| 股权结构与公司投资效率间的动态关系—基于动态内生性的经验研究 |
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| 引用本文： | 刘鑫莹,石大林,刘德海.股权结构与公司投资效率间的动态关系—基于动态内生性的经验研究[J].广西财政高等专科学校学报,2014(3):80-90. |
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| 作者姓名： | 刘鑫莹 石大林 刘德海 |
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| 作者单位： | [1]东北财经大学财政税务学院,辽宁大连116025 [2]东北财经大学金融学院,辽宁大连116025 [3]中国人民大学研究生院,北京100872 |
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| 摘 要： | 以2002-2011年716家上市公司为样本，在动态内生性的框架下，运用动态面板的System GMM估计方法，同时考虑三种内生性，以动态性的视角研究股权结构与公司投资效率间的关系。得到以下结论：（1）不仅当期股权结构对当期公司非效率投资有影响，而且前期股权结构也对当期公司非效率投资有影响；（2）股权结构对公司非效率投资有长期影响；（3）前期公司非效率投资对当期股权结构有反馈效应；（4）股权结构与公司非效率投资间存在动态内生性。
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| 关 键 词： | 股权结构 非效率投资 动态内生性 |
Dynamic Relation Between Ownership Structure and Corporate Investment Efficiency—An Empirical Study Based on Dynamic Endogeneity |
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| LIU Xin-ying,SHI Da-lin,LIU De-hai.Dynamic Relation Between Ownership Structure and Corporate Investment Efficiency—An Empirical Study Based on Dynamic Endogeneity[J].Journal of Guangxi Financial College,2014(3):80-90. |
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| Authors: | LIU Xin-ying SHI Da-lin LIU De-hai |
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| Institution: | 1.School of Finance and Taxation,Northeast Finance University ; Dalian 116025,China; 2.Financial College, Northeast Finance University, Dalian 116025, China; 3.Postgraduate Department, China People＇s University ,Beijing 100872, China) |
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| Abstract: | This paper samples the data collected from 716 listed companies from 2002 to 2011. In the framework of dynamic endogeneity,it analyzes,from a dynamic perspective,taking into account the three kinds of endogeneity the relation between ownership structure and corporate investment efficiency by using the System GMM model of dynamic panel. The results are concluded as follow：（a）ownership structures,both the current and the priorones,have a significant impact on corporate inefficient investment;（b）ownership structure sheds a long-term influence on corporate inefficient investment;（c）the prior corporate inefficient investment has a significant feedback effect on the current ownership structure;（d）there is dynamic endogeneity between ownership structure and corporate inefficient investment. |
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| Keywords: | ownership structure inefficient investment dynamic endogeneity |
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