Empirical Research on over-Investment by Listed Companies in China

摘要：

Based on the fiscal data of A-share listed companies from 2003-2005 in China, this paper has conducted empirical research and testing on the influence of collusive behavior by major shareholders and managers on investment. The results show that: investment in listed companies of China is of sensitivity to cash flow;such investment-cash flow sensitivity is not due to under-investment out of financing constraints but the performance of over-investment. The more serious major shareholder appropriate company funds, the more serious opportunistic behavior of managers, the higher sensitivity investment is to cash flow.

关键词： Collusion cash flow over-investment

作者: YAN Yezhou SONG Yuanyuan

作者单位: Management school, Wuhan Institute of Technology, Wuhan 430205, China Management School, Huazhong Un Management school, Wuhan Institute of Technology, Wuhan 430205, China

会议类型: 国际会议

会议名称: The International Conference on Management of Technology,taiyuan 2009(2009太原技术管理国际研讨会)

会议地点: 太原

会议语种:英文

页码: 904-907

在线出版日期: 2009-11-20（万方平台首次上网日期，不代表论文的发表时间）