摘要
摘要
投资对于企业的发展十分重要，是企业发展的一个必不可少的环节，企
业的投资行为不仅可以实现企业价值的增值，而且还能影响宏观经济的整体
运行。有效的投资可以使企业在市场中更具有竞争力，使其得到更好的发展，
而无效的投资则会损害企业股东的利益。但是在企业的实际发展过程中，非
效率投资的问题十分严重，企业的实际控制者为了实现短期的利益，而没有
考虑到长期的利益，进而采取一些非效率投资，从而导致企业的过度投资行
为，阻碍企业的稳健发展。故本文研究企业的投资效率问题，并进一步研究
过度投资对公司发展的传导机理，为自身创造更高的价值提供理论支持。
共享单车企业作为共享经济领域的典型代表，近几年的融资规模不断扩
大，在投资过程中可能会出现非效率投资行为，这种行为对于公司的运行产
生了不利影响。近几年，在共享单车行业发展迅速，融资规模快速增加的情
况下，导致管理者过度自信和自由现金流的增加，出现由过度投资而引起大
量的产能过剩，因此，通过分析共享单车公司过度投资的具体行为、过度投
资行为产生的原因及导致的不利影响，将有助于进一步完善我国过度投资现
象的规范路径，增强行业其发展的可持续性。
本文选取以共享出行行业的北京拜克洛克科技有限公司（ofo共享单车）
作为研究对象，运用文献研究法、案例分析法和比较分析法，对过度投资行
为对共享行业长期发展的影响进行了深入研究。本文首先对 ofo公司的具体
投资情况进行了分析，然后研究其过度投资行为对企业财务和市场方面产生
的影响。结果表明，大量的自由现金流、管理者过度自信等过度投资行为，
将会对共享行业的长期发展有抑制作用。根据研究得出的结论，提出预防措
施和改进方法，减少企业非效率投资，完善过度投资现象的规范路径利于共
享行业稳健发展。
关键词：共享单车；自由现金流；过度自信；过度投资
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Abstract
Abstract
Investment is of great significance to the development of the enterprise,
which is also the essential part of its development, not only can investment fulfill
the appreciation of the enterprise’s value, but also influence the operation of macro
economy. Effective investment can increase the competitiveness of the enterprise
in its segment, which could benefit its development, while the inefficient
investment may damage the interests of the shareholders. However, the inefficient
investment is wildly applied in the actual development process of the enterprise.
Decision maker of the enterprise may apply some inefficient investments to fulfill
the short-term interests instead of the long-term interests, which makes the abused
of the inefficient investment, and shake the steady development of the enterprise.
In this paper, we focus on the efficiency of the enterprise investment, then consider
the impact mechanism to the excessive investment, and provide a theoretical basis
for enterprise’s highly efficient interests making.
Sharing bike as a typical representative of the sharing industry, with an
expanding scale in financing recent years, there might be inefficient investment in
the investment process, which could get in the way of the enterprise development.
In the case of rapidly growing of the Sharing bike industry and expanding of the
financing scale, decision maker tends to be overconfident and a surge of the free
cash flow happens, coming along with the great amount of the overcapacity caused
by over investment. Therefore, by analyzing the investment of the Sharing bike
company, researching the consequences and reasons of the over investment, we
can find out a way to increase the investment efficiency of the sharing bike
company, and make sure its long-term development stability.
The Beijing Backpack Technology Co.,Ltd(OFO) is chosen to be the major
research object in this paper, literature research, case analysis and comparative
analysis will be applied to analyses the impact of the over investment on long-term
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Research on the Impact of Excessive Investment Behavior on the Long-term Development of
the Sharing Industry——Taking ofo Sharing Bicycles as an Example
development. Firstly, we focus on the specific investment behaviors of OFO, then
analyses the impact of the over investment on its profitability, operational cost and
overcapacity. Research indicates that the over investment behavior such as great
amount of free cash flow and overconfidence of the decision maker will impede
the development of the Sharing industry. Some suggestions will be proposed based
on results of the research to improve the investment efficiency of the company,
thereby increasing the development of the Sharing industry continuously.
Key Words: Sharing bike; Free cash flow; Overconfidence; Over-investment
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