企业生命周期与非效率投资——基于中国制造业上市公司面板数据的实证研究

Corporate Life Cycle and Non- efficient Investment——An Empirical Research based on the panel data of Listed Manufacturing Companies in China

基于我国沪深A股制造业976家上市公司2008～2010年的面板数据，通过统计分析和建立计量经济学模型，从企业所处的生命周期这一新的视角，来对上市公司投资行为进行实证研究。实证结果表明：处于成长期的企业不易发生过度投资的行为，而处于成熟期和衰退期的企业更可能发生过度投资行为。根据研究结果，本文建议评价企业的投资的效率应该考虑其所处生命周期的阶段。

The current researches of non-efficient investment mainly concentrates on the impact that free cash flow has on investment efficiency, but the relationship between corporate life cycle and non- efficient investment remain untouched, using the data spanning the 2008 -2010 years of Chinese listed companies, this paper empirically investigates the relationship between corporate life cycle and non- efficient investment based on relevant theoretic analysis. The results show that, over investment behavior of the enterprises does not occur on the growth phase, but on the maturity and decline phase of business over investment are more likely to occur. Based on the findings, we suggest that the life cycle should be taken into consideration when evaluating of the investment efficiency of corporate.