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Research on the Relationship between Fixed Assets Investment and Firm Value in State-owned Enterprises Group Corporation

Author: KangCheng
Tutor: LiuHaiYing
School: Shandong University
Course: Accounting
Keywords: State-owned Enterprises Group Corporation(SOE) Fixed Assets Investment(FAI) Firm Value
CLC: F275
Type: Master's thesis
Year: 2012
Downloads: 163
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Abstract


Fixed assets investment(FAI), which is the major force of macroeconomic growth, is the point cut and origin of force of the macroeconomic control. The economy of our country has experienced steadfast development since the reform and opening up policy, and FAI has contributed much in this process, especially the gradual increase of FAI from enterprises. There is no doubt that the major force that pushes enterprises to conduct investment in FAI is for financial income and then add firm value. However, currently many problems like relative surplus of investment scale and investment behavioral bias exist among many enterprises, which directly influence the enhancement of enterprise value and accordingly impede the long-term development of national economy.As a product of government policy, state-owned enterprises group corporation (SOE) has played an important role in management, investment and restructuring in the transformation from planned economy to market economy, and its role in promoting the stability of the society and enhancing the competitiveness of SOE should not be neglected. Considering the important role of SOE in the economical system and its special system, how will the increase of FAI influence the enterprises and could the increase in scale bring enhancement in enterprise value? This thesis focuses on the relationship between fixed asset investment of state-owned enterprises and firm value, and aims to provide theoretical and empirical evidence for SOE to make proper policy of fixed asset investment. It will help SOE to improve efficiency of investment, add enterprise value and enhance the core competitiveness.This thesis starts with the introduction of the topic and its significance, and followed by a brief review of FAI theory and enterprise value theory and a clear define of relative definitions. Then the listed SOEs are selected as samples to use multiple linear regression model to explore the relationship of FAI and firm value. The political and economic characters of SOEs are given full consideration. In the statistic analysis, the amount of FAI in the consecutive4years between2008and2011under the new accounting system is used to analyze the characteristics of FAI behavior of SOEs.The result shows that Net asset value per share(NAVPS), which represents the value of shareholders, and earnings per share(EPS), which represents SOEs’ ability to profit, have a strong relevance with the amount of FAI; market value and the ratio between value and debt have a weak relevance with the amount of FAI. Based on the problems that exist in the FAI behavior of SOEs, some practical suggestions are given to provide theoretical and empirical evidence for the management layer to make proper policies and enhance firm value.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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