| 投资者保护能否抑制企业过度投资?——基于融投资关系的研究 |
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| 引用本文： | 黎来芳,程雨,张伟华.投资者保护能否抑制企业过度投资?——基于融投资关系的研究[J].中国软科学,2012(1):144-152. |
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| 作者姓名： | 黎来芳 程雨 张伟华 |
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| 作者单位： | 1. 中国人民大学商学院,北京,100872
2. 北京工商大学商学院,北京,100037 |
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| 基金项目： | 国家自然科学基金项目(71002097);教育部人文社科项目(09YJC630221) |
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| 摘 要： | 通过制造业上市公司2006-2008年的面板数据,本文实证检验投资者保护能否抑制企业的过度投资行为并影响企业融投资关系。研究发现:我国制造业上市公司过度投资水平与融资规模显著正相关;而地区的投资者保护水平显著抑制了上市公司的过度投资行为;在投资者保护水平较高的地区,上市公司过度投资程度与融资规模的正向关系显著下降。
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| 关 键 词： | 过度投资 融资规模 投资者保护 |
Can Investor Protection Limit the Over-Investment Behavior of Enterprises:A Study Based on the Relationship between Financing and Investment |
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| LI Lai-fang
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CHENG Yu
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ZHANG Wei-hua.Can Investor Protection Limit the Over-Investment Behavior of Enterprises:A Study Based on the Relationship between Financing and Investment[J].China Soft Science,2012(1):144-152. |
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| Authors: | LI Lai-fang CHENG Yu ZHANG Wei-hua |
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| Institution: | 1.2.Business School,Renmin University of China,Beijing 100872,China; 3.Business School,Beijing Technology and Business University,Beijing 100037,China) |
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| Abstract: | Based on the panel data of manufacturing listed companies between 2006 and 2008,we studied the effect of investor protection on over-investment behavior of enterprises and the relationship between financing and investment.We found that level of over-investment was significantly sensitive to the financing amount in Chinese manufacturing listed companies,and the investor protection significantly limited the over-investment behavior of listed companies,and the relationship between over-investment and financing weakened significantly in areas with high level of investor protection. |
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| Keywords: | over-investment financing amount investor protection |
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