金融契约、控制权配置与企业过度投资被引量：16

Financial Contract,Allocation of Control Rights and Overinvestment

导出

摘要以金融契约理论为基础,从控制权视角考察了企业"核心控制权"、"一般控制权"和"现金流权"的交互关系及其对过度投资的影响效应,并利用中国上市公司数据进行实证检验。研究发现:(1)管理者利用控制权地位攫取私利是引发企业过度投资的主要诱因,随着管理者控制权强度增加,过度投资水平明显上升;(2)投资者拥有的核心控制权能够对管理者一般控制权行使产生有效约束,相比较于股权分散、负债较少的企业,股权集中、负债较多企业投资者拥有的核心控制权更集中、干预动机更强,因而企业过度投资水平明显降低。 Based on financial contract theory,we investigate the interactive allocation of ＂core control right＂,＂general control right＂ and ＂cash right＂ and their impacts on overinvestment,and then make an empirical test using the data from listed Chinese companies.The results show that,internal managers practice overinvestment so as to extract private benefits of control and the relationship between overinvestment level and control rights owned by managers is significantly positive.What＇s more,with the decrease of debt ratio and ownership concentration,overinvestment resulting from manager control is much more serious.

作者徐细雄刘星

机构地区重庆大学经济与工商管理学院

出处《管理评论》 CSSCI 北大核心 2012年第6期20-26,共7页 Management Review

基金国家自然科学基金项目(71102063 71172082) 教育部人文社科项目(09YJC630243) 教育部博士点基金项目(20100191120041) 中央高校基本科研业务费项目(CDJSK11009)

关键词金融契约过度投资控制权配置控制权私利 financial contract overinvestment allocation of control rights private benefits of control

分类号 F224 [经济管理—国民经济] F832 [经济管理—金融学] F272 [经济管理—企业管理]

引文网络
相关文献

参考文献16

1Doidge Craig. Cross Listings and the Private Benefits of Control: Evidence from Dual Class Finns[J]. Journal of Financial Economics, 2004,72(3):519-553.
2Doidge C., Karolyi G., Lins K., Stulz, R. Private Benefits of Control, Ownership, and the Cross-listing Decision[J]. Journal of Finance, 2009,64(1):425-466.
3Aghion Philippe, Tirole Jean. Formal and Real Authority in Organizations[J]. Journal of Political Economy, 1997,105(1):1-29.
4许文彬.我国上市公司控制权私利的实证研究[J].中国工业经济,2009(2):120-130. 被引量：30
5杨瑞龙,卢周来.对劳动管理型企业的经济学研究:一个方法论的述评[J].中国社会科学,2005(2):47-55. 被引量：13
6Jensen M. Agency Costs of Free-Cash-Flow, Corporate Finance, and Takeovers[J]. American Economic Review, 1986,76(2):323- 329.
7K. C. John Wei, Yi Zhang. Ownership Structure, Cash Flow, and Capital Investment: Evidence from East Asian Economies before the Financial Crisis[J]. Journal of Corporate Finance, 2008,14(2):118-132.
8Aghion P., Bolton P. An Incomplete Contracts Approach to Financial Contracting[J]. Review of Economic Studies, 1992,59(3):473- 494.
9Hart Oliver. Financial Contracting[J]. Journal of Economic Literature, 2001,39(4):1079-1101.
10Philippe Aghion, Patrick Rey, Mathias Dewatripont. Transferable Control[J]. Journal of the European Economic Association, 2004, 2(1):115-138.