本文選題：自由現(xiàn)金流 + 控股股東　； 參考：《投資研究》2017年05期

【摘要】：過(guò)度投資嚴(yán)重影響企業(yè)績(jī)效的增長(zhǎng),過(guò)度投資的動(dòng)因以及影響機(jī)制的研究是目前公司金融領(lǐng)域研究的重點(diǎn)、難點(diǎn)之一。本文以2008-2016年A股上市公司面板數(shù)據(jù)為樣本,從控股股東角度來(lái)探索其對(duì)公司自由現(xiàn)金流與過(guò)度投資之間關(guān)系的影響。研究結(jié)果表明:上市公司的自由現(xiàn)金流越多,過(guò)度投資越嚴(yán)重;控股股東的持股比例越高,自由現(xiàn)金流的過(guò)度投資行為越嚴(yán)重。此外,股權(quán)制衡并不能顯著抑制過(guò)度投資。
[Abstract]:Overinvestment seriously affects the growth of enterprise performance, and the research on the motivation and influence mechanism of overinvestment is one of the most important and difficult issues in the field of corporate finance.Based on the panel data of A share listed companies from 2008 to 2016, this paper explores its influence on the relationship between free cash flow and overinvestment from the perspective of controlling shareholders.The results show that: the more free cash flow of listed companies, the more serious overinvestment, and the higher the holding ratio of controlling shareholders, the more serious the over-investment behavior of free cash flow.In addition, equity checks and balances can not significantly curb overinvestment.
【作者單位】： 中央財(cái)經(jīng)大學(xué)商學(xué)院;
【基金】：中央在京高校重大科技成果轉(zhuǎn)化項(xiàng)目“基于‘雙輪驅(qū)動(dòng)’的北京市科技金融發(fā)展戰(zhàn)略及實(shí)施路徑”北京市教育委員員會(huì)共建項(xiàng)目專項(xiàng)
【分類號(hào)】：F275;F832.51

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本文編號(hào)：1749543