股权结构对过度投资的影响.docVIP

摘? ?要 在过度投资较为严重的背景下，本文根据有哪些信誉好的足球投注网站的数据，实证分析了我国上市公司的过度投资行为与股权结构的关系。实证结果显示，我国上市公司存在过度投资行为。在第一大股东持股比例方面，第一大股东持股比例对过度投资起到很强的制约作用，管理层在进行投资决策时往往站在大股东的立场上，不断地侵害中小投资者的利益，不考虑过度投资行为带来的风险和损失，加剧了上市公司管理层的过度投资行为。控股股东性质方面，对于国有控股公司，由于其处于控股地位的国家股的所有者为国家，权利行使主体为各级政府和国有资产监督管理机构，分布广泛且管理难度大，比个人资本的监管主动性差，很容易造成“所有者缺位”、“内部人控制”等问题，导致公司内部治理机制不够完善，难于对高层管理人员进行有效地监督和控制，使其投资决策时的机会主义倾向未能得到有效遏制，过度投资行为也随之经常发生。同时，各级政府的地方经济保护和盲目发展也增加了过度投资行为发生的可能性，在这一过程中，高层管理人员既可以通过更多地控制经济资源来谋取个人利益，也不必承担投资失败的责任。非国有性质的大股东对过度投资起到一定的制约作用。 关键词：过度投资 股权结构 股权集中度 控股股东性质 ABSTRACT In excessive investment is a serious background, this paper according to search data, the empirical analysis of Chinese public excessive corporate investment behavior and ownership structure of the relationship. The empirical results show that our listed en- terprises have excessive investment behavior. In the proportion of the first largest sha- reholder, the proportion of the first largest shareholder of excess investment have very strong effects, the management in the investment decisions are often stand here on the position of shareholders, constantly violated the interests of small and medium share- holders, dont consider the risks of www.biyezuopin.ccexcessive investment behavior and loss adding to a listed company management excess investment behavior. The controlling shareholders in nature, for the state-owned holding company, because it is in the position of holding the owners of the country, for the country is right exercise subject for all levels of the government and the state-owned assets supervision and administration institution, are widely distributed and unmanageable, than individual capital regulatory initiative is poor, is very easy to create the owners, insider control, which has resulted in the in