摘要
本文研究了中国上市公司不同资本结构和所有权安排对投资收益和投资效率的影响,并就我国企业过度投资现象进行了测算和说明。实证结果发现,上市公司财务杠杆水平显著影响着公司投资效率和投资收益,但在影响方式上却因所有权安排的差异而有所不同。财务杠杆水平的提高对地方国有企业和非国有企业的投资收益影响不大,但显著降低了这两类企业的投资效率;中央国有企业财务杠杆水平的提高能够显著降低投资收益,但对投资效率的影响并不敏感。研究还发现,低杠杆水平的非国有企业和地方国有企业几乎不存在过度投资情况,高杠杆组该类企业过度投资却很严重;而对于中央国有企业来说,无论财务杠杆水平如何,投资效率均十分低下,过度投资普遍存在。
This paper has made a research on the influence for the listed companies＇ investment returns and investment efficiencies under different capital structures and ownership arrangements. It calculates the investment returns of selected enterprises in China and explains the phenomenon of excessive investments among these enterprises. Through the positive studies, the author finds out that the financial leverage levels of listed companies have great impact on the company＇s investment efficiency and investment return, but the ways to exert such great impact vary tremendously depending on their different ownership arrangements. The investment returns of local SOEs and non-state-owned enterprises do not change much when their financial leverage levels are raised, however, higher financial leverage levels indicate lower investment efficiency of the above mentioned enterprises; as for the central SOEs, the raise of financial leverage levels will greatly lower the investment returns, but the investment efficiency remain insensitive towards the change. The paper also finds out that there are almost no signs of excessive investments for the non-state-owned enterprises and local SOEs when their financial leverage levels are low, but when the financial leverage levels are raised dramatically for these two categories of enterprises, the excessive investment will be serious. As for the central SOEs, regardless of how their financial leverage levels vary, the investment efficiencies are all in a very, low level and with widespread excessive investment.
出处
《中国工业经济》
CSSCI
北大核心
2009年第11期131-140,共10页
China Industrial Economics
关键词
投资效率
投资收益
资本结构
所有权安排
过度投资
investment efficiency
investment return
capital structure
ownership arrangement
excessive investment
