Empirical Research on over-Investment by Listed Companies in China

被引：0
|
作者：
Yan Yezhou [1 ]
Song Yuanyuan [1 ]
机构：
[1] Wuhan Inst Technol, Sch Management, Wuhan 430205, Peoples R China
来源：
ADVANCES IN MANAGEMENT OF TECHNOLOGY, PT 2 | 2009年
关键词：
Collusion; cash flow; over-investment; OWNERSHIP;
D O I：
暂无
中图分类号：
C93 [管理学];
学科分类号：
12 ; 1201 ; 1202 ; 120202 ;
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.
引用
收藏
页码：244 / 247
页数：4
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