政府干预、法治、金融发展与国有上市公司的过度投资

Government Intervention,Law,Finance and Overinvestment by Listed Companies

笔者分析了我国各地区的政府干预、法治和金融发展对地方政府控制的国有上市公司过度投资的影响。研究结果发现,地区的政府干预越多,国有上市公司过度投资问题越严重,而地区的法治和金融发展水平越高,国有上市公司过度投资问题会得到缓解。进一步研究表明,与法治和金融发展相比,政府干预是影响国有上市公司投资行为的更为基本的因素。这里的研究结果为正在兴起的"法与金融"文献提供了新的证据。

This paper analyzes the effect of local goernment intervention, legal enforcement, and financial development on of the state- owned listed companies. The results show that the legal enfocement and financial developemnt are negatively related to overinvestment. Further studies shows that, compared with the rule of law and financial development, government intervention is more fundamental fac- tors to overinvestment effect of the state-owned listed companies.