市场化程度、投资过度和财务风险内生关系  

On Correlation among Martetization Degree,Overinvestment and Financial Risk

作　　者：钟宜彬[1] 

机构地区：[1]南京审计学院,江苏南京210039

出　　处：《生产力研究》2012年第4期235-237,253,共4页Productivity Research

摘　　要：投资过度现象在上市公司中比较普遍,文章以2005—2009年上市公司数据为研究对象,发现投资过度和财务风险之间存在内生关系,投资过度通常会引起财务风险增加,而财务风险对投资过度有抑制作用;同时发现市场化程度不同,投资过度和财务风险的内生关系有显著差别,市场化程度高的东部地区,投资过度和财务风险的内生关系明显;市场化程度低的中西部地区,两者内生关系较弱。Overinvestment is popular in listed companies.This paper,based on data of listed companies during the period from 2005 to 2009,analyzes the correlation between overinvestment and financial risk and finds out that overinvestment leads to financial risk,which,in return,restricts overinvestment.Various degree of marketization results in different correlation.In the eastern region which has a high degree of marketization,the correlation is obvious,while in the central and western regions where degree of marketization is low,the correlation is not strong.

关 键 词：投资过度 财务风险 市场化程度 内生关系 

分 类 号：F275.5[经济管理—企业管理]