.1衡量股权结构的指标……………………………………………………………………… 20
3.6.2实证检验方法………………………………………………………………………………. 20
3.6.3股权结构与公司绩效是内生性决定的研究结论存在分歧………………………. 20
第四章 实证研究设计……………………………………………………………………………………….. 21
4.1 研究样本及数据来源…………………………………………………………………………….. 21
4.2 研究假设与变量选择…………………………………………………………………………….. 21
4.2.1 研究假设………………………………………………………………………………………….. 21
4.2.2 变量选择……………………………………………………………………………………. 22
4.3 模型设计………………………………………………………………………………………. 26
4.4 描述性统计…………………………………………………………………………………………. 27
4.5 多元线性回归分析………………………………………………………………………………… 28
4.5.1 假设一实证结果…………………………………………………………………………… 28
4.5.2 假设二实证结果…………………………………………………………………………… 29
4.5 稳健性检验…………………………………………………………………………………………. 30
4.6 实证结果分析………………………………………………………………………………………. 30
4.7.1 假设一的结论……………………………………………………………………………… 31
4.7.2 假设二的结论……………………………………………………………………………… 31
第五章 案例分析：以五粮液为例……………………………………………………………………….. 31
5.1 从竞争力角度分析白酒行业的发展因素……………………………………………………. 31
5.1.1 企业间的竞争因素……………………………………………………………………….. 31
5.1.2 产品的可替代性和价格因素…………………………………………………………… 32
5.2 五粮液的核心竞争力…………………………………………………………………………….. 32
5.2.1 品牌价值持续攀升，连续18年稳居行业第一…………………………………… 32
5.2.2质量管理体系健全，产品质量广受赞誉 …………………………………………… 32
5.2.3传统工艺技术秉承至今，独有核心技艺世代相传，独具竞争优势 …….. 33
5.2.4“十里酒城”规模，为生产高质量产品提供坚实保障 ………………………… 33
5.2.5技术技能人才优势明显，为可持续发展奠定了人才资源保障 …………….. 33
5.2.6自然生态环境得天独厚 ………………………………………………………………… 34
5.2.7营销网络健全，覆盖广泛 …………………………………………………………….. 34
5.2.8企业文化独具特色，铸就了竞争软实力…………………………………………….. 34
5.3 与泸州老窖对比分析…………………………………………………………………………….. 34
5.3.1两者近年投资者信心对比……………………………………………………………….. 34
5.3.2两者近年企业竞争力对比……………………………………………………………….. 35
第六章 研究结论与启示展望……………………………………………………………………………… 35
6.1 研究结论…………………………………………………………………………………………….. 35
6.2 启示与建议…………………………………………………………………………………………. 36
6.2.1 倡导企业努力提高自身的管理水平………………………………………………….. 36
6.2.2 大力促进外部投资者对企业信心的增强……………………………………………. 36
6.2.3 政府强化监督并且完善法制…………………………………………………………… 37
参考文献………………………………………………………………………………………………………… 41
