| 考虑制度环境的上市公司投资行为研究 |
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| 引用本文： | 吴锐,李光义. 考虑制度环境的上市公司投资行为研究[J]. 技术经济, 2009, 28(11): 77-80 |
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| 作者姓名： | 吴锐 李光义 |
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| 作者单位： | 重庆大学,经济与工商管理学院,重庆,400030;重庆大学,经济与工商管理学院,重庆,400030 |
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| 摘 要： | 本文以我国2006—2008年沪深上市公司为样本,在借鉴自由现金流与投资相关模型的基础上,实证检验了制度环境、自由现金流与上市公司投资之间的相关性。研究发现,上市公司的投资与自由现金流正相关,存在正自由现金流的上市公司越会进行投资;上市公司所处地区的投资环境越差、政府效率越低,其越容易进行非效率投资。
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| 关 键 词： | 投资行为 上市公司 自由现金流 制度环境 |
Research on Investment Behavior of Listed Companies Considering Institutional Environment |
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| Wu Rui,Li Guangyi. Research on Investment Behavior of Listed Companies Considering Institutional Environment[J]. Technology Economics, 2009, 28(11): 77-80 |
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| Authors: | Wu Rui Li Guangyi |
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| Affiliation: | (School of Economics and Business Administration,Chongqing University,Chongqing 400030,China) |
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| Abstract: | This paper takes listed companies in China as the research sample,and uses the data on these companies during 2006--2008 to study empirically the relevances between institutional environment, free cash flow and investment through the reference of the model of free cash flow and investment. The result shows that： there exits the positive correlation between the investment of listed company and free cash flow; the listed companies in which the free cash flow is positive prefer to invest;the inefficient investment made by the listed companies in the regions with the worse investment environment and the lower government often occurs. |
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| Keywords: | investment behavior listed company free cash flow institutional environment |
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