| 中国上市公司过度投资行为、程度与形成机理 |
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| 引用本文： | 李鑫.中国上市公司过度投资行为、程度与形成机理[J].山西财经大学学报,2007,29(6):107-111. |
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| 作者姓名： | 李鑫 |
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| 作者单位： | 山东大学,管理学院,山东,济南250100 |
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| 摘 要： | 通过建立投资计量模型进行实证研究,发现相当一部分中国上市公司存在过度投资行为,而且近年来有不断加剧的倾向。并且发现,上市公司过度投资程度与自由现金流量水平显著正相关,说明自由现金流充足的上市公司更容易发生过度投资行为。
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| 关 键 词： | 过度投资 公司治理 自由现金流 |
| 文章编号： | 1007-9556（2007）06-0107-05 |
| 收稿时间： | 2007-04-22 |
| 修稿时间： | 2007-04-22 |
Over-investment Behavior, Degree and Mechanism of Chinese Listed Companies |
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| LI Xin.Over-investment Behavior, Degree and Mechanism of Chinese Listed Companies[J].Journal of Shanxi Finance and Economics University,2007,29(6):107-111. |
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| Authors: | LI Xin |
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| Institution: | School of Management, Shandong University, Jinan 250100, China |
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| Abstract: | Free cash flow is under the control of manager in modern company.moreover,manager's payment usually has a kind of positive correlation with corporate scale.So manager has motive to throw corporate free cash on non-profit projects that could bring himself private benefit,which leads to corporate over-investment.The over-investment trend of Chinese listed company is very obvious and serious.This paper establishes a creative model to calculate the extant of overinvestment of Chinese listed companies.The empirical research proves that,over-investment of listed companies exists indeed,and companies with plenty of free cash flow are more incline to over-investment. |
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| Keywords: | over-investment corporate governance free cash flow |
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