自由现金流、控股股东与过度投资--基于A股上市公司的实证研究  

Free Cash Flow, The Controlling Shareholders and Overinvestment——Based on the A share listed companies

作　　者：李永壮[1] 刘重庆[1] 何金曙 

机构地区：[1]中央财经大学商学院 [2]中央财经大学金融学院

出　　处：《投资研究》2017年第5期131-138,共8页Review of Investment Studies

基　　金：中央在京高校重大科技成果转化项目“基于‘双轮驱动’的北京市科技金融发展战略及实施路径”北京市教育委员员会共建项目专项

摘　　要：过度投资严重影响企业绩效的增长,过度投资的动因以及影响机制的研究是目前公司金融领域研究的重点、难点之一。本文以2008-2016年A股上市公司面板数据为样本,从控股股东角度来探索其对公司自由现金流与过度投资之间关系的影响。研究结果表明:上市公司的自由现金流越多,过度投资越严重;控股股东的持股比例越高,自由现金流的过度投资行为越严重。此外,股权制衡并不能显著抑制过度投资。The overinvestment has seriously affected the performance of firm, the study of motivation and mechanism of overin- vestment is one of the important and difficult problems in corporate finance. Based on the panel data of A share listed compa- nies during the period 2008-2016, the paper examines the influence on the relationship between free cash flow and overinvest- ment from the perspective of controlling shareholders. The results show that a positive correlation between free cash flow and overinvestment, namely, the more free cash flow, the more serious overinvestment. The more shares the controlling sharehold- ers have, the more serious overinvestment. In addition, the equity restriction has no significant inhibition on overinvestment.

关 键 词：自由现金流 控股股东 过度投资 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]