政治关联、非流动资产处置扭亏与公司投资效率研究  

Political Connection,Disposal of Non-current Assets for Reversing Losses and Investment Efficiency

作　　者：李传宪[1] 

机构地区：[1]西南政法大学管理学院,重庆401120

出　　处：《东北师大学报（哲学社会科学版）》2014年第4期85-89,共5页Journal of Northeast Normal University(Philosophy and Social Science Edition)

基　　金：重庆市社会科学规划培育项目(2013PYGL04);教育部人文社会科学青年基金项目(13YJC630181);西南政法大学2012年校级科研项目(2012-XZZD18)

摘　　要：通过以2008—2011年沪深A股亏损上市公司为样本,探讨政治关联、非流动资产处置与投资效率的关系,研究发现:大多数上市公司通过非流动资产处置一定程度上加快了扭亏的步伐;企业负债越高、规模越大、现金获取能力越差的非制造业上市公司越可能利用非流动资产处置进行亏损扭转;非流动资产处置损益对企业财务影响越大越容易发生非效率投资;而选择通过非流动资产处置进行扭亏能显著地抑制公司的过度投资行为。This paper analyzes the relation among corporate political connection,disposal of non-current assets for reversing losses and investment efficiency based on the data of listed Chinese companies in Shanghai and Shenzhen Market from 2008 to 2011. Our findings include： most of the listed companies obtain gains or incomes from disposal of non-current assets and accelerate the pace of reversing losses to a certain extent. The higher of leverage, the larger of size, the worse of obtaining cash non-manufacturing corporations are more likely to dispose non-current assets for reversing losses. The more influence on corporations＇ financial statement, the more non-efficient investments occur. The choice of disposal of non-current assets for reversing losses can significantly restrain over-investment behaviors.

关 键 词：政治关联 非流动资产处置 亏损扭转 投资效率 

分 类 号：F275.6[经济管理—企业管理]