论文部分内容阅读
本文从导致过度投资因素的角度研究了我国上市公司自由现金流量水平与过度投资之间的关系;同时从抑制过度投资的角度研究了股权结构、权益资本成本与过度投资之间的关系。研究发现,我国上市公司的自由现金流量与过度投资程度之间存在显著的正相关关系;引入权益资本成本和股权“一股独大”和“多股同大”变量后发现,随着权益资本成本上升和股权的集中,过度投资水平下降。表明,过多的自由现金流是致使上市公司过度投资的重要因素,随着企业综合风险增大企业权益资本成本提高股东要求回报的提高,降低了管理层进行过度投资的动机;同时上市公司集中的股权降低了所有者与管理层之间的代理问题,降低了过度投资水平。
This paper studies the relationship between the free cash flow of listed companies and overinvestment in China from the perspective of overinvestment. At the same time, it studies the relationship between ownership structure, equity capital cost and overinvestment from the perspective of overinvestment. The study finds that there is a significant positive correlation between the free cash flow and the degree of overinvestment of listed companies in our country. After the introduction of the cost of equity capital and the ownership of shares, With the rising cost of equity capital and equity concentration, over-investment levels decline. It shows that excessive free cash flow is an important factor that leads to overinvestment of listed companies. With the increase of enterprise comprehensive risk, the cost of equity capital increases the increase of shareholders’requirements, which reduces the motivation of management to overinvest. At the same time, the concentration of listed companies Stake reduces the agency problem between owners and management, reducing the level of over-investment.