制度环境与过度投资——来自中国上市公司的经验证据

Institutional Environment and Over-investment: Empirical Evidence from Listed Companies in China

以我国特有的制度环境为出发点研究企业过度投资行为,分别分析了我国各地区的政府干预、法治和金融发展对上市公司过度投资行为的影响。研究结果表明,政府干预程度与企业过度投资成正相关,法治、金融发展水平与企业的过度投资成负相关,企业外部制度环境的改善会制约企业的过度投资行为。进一步的研究发现,与法治和金融发展相比,政府干预是影响企业过度投资行为更为基本的因素。

In this paper, we will systematically research and analyze the over-investment behavior from a special view of institutional environment. This paper analyzes the effect of government intervention, legal enforcement, and financial development on the over-investment behavior of the list- ed companies. The study results show that the government intervention is positively related to over-investment behavior of the listed companies. However, the legal enforcement anti financial development are negatively related to over-investment behavior of the listed companies. Improved in- stitutional environment can restrict the over-investment behavior. Further research indicates that, compared with legal enforcement and financial development, the government intervention is a basic factor which influences more on the over-investment.