董事会资本、投资机会与资本投资  

Board Capital, Investment Opportunity and Capital Investment

作　　者：王椿璞 张建平[1] 

机构地区：[1]对外经济贸易大学国际商学院,北京100029

出　　处：《华东经济管理》2018年第1期109-118,共10页East China Economic Management

基　　金：对外经济贸易大学研究生科研创新基金项目(2017078)

摘　　要：文章从董事会资本的视角出发,以我国2005-2014年沪深A股上市公司董事会为样本,实证检验了董事会资本对于企业投资行为的影响。结果显示:上市公司的董事会资本与公司的资本投资水平显著正相关;按产权性质分组后显示,民营企业的董事会资本与资本投资的正相关性更为显著。在考虑投资机会后发现:当投资机会较弱时,董事会资本会强化资本投资对投资机会的敏感性,增加资本投资。进一步对上述关系的作用机制进行研究,发现把握产业政策机会和降低融资约束是董事会资本影响资本投资的主要途径。实证结果还发现,董事会资本可以显著地改善上市公司的投资效率。From the perspective of board capital, using the board data of A-share listed companies in China from 2005 to2014 as samples, this paper empirically verifies the impact of board capital on corporate capital investment behavior. The re-sults show that the board capital of listed companies is significantly positively related to the corporate capital investment level.After grouping based on property property, the positive correlation between board capital and capital investment in privatefirms is more significant. When considering investment opportunities, the paper finds that board capital will strengthen the sen-sibilities of capital investment to investment opportunities and increase capital investment along with the decrease of invest-ment opportunities. The further study reveals that better understanding and following industrial policy opportunities and easingfinancial constraints are two mechanisms of board capital on capital investment. The empirical test demonstrates that boardcapital can significantly improve the investment efficiency of listed companies.

关 键 词：董事会资本 投资机会 资本投资 投资效率 

分 类 号：F272.3[经济管理—企业管理]