过度投资、现金流量操控影响公司价值增长的机理研究

Research on the Impact of Overinvestment Behavior and Cash Flow Manipulation on Corporate Value

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.