所有权结构、负债结构对投资行为影响的研究

上市公司过度投资行为表现得较为明显和严重,投资行为的有效性已成为制约公司质量提升和长期持续发展的主要因素。以中国上市公司2007年与2008年的数据为样本,将其投资行为分为过度投资和投资不足,检验国有与非国有控股公司的负债结构差异,考察所有权结构和负债结构对投资行为有效性的影响。研究发现,随着内部现金流的增加,国有控股公司的过度投资现象比非国有控股公司更为严重,同时第一大股东持股比例的提高也会刺激过度投资行为。

Research on Investment Efficiency Effected by Ownership Structure, Debt Structure

The deterioration of investment efficiency has become a systematic phenomenon of Chinese listed companies, even a major constraint of their quality promotion and long-run sustainable growth. This paper examines how the ownership structure and debt structure relate to corporate investment efficiency which is classified as over-investment and under-investment with the sample covering Chinese listed companies for 2007 and 2008 fiscal year. Tests also examine the difference of debt structures between state-owned and not-state-owned companies. The evidence suggests that over-investment problems in state-owned companies are more aggravated than not-state-owned ones with the increment of internally generated cash flow, and raising the proportion of largest shareholder would be another stimulus to overinvestment.