投资效率和股权结构——基于上市公司股权再融资角度  

Investment Efficiency and Ownership Structure——Based on Listed Companies' Seasoned Equity Offerings

作　　者：钟宜彬[1] 

机构地区：[1]南京审计学院,南京211815

出　　处：《工业技术经济》2011年第10期143-149,共7页Journal of Industrial Technological Economics

摘　　要：文章从上市公司股权再融资角度研究投资效率问题,发现上市公司中同时存在投资不足和投资过度问题,既有投资过度的上市公司进行股权再融资,也存在上市公司再融资后投资不足现象;股权再融资加剧投资过度问题、部分缓解投资不足问题。文章同时发现股权结构影响投资效率,融资前后地方国有企业投资过度问题严重,缺少股权制衡的公司以及直接控制权和实际控制权不一致的公司投资过度问题严重,高管持股有利于降低投资过度。The article study investment efficiency from view of listed companies seasoned equity offerings. The paper find out that overinvestment and underinvestment exist simultaneously on listed companies, It is exist that listed companies of overinvestment make seasoned equity offerings and listed companies underinvested after seasoned equity offerings. Overinvestment grew and underinvestment achieved partial relief after seasoned equity offerings. At the same time The paper find out that ownership structure influences investment efficiency, overinvestment is more serious problems in local State- owned companies, The companies of low ownership restriction have serious overinvestment and the companies that differing from direct control fights or actual fights have serious overinvestment, The paper find out that managerial ownership can lower overinvestment.

关 键 词：投资效率 股权结构 股权再融资 

分 类 号：F830.39[经济管理—金融学]