我国上市公司投资:过度还是不足?——基于沪深工业类上市公司非效率投资的实证度量

Measuring Inefficient Investment by Listed Companies in China:Overinvestment or Underinvestment?

本文提出了一个简洁、有效的企业非效率投资度量模型,并以沪深301家工业类上市公司为样本进行了实证度量。研究发现,2001—2006年间,样本公司最优投资率平均为年初固定资产净值的24.4%;但由于信息不对称和代理问题等的影响,39.26%的公司投资过度,实际投资平均水平超出其最优投资的100.66%;60.74%的公司投资不足,实际投资平均水平仅达到其最优投资的46.31%。

This paper proposes a concise and effective model of measuring inefficient investment,and uses the model to measure the inefficient investment of 301 listed industrial companies from SSE and SZSE.We find that from 2001 to 2006,the optimal investment rate is 24.4 percent of fixed assets at the beginning of the year,however,due to the information asymmetry and agency problems,39.26% of the sampled companies,on the average,over-invest 100.66% above the optimal rate; and 60.74% of the sample companies only reached 46.31% of the optimal figure.