中国上市公司过度投资行为、程度与形成机理

Over-investment Behavior,Degree and Mechanism of Chinese Listed Companies

通过建立投资计量模型进行实证研究,发现相当一部分中国上市公司存在过度投资行为,而且近年来有不断加剧的倾向。并且发现,上市公司过度投资程度与自由现金流量水平显著正相关,说明自由现金流充足的上市公司更容易发生过度投资行为。

Free cash flow is under the control of manager in modem company, moreover, manager＇ s payment usually has a kind of positive correlation with corporate scale. So manager has motive to throw corporate free cash on non - profit projects that could bring himself private benefit, which leads to corporate over- investment. The over- investment trend of Chinese listed company is very obvious and serious. This paper establishes a creative model to calculate the extant of over- investment of Chinese listed companies. The empirical researeh proves that, over- investment of listed companies exists indeed,and companies with plenty of free cash flow are more incline to over- investment.