投资过度还是投资不足——基于A股上市公司的经验证据

Overinvestment or Underinvestment——Based on Empirical Evidence from the A-share Listed Companies

本文以我国2004—2008年度的非金融类上市公司为样本来考察国内上市企业的非效率投资问题,并分析了企业基本面、股权结构对上市公司非效率投资的影响。实证发现,我国上市公司发生非效率投资行为的现象较为普遍,而且投资不足比投资过度更为严重;在影响上市公司非效率投资的企业基本面因素中,资产增长率、债务期限结构、现金流和企业年龄这四个主要因素是决定上市公司非效率投资行为的最基本因素;资产负债率、企业规模和销售额增长与非效率投资具有一定的相关性但不显著。研究还发现国有股比例与非效率投资负相关,第一大股东持股比例与非效率投资成U型曲线关系。

With the data of non-financial listed companies from 2004 to 2008,this thesis analyses the non-efficiency investment and examine the effect of fundamentals and corporate ownership structure on investment behaviour of Chinese listed companies.The research results indicate that the behavior of non-efficiency investment is very common among Chinese listed companies,and under-investment is more serious than over-investment.The research results also indicate that asset growth rate,debt maturity,cash flow and corporate age are the four main factors that determine the efficiency of corporate investment behavior.Leverage,firm size and sales growth has a certain relationship with non-efficiency investment but these relationship is not significant.The research also found that the proportion of state-owned shares has a negative relationship with non-efficiency investment while the proportion of the largest shareholders has a U-curve relationship with non-efficiency investment.