| 产品市场竞争对企业过度投资的影响——基于沪深A股上市公司的实证研究 |
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| 引用本文： | 朱卫东,王锐,于志军.产品市场竞争对企业过度投资的影响——基于沪深A股上市公司的实证研究[J].合肥工业大学学报(社会科学版),2014(3):1-7. |
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| 作者姓名： | 朱卫东 王锐 于志军 |
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| 作者单位： | 合肥工业大学管理学院,合肥230009 |
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| 摘 要： | 以2003-2011年中国A股上市公司为样本，构建预期投资模型，深入研究了产品市场竞争这一外部治理机制与上市公司过度投资之间的关系。研究发现，我国上市公司存在严重的过度投资问题，企业的过度投资程度与产品市场竞争程度显著负相关，即保持市场竞争态势有助于抑制企业过度投资行为。
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| 关 键 词： | 产品市场竞争 过度投资 公司治理 投资效率 |
Effect of Product Market Competition on Over-investment of Enterprise--Empirical Study Based on Shanghai and Shenzhen A-share Listed Companies |
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| ZHU Wei-dong,WANG Rui,YU Zhi-jun.Effect of Product Market Competition on Over-investment of Enterprise--Empirical Study Based on Shanghai and Shenzhen A-share Listed Companies[J].Journal of Hefei University of Technology(Social Sciences),2014(3):1-7. |
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| Authors: | ZHU Wei-dong WANG Rui YU Zhi-jun |
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| Institution: | (School of Management, Hefei University of Technology, Hefei 230009, China) |
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| Abstract: | In this paper, the listed companies in Chinese A-share stock market during the years from 2003 to 2011 are used as the sample to construct the anticipated investment model. The relationship between the product market competition as external governance mechanism and the over-investment of listed companies is studied. The result shows that the phenomenon of over-investment of listed companies is a commonly occurring problem in China. It also shows a significantly negative rel.ationship between the degree of over-investment and the degree of product market competition, which means that the over-investment of enterprises can be repressed when maintaining the product market competition. |
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| Keywords: | product market competition over-investment corporate governance investment efficiency |
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