上市公司过度投资、多元化经营与地方政府干预  

Over-investment,Diversification and Local Government Intervention

作　　者：章卫东[1] 成志策[1] 周冬华[1] 张洪辉[1] 

机构地区：[1]江西财经大学会计学院

出　　处：《经济评论》2014年第3期139-152,共14页Economic Review

基　　金：章卫东教授主持的国家自然科学基金项目"地方国有上市公司定向增发资产注入动机及经济后果研究"(项目编号:71262004)的阶段性研究成果

摘　　要：本文以2007-2012年中国境内A股非金融类上市公司为研究样本,通过区分国有上市公司及民营上市公司两种所有制不同的公司过度投资行为,研究了地方政府干预对国有上市公司过度投资行为的影响,并考虑了国有上市公司过度投资行为的多元化表现形式。研究结果表明,地方政府会干预国有上市公司,在政府干预程度较高的地区,国有上市公司的过度投资行为越显著;多元化经营是国有上市公司过度投资的一种重要方式,与民营上市公司相比,国有上市公司过度投资与多元化经营的相关程度更大,国有上市公司的过度投资行为更容易导致多元化经营。在控制了过度投资与多元化经营之间可能存在的内生性问题后,上述结论仍然成立。本文的研究结论解释了经济转轨期间我国国有企业的过度投资及盲目多元化经营现象,并提出了相应的对策建议。This paper distinguishes over - investment between state - owned public companies and private public companies, and studies how the local government intervention affects the over- investment of state - owned listed companies and their diversification form based on non - financial listed companies during the year from 2007 to 2012. We find that the local government interventionwill affect state -owned listed companies＇ investment efficiency, which severely results in the over - investment behavior of state - owned listed companies, and diversification is one of the over - investment forms of state - owned listed companies. Compared with the private listed companies, the relationship between over- investment and diversification is more significant in state -owned listed companies; the over- investment of state -owned listed companies is more likely to lead to diversification. After controlling endogenous problems which may exist between over- investment and diversification, those conclusions remain the same. Those conclusions explain the over- investment and diversification phenomenon during the economic transition of China＇ s state - owned enterprises, and we bring forward some suggestions based on these conclusions.

关 键 词：政府干预 过度投资 多元化经营 

分 类 号：F832.51[经济管理—金融学] F275[政治法律—政治学] D630[政治法律—中外政治制度]