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本文以2005到2009年我国矿产资源型上市公司的数据来考察非效率投资问题,并分析了经营现金流量、资产负债率、资产增长率、企业规模、集团控制对矿产资源型上市公司非效率投资的影响。通过实证检验发现,我国矿产资源型上市公司非效率投资行为较为普遍,并且投资不足比投资过度更为严重;经营现金流量、资产负债率、资产增长率和企业规模显著影响矿产资源型上市公司非效率投资行为;集团控制的矿产资源型上市公司投资过度的可能性更大。
This paper examines the problem of inefficient investment from the data of China’s listed mineral resources companies from 2005 to 2009 and analyzes the relationship between operating cash flow, asset-liability ratio, asset growth rate, firm size and non-efficiency investment of listed companies Impact. Through the empirical test, it is found that the non-efficiency investment behaviors of mineral resources listed companies in our country are relatively common, and the underinvestment is more serious than the overinvestment. The operating cash flow, asset-liability ratio, asset growth rate and firm size significantly affect the non-efficiency of mineral resources listed companies Efficient investment behavior; the Group controlled mineral resources listed companies more likely to over-investment.