我国上市公司非效率投资原因分析及其对策  

作　　者：杨化峰[1] 

机构地区：[1]山东理工大学商学院

出　　处：《企业经济》2014年第5期66-69,共4页Enterprise Economy

基　　金：山东省高校人文社科项目"基于公司治理视角下的股权分置改革经济后果研究"(批准号:J11WG20)

摘　　要：投资决策理论研究大多建立在理性的决策者和市场有效的条件下,但现实的市场是非强势有效的,并已有文献研究表明,在非有效市场下,我国上市公司普遍存在投资非效率行为。本文将非效率投资行为分为投资不足、投资过度和盲目投资,并对这三种投资行为的理论意义进行了解释,然后从公司治理、投资项目评价和外部环境三个方面分析了非效率投资行为产生的原因,最后根据党的十八大提出的完善各类国有资产管理体制、培育市场竞争环境和健全多层次资本市场等要求提出优化措施,以期能够对提高投资效率有促进作用。Most theoretical studies of investment decision are based on rational decision- makers and effective market conditions. However, the market is not always strong and effective. According to existing literature studies, there are widespread inef- ficient investment behaviors in listed companies of our country. In this paper, the inefficient investment behaviors are divided into insufficient investment, excessive investment and blind investment. Then the reasons of existing inefficient investment behaviors are discussed from three aspects which are corporate governance, investment project evaluation and external envi- ronment. Finally, the paper puts forward optimization measures to improve the efficiency of investment, according to the requirements of improving the management system of state - assets, cultivating the market competition environment and per- fecting the multi- level capital market which were emphasized on the lSth National Congress of the Communist Party of China.

关 键 词：非效率投资 多层次资本市场 融资 评价方法 

分 类 号：F830.91[经济管理—金融学]