上市公司过度投资行为的实证研究——基于安徽上市公司的面板数据  

Listed Companies over the Investment Behavior of Empirical Research——The Anhui-based panel data of listed companies

作　　者：王晓晖[1] 王德赢[1] 

机构地区：[1]安徽大学商学院,合肥230039

出　　处：《科技和产业》2012年第5期87-90,共4页Science Technology and Industry

摘　　要：经理人的机会主义导致过度投资行为的发生,低效率的过度投资问题关系到企业的利益特别是公司股东的利益,本文将从投资现金流相关性作为考察对象,采用2006—2009年安徽上市公司相关数据实证分析了过度投资是产生投资现金流相关性的主要原因,结果表明安微省上市公司存在着一定的过度投资行为,研究结果可以为上市公司提高投资效率和改善企业绩效指明问题所在。Manager＇s opportunism led to the occurrence of acts of over-investment,inefficient over-investment issues related to corporate interests,especially the interests of shareholders,this article from the investment cash flow as the inspection object,Anhui,listed in 2006-2009the relevant data Empirical Analysis of the over-investment is to generate investment cash flow correlation of the main reasons,the results show that the listed companies in our province there is a certain degree of over-investment behavior,the findings indicate the problem can invest in listed companies to increase efficiency and improve business performance.

关 键 词：经理人机会主义 过度投资 投资现金流相关性 

分 类 号：F275.1[经济管理—企业管理]