出版业上市公司投资效率及其影响因素实证分析

An Empirical Analysis of the Investment Efficiency of Listed Companies in Publishing Industry and the Influencing factors

本文以我国2009-2013年出版业上市公司为研究样本,分析了出版业上市公司投资效率的现状及其公司内部相关影响因素。研究发现,博瑞传媒投资效率最高,其次是华闻传媒,投资效率最低的分别是天舟文化和出版传媒、新华传媒。在影响出版业上市公司投资效率的内部诸因素中,自由现金流、投资机会和负债比率与非效率投资水平显著正相关,第一大股东持股比例和管理者持股比例的提高能在一定程度上抵制非效率投资水平。

In this paper, we analysizes the investment efficiency status in listed companies of the publishing in- dustry and its influencing factors as the samples of 2008 -2013 listed companies. The study found that Brilliant most efficient media investment,followed by the Chinese news media, the lowest investment efficiency are Tianzhou culture, Publishing Media and Xinhua Media. Free cash flow, investment opportunities and debt ratio are significant positive correlation to the efficiency of investment, the ratio of the largest shareholder and managers stake is distin- guished negative correlation to efficiency investment.