治理因素、国企现金股利与过度投资

本文选取2014-2018年度国有上市公司作为样本,探讨治理因素、现金股利和国有企业过度投资三者间的关系。研究发现:国有企业过度投资行为普遍存在,整体上过度投资程度逐年上升;支付现金股利的行为对过度投资有显著的抑制作用,支付现金股利的水平也能起到抑制作用,但结果却不显著;第一大股东持股比例与过度投资水平之间呈倒“U”型关系,其他大股东持股比例与过度投资水平显著正相关;政府对市场的干预程度、市场中介组织发育和法律制度环境与过度投资水平呈负相关关系,但不显著。

Governing Factors,Cash Dividend and Overinvestment of SOEs

This paper selects 2014-2018 state-owned listed companies as samples to explore the relationship among governance factors,cash dividends and over investment of state-owned enterprises.The results show that:the over investment behavior of state-owned enterprises is widespread,and the degree of over investment is increasing year by year on the whole;the behavior of paying cash dividends has a significant inhibitory effect on over investment,and the level of paying cash dividends can also play a inhibitory effect,but the result is not significant;the relationship between the shareholding ratio of the first largest shareholder and the level of over investment is an inverted"U"type,while the other major shareholders hold shares There is a significant positive correlation between the proportion and the level of over investment;there is a negative correlation between the degree of government intervention in the market,the development of market intermediary organizations and the legal system environment and the level of over investment,but it is not significant.