Ownership Structure and Over-investment in China
The geneogenous system deficiencies and unreasonable ownership structure of China capital market make “over-investment become the main factor that restricts quality improvement and sustainable development in the Listed Corporations in China. Following Vogt(1994), our empirical study for 5-year China sample(2003-2007)get a result that: (1)firms with abundant Free Cash Flow are easier to produce over-investment;(2)the qualities of controlling shareholder wouldn’t affect over-investment;(3)the lower the concentration ratio of stock ownership is ,the higher level of over-investment;(4)the level of check and balance of stock ownership and senior managements holding stocks can restrict over-investment effectively.
Over-investment Free Cash Flow Ownership Sstructure
LI Yingzhao WEI Chunlai
School of Business Administration, South China University of Technology, P.R.China, 510640 School of Business Administration, South China University of Technology, Student China, 510640
国际会议
2009 International Institute of Applied Statistics Studies(2009 国际应用统计学术研讨会)
青岛
英文
1-6
2009-07-25（万方平台首次上网日期，不代表论文的发表时间）