控股股东、自由现金流与过度投资

以我国沪深A股上市公司2006—2008年数据为研究样本,从股权特征角度考察公司自由现金流过度投资行为,结果表明：（1）正自由现金流更易诱发过度投资行为;（2）大股东持股越高,现金流过度投资行为越严重;（3）股权制衡在一定程度上抑制过度投资;（4）第一大股东为国有股性质时,过度投资行为更严重。

Analysis on Controlling Shareholder,Free Cash Flow and Overinvestment

This paper studies free cash flow and overinvestment from the perspective of the ownership characteristics,using the data of Shanghai and Shenzhen A-share listed companies in China from 2006 to 2008.The results show:(1) It is more likely for the company with more positive free cash flow to have overinvestment behavior;(2) The higher equity the controlling shareholder occupies,the more serious the overinvestment behavior is;(3) Balanced ownership structure can restrain overinvestment;(4) The overinvestment behavior is more serious for the company with the largest shareholder being of state-owed property.