公司治理与过度投资的相关性研究
首发时间:2010-01-13
摘要:企业投资行为是否有效对企业价值最大化的财务目标能否实现具有重要影响。本文以2003-2006年上市公司数据考察我国企业是否存在过度投资以及公司治理有关因素能否抑制过度投资。结果表明:我国企业普遍存在过度投资行为,管理者持股比例、董事长与总经理两职合一能有效抑制过度投资行为,而第一大股东持股比例、独立董事在我国并不能对过度投资发挥有效的抑制作用。
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Research on the Relationship Between Corporation Governance and Over-Investment
Abstract:Whether the corporate investment behavior is effective can affect the smooth realization of finance goals of maximizing the corporate value. Based on the data of Chinese listed corporation over the period from 2003 to 2006, the paper studied whether over-investment existed in china and the factors of corporate governance could curb the over-investment. The results pointed that over-investment is ubiquitous in china, Managerial ownership and the CEO duality can curb the over-investment behavior effectively, while the proportion of the first shareholder \
Keywords: over-investment Equity structure Board structure managerial ownership
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No.3886448106312633****
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