央企控股上市公司非效率投资影响因素研究——以电力行业为例

The Research on the Impact of Non-efficient Investment in the Listed Companies——A Case Study of the Electric Power Industry

通过对2011-2015年沪深两市电力行业央企控股上市公司的相关数据进行实证研究,发现有以下影响央企控股上市公司非效率投资的因素:管理费用率与非效率投资呈反比;大股东占款率与非效率投资呈反比;自由现金流量、筹资现金流与非效率投资呈正相关;现金分红与企业的非效率投资呈负相关;高管薪酬与非效率投资呈正相关;董事会规模与非效率投资呈反比;股权激励与非效率投资呈正比;独立董事比例、股权集中度与非效率投资量呈反比.

Based on the analysis of the relevant data of the central enterprises holding listed companies in electric power industry from the stock market Shanghai and Shenzhen from 2011 to 2015,it is found that the followings affect the non-efficiency investment of the central enterprises holding listed companies: the management fee,the ratio of large shareholders,the board size,the proportion of independent directors and concentration of equity are inversely proportional to the non-efficiency investment; the ratio of equity is incentive to non-efficiency investment; executive compensation,free cash flow and financing cash flow are positively correlated to the non-efficiency investment; the cash dividend is negatively correlated to the non-efficiency investment.