上市公司过度投资行为制约因素分析  

Study on the Restrictive Factors of Over-investment of Listed Companies

作　　者：李丽君[1] 马巧梅[1] 高桃丽[1] 

机构地区：[1]东北大学工商管理学院,沈阳110819

出　　处：《管理学家（学术版）》2010年第6期37-44,共8页

基　　金：中央高校基本科研业务费资助;项目号N090406007;辽宁省自然科学基金资助;项目号:20072027

摘　　要：目前关于过度投资行为的研究主要集中在债务融资对该行为的影响上,对过度投资行为制约因素的研究仅有少量涉及。通过对自由现金流量和过度投资行为的进一步分析,尝试从公司主要控制人(股东、董事会、监事会和债权人)方面构建过度投资行为关系模型,研究我国上市公司经理人过度投资行为制约因素的效果。实证结果表明,除流动负债和超过一定持股比例的第一大股东外,我国上市公司经理人过度投资行为的制约因素没有发挥实质性作用。The current research is mainly concentrated on the influence of debt financing to the over-investment, and the study of restrictive factors of over-investment is barely referred .Through further analysis of free cash flow and over-investment, establishes the model of main controllers （shareholder, director board, supervisory board and creditor） to the over-investment behavior of manager. The restrictive factors of over-investment of manager are examined. The results of this study has findings that except current liabilities and first shareholder holding shares over certain proportion the restrictive factors of listed companies have not restrict the over-investment of manager.

关 键 词：自由现金流量 过度投资 成长机会 

分 类 号：F23[经济管理—会计学]