摘要
企业过度投资问题(over investment)是公司金融学术界比较关注的一个研究领域。本文梳理了企业过度投资行为的研究文献,包括理论、形成机理和衡量企业过度投资水平的两种实证研究方法,指出了现有研究中普遍存在的问题和不足,提出了未来研究方向。
The investment decision of enterprises has long been the core issue of corporate finance. This paper first reviews the literature on corporate overinvestment and establishes the theoretical framework to explore the formation mechanism and the transmission mechanism from the perspective of agency theory, asymmetric information theory and behavioral finance. Then we analyze two main empirical measurements of overinvestment. Finally, we discuss the problems and inadequacies and propose the future research directions.
出处
《投资研究》
北大核心
2014年第8期4-16,共13页
Review of Investment Studies
基金
国家自然科学基金项目“股票市场融资摩擦与公司融资行为”(71002074)资助
关键词
过度投资
代理问题
信息不对称
过度自信
Overinvestment
Agency theory
Asymmetric information
Overconfidence
