论文部分内容阅读
以控制权的配置模式和权利制衡特征为基础,本文通过采用双边随机前沿模型分析了不同控制权配置模式下的企业投资效率问题。结果显示:(1)投资效率损失普遍存在于我国上市公司中,其中过度投资效率损失高于最优支出水平18.97%,而投资不足效率损失低于最优支出水平16.04%。(2)所有模型的检验结果均显示:现金流权和控制权的两权分离是上市公司投资效率损失的内在动因。(3)在多个控制权持有主体同时控制上市公司时,对公司财务决策效率产生重要影响的是多个控制权持有主体间的相对持股比例,而不是某一控制权主体的绝对持股比例或控制权持有比例。而且,不同的权利制衡特征和模式对公司投资效率的影响也具有显著差异。
Based on the allocation pattern of control right and the feature of check and balance of rights, this paper analyzes the problem of enterprise investment efficiency under different control rights allocation mode by adopting the bilateral stochastic frontier model. The results show that: (1) Loss of investment efficiency is common in listed companies in our country, in which the overinvestment efficiency loss is higher than the optimal expenditure level by 18.97%, while the underinvestment efficiency loss is less than the optimal expenditure level by 16.04%. (2) The test results of all the models show that the separation of ownership of cash flow right and control power is the intrinsic motivation for the loss of investment efficiency of listed companies. (3) When multiple controlling shareholders control listed companies at the same time, the significant influence on corporate financial decision-making efficiency is the relative shareholding ratio between multiple controlling shareholders, not the absolute one Proportion of shareholding or controlling shareholding. Moreover, the impact of different checks and balances on the efficiency of the company also has significant differences.