治理环境、两权分离与公司投资行为

摘要

本文以我国上市公司2004-2008年的数据为样本，结合我国特有的制度背景，对我国上市公司的投资行为进行探讨。结果表明，我国上市公司更多的是发生了过度投资行为，而非投资不足；并且随着最终控制人两权分离程度的加大，过度投资将更加严重。而最终控制人拥有的现金流权的增加却能对过度投资行为起到一定的缓解作用；同时，良好的公司治理环境对公司的过度投资行为也能起到显著的抑制作用。%Using the data of listed companies in China from 2004 to 2008, this paper analyses the investment behaviour of listed companies under China＇s special institutional background. The results show that listed companies frequently display over-investment behaviour rather than under-investment behaviour, and the separation of control right and cash flow right of the ultimate controllers aggravates the over-investment. But the increase of cash flow right of ultimate controllers can mitigate over-investment to some extent. At the same time, the improvement of governance environment also can markedly restrain the over-investment behaviour.