中国上市公司资金闲置问题的理论与实证研究

基于信息经济学理论研究中国上市公司资金闲置问题,发现上市公司很可能出现投资不足、过度投资与资金闲置的现象。实证研究结果证实了这一推论。研究还发现:(1)闲置资金对生产性投资和金融性投资似乎存在一定的作用,但这种作用的大小和作用的方向并不明朗;(2)投资机会对我国上市公司投资有一定影响;(3)我国上市公司存在着微弱的融资约束;(4)相对于金融性投资领域,过度投资和投资不足现象在生产性投资领域更为严重。

A Theoretical and Empirical Study on Leave Unused Capital of China's Listed Enterprises

Based on information economics,this paper studied the phenomenon of leave unused capital of China's listed enterprises,and found that our listed enterprises could be in the state of short-investment,over-investment and leave unused capital.The result of the empirical studies which was based on the theoretical ones proved this deduction.Besides,it shows that,(1) leave unused capital seems to have some effects on productive investment and financial investment,but the magnitudes and the directions of the effects are still vague;(2) the investment opportunities have some effects on the investment of our listed enterprises;(3) our listed enterprises have faint financing constraints;(4) compared with the investment in the area of finance,situations of over-investment and short-investment are more serious than that in productive ones.