| 终极控股股东对上市公司投资影响的实证研究 |
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| 引用本文： | 孙晓琳. 终极控股股东对上市公司投资影响的实证研究[J]. 山西财经大学学报, 2010, 0(6) |
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| 作者姓名： | 孙晓琳 |
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| 作者单位： | 东北财经大学研究生院; |
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| 摘 要： | 基于2005～2008年我国A股上市公司的研究样本,实证研究了终极控股股东对公司投资的影响。研究表明:我国上市公司内部现金流与投资之间显著正相关,过度投资能够更合理地解释这种投资现金流敏感度;终极控股股东的现金流权与投资现金流敏感度负相关,具有抑制过度投资的利益趋同效应;终极控制权与所有权的分离与投资现金流敏感度正相关,表明两权分离使得终极控股股东有能力和动机侵占上市公司利益,加剧过度投资。进一步研究发现,终极控股股东利益侵占效应的发生不仅需要能力和动机,还需要公司具有充足现金流这一机会,较少的现金流能够有效地约束终极控股股东的利益攫取,抑制过度投资。
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| 关 键 词： | 终极控股股东 过度投资 内部现金流 投资现金流敏感度 |
Empirical Research on the Impact of Ultimate Controlling Shareholder on Listed Companies' Investment |
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| SUN Xiao- lin. Empirical Research on the Impact of Ultimate Controlling Shareholder on Listed Companies' Investment[J]. Journal of Shanxi Finance and Economics University, 2010, 0(6) |
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| Authors: | SUN Xiao- lin |
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| Affiliation: | SUN Xiao- lin (Graduate School,Dongbei University of Finance & Economics,Dalian 116023,China) |
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| Abstract: | The impact of ultimate controlling shareholder on the company's investment is investigated by empirical methods basing on China's A-share listed company's research sample over the period 2005~2008. It shows a significant positive correlation does exist between internal cash flow and investment. Such a sensitivity of investment-cash flow can be explained reasonably by over-investment. In addition,a negative correlation is shown between the sensitivity of investment-cash flow and the ultimate controlling shar... |
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| Keywords: | ultimate controlling shareholders over-investment internal cash flow investment-cash flow sensitivity |
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