自由现金流、控股股东与过度投资——基于A股上市公司的实证研究

发布时间：2018-04-14 13:30

本文选题：自由现金流 + 控股股东　；参考：《投资研究》2017年05期

【摘要】：过度投资严重影响企业绩效的增长,过度投资的动因以及影响机制的研究是目前公司金融领域研究的重点、难点之一。本文以2008-2016年A股上市公司面板数据为样本,从控股股东角度来探索其对公司自由现金流与过度投资之间关系的影响。研究结果表明:上市公司的自由现金流越多,过度投资越严重;控股股东的持股比例越高,自由现金流的过度投资行为越严重。此外,股权制衡并不能显著抑制过度投资。
[Abstract]:Overinvestment seriously affects the growth of enterprise performance, and the research on the motivation and influence mechanism of overinvestment is one of the most important and difficult issues in the field of corporate finance.Based on the panel data of A share listed companies from 2008 to 2016, this paper explores its influence on the relationship between free cash flow and overinvestment from the perspective of controlling shareholders.The results show that: the more free cash flow of listed companies, the more serious overinvestment, and the higher the holding ratio of controlling shareholders, the more serious the over-investment behavior of free cash flow.In addition, equity checks and balances can not significantly curb overinvestment.
【作者单位】：中央财经大学商学院;
【基金】：中央在京高校重大科技成果转化项目“基于‘双轮驱动’的北京市科技金融发展战略及实施路径”北京市教育委员员会共建项目专项
【分类号】：F275;F832.51

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