| 内部资本市场影响上市公司投资行为的实证研究 |
| |
| 引用本文： | 杨柏,彭程,代彬.内部资本市场影响上市公司投资行为的实证研究[J].财经论丛,2011(6):85-91. |
| |
| 作者姓名： | 杨柏 彭程 代彬 |
| |
| 作者单位： | 四川外语学院国别经济与国际商务研究中心,重庆,400031 |
| |
| 基金项目： | 国家社会科学基金资助项目(10XGL004) |
| |
| 摘 要： | 本文以2001-2009年附属于企业集团的中国上市公司为对象,实证检验了内部资本市场对公司投资行为的影响。结果发现,内部资本市场总体上与上市公司的投资行为存在显著的关联性,并且国有企业内部资本市场一方面会加剧过度投资,另一方面也会对投资不足起到缓解作用,而民营企业的内部资本市场一方面会弱化过度投资问题,另一方面也会导致投资不足变得更加严重,从而表明内部资本市场运作在不同的产权特征下会表现出不一样的经济后果。
|
| 关 键 词： | 内部资本市场 投资规模 投资效率 |
Empirical Studies on the Influences of Internal Capital Markets on Listed Companies' Capital Investment |
| |
| YANG Bai,PENG Cheng,DAI Bin.Empirical Studies on the Influences of Internal Capital Markets on Listed Companies' Capital Investment[J].Collected Essays On Finance and Economics,2011(6):85-91. |
| |
| Authors: | YANG Bai PENG Cheng DAI Bin |
| |
| Institution: | (Research Center for International Business and Economics,Sichuan International Studies University,Chongqing 400031,China) |
| |
| Abstract: | Based on listed companies of groupaffiliation from 2001～2009,we find that there is a significant correlation between large shareholders’ tunneling and propping behavior and listed companies’ capital investment.Further analysis shows that state-owned business group’s internal capital markets display a dual influence on investment,i.e.it worsens over-investment and lessens under-investment meanwhile.However,private enterprise group’s internal capital-markets exert opposite direct influences on problems of over-investment and under-investment. |
| |
| Keywords: | internal capital market capital investment investment efficiency |
| 本文献已被 CNKI 万方数据 等数据库收录！ |
|
