公司治理效率、动态内生性与非效率投资——基于动态性视角的经验研究

Corporate Governance Efficiency,Dynamic Endogeneity and Inefficient Investment——Based on a dynamic perspective

本文以2002—2011年716家上市公司为样本,运用动态面板的System GMM估计方法,同时考虑了三种内生性,以动态性的视角研究了公司治理效率与公司非效率投资间的关系。通过研究,得到以下结论:(1)前期和当期公司治理效率都与当期公司非效率投资负相关;(2)公司治理效率对公司非效率投资影响的持续时间大约为4年;(3)前期公司非效率投资对当期公司治理效率有显著的正向反馈效应;(4)公司治理效率与公司非效率投资间存在动态内生性;(5)公司的非效率投资不仅有损于公司的当期价值,而且也不利于公司的未来价值。

In this paper,716 listed companies range from 2002 to 2011 are used as our sample.We use the dynamic System GMM model,taking into account three kinds of endogeneity at the same time,based on a dynamic perspective,to study the relationship between corporate governance efficiency and corporate inefficient investment.And we get the following results：（a） Both in the current and in the prior,corporate governance efficiency has a negative relationship to current corporate inefficient investment;（b） The effect of corporate governance efficiency on corporate inefficient investment can last about 4 years;（c）Prior corporate inefficient investment has a positive feedback effect on the current corporate governance efficiency;（d） Dynamics endogeneity problem between corporate governance efficiency and corporate inefficient investment is exist;（e） Corporate inefficient investment not only has a negative effect on the current corporate value,but also not conductive to the future corporate value.