产融结合、持股比例与航运企业非效率投资

On Combination Between Industry and Finance,Ownership Percentage and No-Efficiency Investment of Shipping Enterprises

航运企业存在较严重的非效率投资现象,产融结合能调节投资规模,实现产业和金融的协同发展。选取2010—2016年我国航运业上市公司为研究对象,构建航运企业投资效率预测模型,通过加权最小二乘法(Weighted Least Square,WLS)分析产融结合对航运企业非效率投资行为的影响。结果表明:产融结合行为与产融结合程度改善投资不足的作用非常显著;但产融结合行为与产融结合程度对于航运企业投资过度均无显著影响。因此,建议政府出台宏观政策支持航运企业对外投资,引导航运企业丰富产融结合平台,促进有效投资;航运企业应主动发挥产融结合改善非效率投资的调节机制,多元化产融结合模式,深化产融结合的深度,缓解投资不足、约束过度投资行为。

Public shipping companies in 2010—2016 are investigated and the investment efficiency model for the shipping enterprises is built.The effect of combining between industry and finance on non-efficiency investment of shipping enterprises are studied with WLS(Weighted Least Square)analysis.The analysis indicates that the development of combination between industry and finance have significantly improved the situation of undercapitalization but had little effect on over-investment.The countermeasures suggested is for government to formulate macro policy encouraging shipping companies to invest overseas,accelerating development of industry-finance cooperation platform,so as to promote effective investment.Shipping enterprises are expected to make the best of the mechanism of industry-finance combination in avoiding non-efficiency investment.It is expected that more modes of industry-finance combination will be developed,which will provide more powerful finance support and impose stronger restraint on over-investment.