股权分置改革、两权分离与自由现金流的过度投资

我国实行股权分置改革的一个重要目的就是为了降低控股股东对中小股东的利益侵害。该文基于Richardson(2006)方法,以2006年完成股改的公司为对象,以其股改前后三年(2004-2009年)的数据为样本,实证研究上市公司的投资行为在股权分置改革前后的变化,以从公司投资的角度检验股改的成效。研究结果表明,股权分置改革降低了公司自由现金流的过度投资,抑制了两权分离对自由现金流过度投资的影响,而且股改的这一效果在非国有公司中更加显著。进一步检验发现,股权分置改革通过改善公司治理降低了自由现金流的过度投资,抑制了两权分离对过度投资的影响。

Split-share Structure Reform,Separation of Two Rights and Overinvestment of Free Cash Flow

The most important goal of the split-share structure reform is to reduce the controlling shareholder's expropriation to minority shareholders.Based on Richardson(2006) method,using the data from 2004 to 2009 of companies which has completed reform in 2006 as samples,this paper uses the panel to study achievements of the split-share structure reform through the perspective of investment.We find that the reform could constrain overinvestment of free cash flow,and inhibit the effect of the two rights separation on overinvestment of free cash flow,and this effect of split-share reform is more prominent in non-state-owned corporations.Our further tests show that split-share reform reduces overinvestment of free cash flow by improving corporate governance.