产权性质、估值判断与过度投资  

Property Nature,Valuation Judgment and Over-investment

作　　者：田粟源[1] TIAN Suyuan(College of Accounting,Shandong University of Finance and Economics,Jinan 250014,China)

机构地区：[1]山东财经大学会计学院,山东济南250014

出　　处：《山东财经大学学报》2018年第6期89-98,共10页Journal of Shandong University of Finance and Economics

基　　金：中国资产评估协会项目"上市公司并购重组估值研究"(16CAS001)

摘　　要：过度投资一直是财务管理研究的重点与热点。文章利用2007—2015年A股上市公司并购重组数据为样本,运用多元线性回归模型,探究估值判断对过度投资的影响,并研究产权性质对估值判断与过度投资之间关系的影响。研究结果表明:估值判断和上市公司过度投资之间成正向关系;国有产权性质降低了估值判断和过度投资之间的正向关系;进一步研究发现,估值判断和投资规模之间成正相关关系,并且国有产权性质降低估值判断和投资规模之间的关系。0ver-investment has always been the focus and hot spot of financial management.Using a sample of A-share listed firms in China for the period 2007-2015,this paper investigates the relationship between valuation judgment and over-investment.The results show that:there is a positive relation between valuation judgment and over-investment.The Property nature reduces the positive relationship between valuation judgment and over-investment.Further study shows that:there is a positive relation between valuation judgment and investment.The Property nature reduces the positive relationship between valuation judgment and investment.The above conclusion helps to achieve stable development of the financial market.

关 键 词：产权性质 估值判断 过度投资 

分 类 号：F273.4[经济管理—企业管理]