| 市场化进程、代理成本与公司过度投资行为 |
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| 引用本文： | 杨兴全,江辉.市场化进程、代理成本与公司过度投资行为[J].石河子大学学报(哲学社会科学版),2011(5):68-75. |
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| 作者姓名： | 杨兴全 江辉 |
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| 作者单位： | 石河子大学经济与管理学院; |
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| 基金项目： | 国家自然科学基金项目(70962005); 教育部新世纪优秀人才支持计划(NCET-08-0919);教育部人文社会科学研究项目(09YJA630103); 石河子大学211工程重点学科建设项目 |
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| 摘 要： | 该文以我国沪深A股上市公司2003—2009年的数据为研究样本,在双重代理成本的分析框架下,实证检验了市场化进程和代理成本对公司过度投资行为的影响。研究结果表明,我国上市公司因过度投资存在很强的投资现金流敏感性,两类代理成本都会加剧公司的过度投资行为;而市场化进程能够抑制公司过度投资的同时,还能降低双重代理成本对公司过度投资的影响。
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| 关 键 词： | 市场化进程 代理成本 过度投资 |
Marketization,Agency Cost and Over-investment of Corporations |
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| YANG Xing-quan,JIANG Hui.Marketization,Agency Cost and Over-investment of Corporations[J].Journal of SHIHEZI University(Philosophy and Social Science),2011(5):68-75. |
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| Authors: | YANG Xing-quan JIANG Hui |
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| Institution: | YANG Xing-quan,JIANG Hui (School of Economy and Management,Shihezi University,Shihezi 832003,Xinjiang,China) |
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| Abstract: | Taking listed company's empirical data from 2003 to 2009 as samples,this paper studies how the marketization and agency costs affect over-investment of corporations within the frame of duple agency cost.The results show that there is investment cash flow sensitivity caused by over-investment in corporations.The two types of agency costs can both make over-investment even worse.However,marketization can inhibit the listed companies over-investment,and reduce the negative influence of duple agency costs on ov... |
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| Keywords: | marketization agency costs over-investment |
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