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| 第一大股东股权、治理机制与企业过度投资——基于中国上市公司Panel Data的研究 | |
| 引用本文： | 张栋,杨淑娥,杨红.第一大股东股权、治理机制与企业过度投资——基于中国上市公司Panel Data的研究[J].当代经济科学,2008,30(4). |
| 作者姓名： | 张栋 杨淑娥 杨红 |
| 作者单位： | 1. 西安交通大学管理学院,陕西,西安,710049;新疆财经大学,会计学院,新疆,乌鲁木齐,830012 2. 上海对外贸易学院,上海,201600 3. 西安交通大学管理学院,陕西,西安,710049 |
| 摘 要： | 以1999-2005年的上市公司为研究样本,考察了我国上市公司第一大股东股权、治理机制与企业过度投资之间的关系.研究发现:(1)第一大股东持股比例与企业过度投资水平呈倒"U"型关系;相对于非国有控股公司,国家作为控股股东的上市公司存在着明显的过度投资倾向.(2)内部治理中的董事会治理与企业过度投资无显著关系.(3)企业外部治理因素,如上市公司所在地区市场化水平越高,政府对企业的干预程度越小,金融业市场化水平越高,执法水平越高,企业过度投资水平越低;同时产品竞争程度的提高有利于抑制过度投资. |
| 关 键 词： | 第一大股东 治理机制 过度投资 |
The Largest Shareholder,Governance Systems and Over-investments:Study Based on Panel Data from China Listed Companies |
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| ZHANG Dong,YANG Shu-e,YANG Hong.The Largest Shareholder,Governance Systems and Over-investments:Study Based on Panel Data from China Listed Companies[J].Modern Economic Science,2008,30(4). | |
| Authors: | ZHANG Dong YANG Shu-e YANG Hong |
| Institution: | ZHANG Dong1,3,YANG Shu-e2,YANG Hong1(1. School of Management,Xi'an Jiaotong University,Xi'an 710049,China,2. Shanghai Institute of Foreign Trade,Shanghai 201600,3. School of Accounting,Xinjiang University of Finance , Economics,Urumqi 830012,China) |
| Abstract: | Using panel data from China listed companies through 1999-2005,this paper analyses the relationship between the largest shareholder,governance systems and over-investments. The results show that there is a converse U curve relationship between the largest shareholder and over-investment,with over-investment behavior for state-controlled companies in contrast to non-state-controlled companies; that is no significant relationship between board governance and over-investment; and that external governance syste... |
| Keywords: | Largest shareholder Corporate governance systems Over-investmentFinancial Stability or Economic Growth: Threshold Switching Characteristics of |
| 本文献已被 CNKI 维普 万方数据 等数据库收录！ | |