摘要
通过建立多元回归模型,估计了上市公司的适度投资水平,并在此基础上进一步分析了债务约束和金融环境的地域差异对上市公司过度投资问题的影响,研究结果表明:债务约束能够抑制上市公司的过度投资行为,沿海发达地区上市公司的过度投资问题相对缓和,而国企的民营化也能显著地缓解原国有上市公司的过度投资行为。
This paper estimates the appropriate investment level of public companies by building a multivariate model,and further analyzes the impact of debt constraints and regional disparity on the problem of overinvestment of public companies.The results indicate that the debt constraints can restrain the overinvestment of public companies.The overinvestment problem in the developed coastal areas is not serious.The privatization also has significant influences on the overinvestment of state owned companies.
出处
《武汉理工大学学报(社会科学版)》
CSSCI
2015年第4期656-661,共6页
Journal of Wuhan University of Technology:Social Sciences Edition
基金
中南财经政法大学"研究生创新教育计划"项目(2014KT07)
关键词
过度投资
债务约束
地域差异
民营化
overinvestment
debt constraints
regional disparity
privatization