终极股东现金流权、控制权与过度投资——基于制造业上市公司的经验证据
发布时间：2018-07-15 19:17
【摘要】：本文选用2007-2013年制造业上市公司的数据为样本,分析了终极股东现金流权、控制权与过度投资的相关性。研究表明:终极控股股东现金流权、控制权和过度投资存在倒U型关系,控制权与现金流权的偏离与过度投资呈正相关关系,这是现金流权的激励效应和控制权的侵占效应共同作用的结果。
[Abstract]:Based on the data of manufacturing listed companies from 2007 to 2013, this paper analyzes the correlation among cash flow rights, control rights and overinvestment of ultimate shareholders. The results show that the ultimate controlling shareholder's cash flow right, control right and overinvestment are inversely U-shaped, and the deviation between control and cash flow right is positively related to overinvestment. This is the result of both the incentive effect of cash flow right and the encroachment effect of control right.
【作者单位】： 华南理工大学;广州越秀集团;
【分类号】：F406.7;F425
本文编号：2125116
[Abstract]:Based on the data of manufacturing listed companies from 2007 to 2013, this paper analyzes the correlation among cash flow rights, control rights and overinvestment of ultimate shareholders. The results show that the ultimate controlling shareholder's cash flow right, control right and overinvestment are inversely U-shaped, and the deviation between control and cash flow right is positively related to overinvestment. This is the result of both the incentive effect of cash flow right and the encroachment effect of control right.
【作者单位】： 华南理工大学;广州越秀集团;
【分类号】：F406.7;F425
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