股权结构、会计信息透明度与过度投资的相关性分析

A Correlation Analysis of Stock Equity Structure, Transparency of Accounting Information and Overinvestment

选取2010-2016年深市A股中非金融类非ST的上市公司数据,探讨不同股权结构下会计信息透明度对企业过度投资的影响。研究发现:不同的股权结构会影响会计信息透明度与过度投资的关系;股权集中度越高,或者机构投资者持股比例越高,或者管理层持股比例越高,越能削弱会计信息透明度对过度投资的负向影响;股权制衡度越高,越能增强会计信息透明度对过度投资的负向影响。从提高会计信息透明度、合理安排股权结构以及控制机构投资者和管理层持股比例三个方面对抑制过度投资提出了政策建议。

Selecting the data of non-financial non-ST listed companies in Shenzhen A-Share from 2010 to 2016, this article explores the influence of accounting information transparency on enterprise overinvest-ment under different ownership structures. The research result indicates that different stock equity structureshave influence on the relationship between accounting information transparency and overinvestment;the high-er the concentration of equity, or the higher the percentage of institutional investors holding shares, or thehigher the proportion of management holding shares, the less the negative impact of accounting informationtransparency on overinvestment. The writer puts forward policy suggestions on controlling overinvestment fromthree aspects: improving the transparency of accounting information, reasonably arranging the ownership struc-ture and controlling the shareholding ratio of institutional investors and management.