公司实际控制权对公司投资行为影响

The Influence of Corporate Control on Investment Behavior

本文以2010~2015年处于成熟期的我国A股上市公司为样本,从实际控制权的私有利益为切入点,以投资成本-收益理论为视角考察实际控制权对公司投资方向与投资挤占的影响。结果表明:公司处于成熟期时,实际控制权与公司固定资产投资显著正相关;实际控制权与公司长期股权投资显著负正相关;实际控制权对公司无形资产投资不产生影响;实际控制权与公司投资挤占显著正相关。本文研究结论说明,公司处于成熟期时会进行不同方向投资,且出现了短期资产投资挤占长期资产投资的现象。为防止公司实际控制人进行短期投资行为,损害公司价值,公司治理层需要对公司实际控制权进行合理安排。

The paper takes 2010~2015 year in mature A listed companies as samples,from the point of view of the private interests of actual control rights,from the perspective of cost-benefit theoretical,this paper investigate the influence of the actual control of the company investment direction and investment extrusion.This paper find:the actual control right is positively correlated with the fixed assets investment;there is a significant negative correlation between the actual control right and long-term equity investment;the actual control has no influence on the investment of intangible assets;the actual control and corporate investment extrusion has significant positive correlation.Based on the cost-benefit perspective,when the company is in the mature stage,will be invest in different directions,and short-term asset investment crowding out long-term assets investment phenomenon.To prevent the company's actual controller for short-term investment behavior,damage the company's value,corporate governance needs to make reasonable arrangements for the actual control of the company.