摘要
本文研究上市公司过度投资影响公司价值增长的机理路径。基于2011-2018年我国A股上市公司样本数据,实证检验了过度投资、现金流操控及公司价值增长之间的关系,结果发现:(1)公司过度投资行为显著降低了公司价值增长;(2)公司过度投资的非效率投资引发了美化短期业绩的现金流操控行为,却损害了公司价值增长。研究结果揭示了公司过度投资后的粉饰行为及经济后果的机理路径,同时拓展了现金流操控行为相关研究。
This paper studies the mechanism and path of the impact of overinvestment on the growth of corporate value of listed companies.Based on the data sample of A-share listed companies from 2011 to 2018,the empirical research on overinvestment,cash flow manipulation and growth of corporate value finds that:(1)corporate overinvestment significantly reduces the growth of corporate value;(2)The inefficient investment caused by the overinvestment of the company leads to the manipulation of cash flow to beautify the short-term performance,but damages the growth of the company's value.The research results reveal the mechanism and path of the whitewashing behavior and economic consequences after the overinvestment of the company,and also expanded the relevant research on the cash flow manipulation.
作者
郭慧婷
李彬
冷奥琳
Guo Huiting;Li Bin;Leng Aolin
出处
《投资研究》
CSSCI
北大核心
2020年第9期133-146,共14页
Review of Investment Studies
基金
国家自然科学基金资助项目“母子公司距离、财务报告质量与资源配置效率”(71572144)
“法制、信息和社会责任对担保市场交易结构影响效应研究”(71803151)
中央高校基本科研业务费专项资金资助:“以研发支出削减后再逆转动机为视角的盈余管理研究”(300102239634)。
关键词
过度投资
现金流量操控
公司价值增长
Over-investment behavior
Cash flow manipulation
Corporate value growth