融资约束、投资效率变动：由控制权变更的考察  

Financing Constraints, Investment Efficiency Changing： Review from Control Right Transformation

作　　者：戴璐[1] 

机构地区：[1]中央财经大学会计学院,北京100081

出　　处：《改革》2007年第5期46-50,共5页Reform

摘　　要：比较上市公司跨地区转让控制权与非跨地区转让控制权在信贷融资约束与投资行为问的关系表明，跨地区控制权转让后信贷融资约束并没有束紧，转型经济特有的融资环境与产权保护不足之下跨地区控制权转让带来的特定代理问题交互作用，导致异地新大股东控制的上市公司出现更为显著的低效率投资扩张．侵害了债权人的利益。This paper empirically analyses that the credit financing constraints have not been restricted severely after cross-regional change of the largest shareholder among Chinese listed finns, and the higher increase in capital expenditure brings less-efficiency among cross-regional largest shareholders＇ companies than those with same regions control rights＇ transfer. The evidence reveals the governance role from creditors is weak and cross-regional alienation of control right can hardly mitigate the agency problem from the blockholders.

关 键 词：上市公司 控制权变更 跨地区 融资约束 投资效率 

分 类 号：F832.4[经济管理—金融学]