摘要
本文针对我国A股非金融类上市公司参与证券投资的现象,运用管理者自由现金流和有限注意理论,对其动因和管控措施进行详细研究。研究结论表明:当上市公司存在过多的富余现金,资产负债率较低,且主业经营业务收入增长放缓时,上市公司偏好于进行证券投资而博取高风险的价差收益,这也很可能成为上市公司的一种常态选择。为促进上市公司对企业过度证券投资进行有效内部治理,建议上市公司必须要立足企业实际情况,匹配自身战略目标进行合理证券投资,以实现资金流动性满足自身资金管理需求的目标。
Addressing the issue of securities investment by China＇s non-financial A-share listed companies, this paper empirically analyzes their motivations and management measures based on theories of Free Cash Flow and Limited Attention, and concludes that securities investment are a favored means, or even a normal choice of gaining high risk-return for listed companies with abundant cash, low asset-liability ratio, and slowdown of core business. To promote efficient corporate governance and prevent excessive securities investment, the authors suggest that listed companies should make rational securities investment in accordance with their actual condition and business strategy to ensure abundant cash-flow for their efficient fund management.
出处
《南方金融》
北大核心
2013年第3期66-70,58,共6页
South China Finance
关键词
公司治理
上市公司
证券投资
自由现金流
有限注意
Corporate Governance
Listed Companies
Securities Investment
Free Cash Flow
Limited Attention
