控制权配置对企业投资行为的影响研究——基于企业家注重声誉的视角

如何通过提高企业家声誉来优化企业投资行为事关我国企业的健康发展。通过构建企业投资支出的回归模型,对控制权配置与企业投资行为进行实证检验。实证分析表明,在企业家注重声誉的前提下,第一大股东持股比例与企业投资支出水平负相关,而当内部现金流充裕时,股权制衡比例与企业投资支出水平正相关。因此,可以通过建立企业家征信制度、完善充分竞争的企业家市场、确保企业家有长远预期和培育合格的市场主体等措施,提高企业家声誉,优化企业投资行为。

A Study about the Impact of Control Configuration on Enterprise Investment Behavior---Based on the Perspective of Entrepreneurs Pay Attention to Reputation

How to optimize enterprise investment behavior by increasing entrepreneurs＂ reputation is a matter of the healthy development of China＇s enterprises. By building a regression model about enterprise investment spending, the article makes an empirical test between control configuration and enterprise investment behavior. The empirical analysis shows that under the premise of entrepreneurs pay attention to reputation, the proportion of the first largest shareholder is negatively related to the enterprise investment spending, however, when internal cash flow is abundant, the proportion of equity checks and balances is positively related to the enterprise investment spending. Therefore, through the establishment of credit system, perfect entrepreneur fully competitive market, ensure that entrepreneurs entrepreneurs have long-term expectations and to cultivate the qualified market main body and other measures, which improve the reputation of entrepreneurs, and optimize of enterprise investment behavior.