| 信息透明度对公司过度投资与融资约束的影响研究 |
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| 引用本文： | 张兴亮,夏成才.信息透明度对公司过度投资与融资约束的影响研究[J].经济与管理研究,2011(8). |
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| 作者姓名： | 张兴亮 夏成才 |
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| 作者单位： | 1. 嘉兴学院商学院,嘉兴市,314001
2. 中南财经政法大学会计学院,武汉市,430223 |
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| 摘 要： | 本文基于2002～2009年深交所上市公司的非平衡面板数据,验证了国有控制公司存在过度投资,而非国有控制公司既存在融资约束又存在过度投资.对于国有控制公司,信息透明度发挥了治理作用,显著减少了过度投资;然而由于政府干预而使其承担的社会性负担等原因,即使在透明度较高的公司中依然存在过度投资.信息透明度同样治理了非国有控制公司中的代理问题,高透明度的公司主要存在融资约束,而非过度投资;但因制度环境的制约,信息透明度的提高并没有显著降低这些公司受到的融资约束.
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| 关 键 词： | 终极产权 信息透明度 政治关系 过度投资 融资约束 |
The Effect of Information Transparency on Over -investment and Financing Constraints |
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| ZHANG Xing-liang,XIA Cheng-cai.The Effect of Information Transparency on Over -investment and Financing Constraints[J].Research on Economics and Management,2011(8). |
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| Authors: | ZHANG Xing-liang XIA Cheng-cai |
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| Institution: | ZHANG Xing-liang~1,XIA Cheng-cai~2 (1.School of Business,Jiaxing University,Jiaxing 314001,2.School of Accounting,Zhongnan University of Economics and Law,Wuhan 430223) |
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| Abstract: | Basing on unbalanced panel data of listed companies from Shenzhen Stock Exchange during 2004 to 2009, this paper finds that there is over-investment in state-owned enterprises,and that there are both over-investment and financing constraints in non-state-owned enterprises.For state-owned enterprises,information transparency plays a role of governance which mitigates over-investment.Nevertheless,there is still over-investment even in highest transparent state-owned enterprises because of government intervent... |
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| Keywords: | Ultimate Ownership Information Transparency Political Connections Over-investment Financing Constraints |
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