Multiple Large Shareholders and the Investment Behavior of Listed Companies

摘要：

With the research sample of Chinas 2008-2009 listed companies, this paper studies companies investment behavior under multiple large shareholders. Through empirical study, we found that companies overinvestment and underinvestment under multiple large shareholders are more serious compared with other ownership structure, and higher separating degree of control right and cash flow right would make overinvestment worse. The ownership balance can play an effective role in state-owned and other legal person controlled listed companies, but multiple large shareholders can make the companys investment worse in private listed companies.

关键词： multiple large shareholders overinvestment underinvestment

作者: ZHANG Xu-hui YE Yong ZHANG Ying

作者单位: School of Economics and Management, Southwest Jiaotong University, Chengdu, China, 610031

会议类型: 国际会议

会议名称: The 4th (2012) International Conference on Financial Risk and Corporate Finance Management(第四届(2012)金融风险与公司金融国际研讨会 FRCFM)

会议地点: 大连

会议语种:英文

页码: 350-356

在线出版日期: 2012-07-07（万方平台首次上网日期，不代表论文的发表时间）