治理结构和投资效率：来自中国上市公司一个实证检验.pdfVIP

摘 要 本文运用截面数据研究了中国上市公司治理结构和投资效率之间的关系。本 文发现，平均来说公司的超额资本支出与下一年Tobin’s Q正相关。但是，投资 效率与公司治理结构联系密切。投资和Tobin’s Q的正相关之出现在当非流通股、 股权集中度和国有股比率高的时候。本文的实证结果与投资的Q理论基本一致， 同时控股股东和中小股东利益的冲突程度决定了中国上市公司的投资效率。进一 步的证据表明，基于过去销售额增长率、现金流、债务和现金股利的投资效率进 一步印证我们的假说。 JEL分类 : G31; G32 关键词：投资；Tobin’s Q ；公司治理；中国股票市场 4 Abstract This paper studies the cross-sectional relation between governance structures and investment efficiency in the Chinese stock market. We find that abnormal capital investment is，on average, positively associated with Tobin’s Q in the subsequent year. However, investment efficiency is closely tied to governance structures. The relation between investment and Tobin’s Q is positive and significant only for firms with higher levels of non-tradable shareholdings, ownership concentration, or state shareholdings. Our findings are broadly consistent with the Q theory of investment, while the conflict of interests between controlling and minority shareholders appears to be an important determinant of investment efficiency of Chinese listed firms. Our evidence on the investment efficiency conditional on past sales growth, cash flows, leverage, and cash dividends provides further support for the above hypothesis. JEL Classification : G31; G32 Keywords: Investment; Tobin’s Q; Governance structure; Chinese stock market 5 目 录 第1 章 引 言 1 第2 章 样本和数据 5 第3 章 实证结果 10 第4 章 进一步研究 17 4.1 给定过去销售额增长率的投资效率 17 4.2 给定现金流的投资效率 20 4.3 基于债务水平的投资效率 22 4.4 基于现金股利的投资效率 24 第5 章 结论 27 参考文献 28 鸣 谢 34