摘要
以我国沪深A股上市公司2006—2008年数据为研究样本,从股权特征角度考察公司自由现金流过度投资行为,结果表明:(1)正自由现金流更易诱发过度投资行为;(2)大股东持股越高,现金流过度投资行为越严重;(3)股权制衡在一定程度上抑制过度投资;(4)第一大股东为国有股性质时,过度投资行为更严重。
This paper studies free cash flow and overinvestment from the perspective of the ownership characteristics,using the data of Shanghai and Shenzhen A-share listed companies in China from 2006 to 2008.The results show：（1） It is more likely for the company with more positive free cash flow to have overinvestment behavior;（2） The higher equity the controlling shareholder occupies,the more serious the overinvestment behavior is;（3） Balanced ownership structure can restrain overinvestment;（4） The overinvestment behavior is more serious for the company with the largest shareholder being of state-owed property.
出处
《广西财经学院学报》
2012年第1期86-91,共6页
Journal of Guangxi University of Finance and Economics
关键词
控股股东
过度投资
自由现金流
controlling shareholder
overinvestment
free cash flow
