组织分权、市场竞争与企业过度投资--基于上市公司合并报表与母公司报表的实证考察

近年来随着政府扩大内需政策出台，许多企业都进行了大规模投资，有些过度投资行为造成严重产能过剩和极大浪费，甚至引起经济过热。本文以我国A股1500家上市公司为研究样本，实证考察了组织分权、市场竞争与企业过度投资的关系。研究发现，组织分权模式下，分权程度越高、子公司自由现金流越充足的企业越容易发生过度投资，并由此得出组织分权与过度投资呈正相关性。进一步，本文发现市场竞争程度可以缓解组织分权对企业投资效率的影响。

Organizational Decentralization,Product Market Competition and Overinvestment:An Empirical Survey of Listed Companies Consolidated Financial Statements and Statements of the Parent Company

Recent years, the government expands domestic demand, so the enterprises invest massively, some of the behaviors have caused serious excess capacity and huge waste, even overheating. Under this circumstance, we made an empirical investigation on the relationship between decentralization, product competition and overinvestment.All the data comes from 1 500 public companies.The research finds out that under the decentralized mode, subsidiaries with more free cash flow are more likely to overinvest when the degree of decentralization is higher, which draw the conclusion that decentralization has positive impact on overinvestment.Moreover, product market competition can relieve that impact to some extent.