公司治理论文：公司治理与投资效率的研究.doc.doc

公司治理论文：公司治理与投资效率的研究 【中文摘要】现代公司治理理论认为,所有权和控制权的分离产生了委托——代理关系问题。股东与管理层之间、股东与债权人之间、内部股东(大股东或控股股东)与外部投资者(中小股东)之间的利益不一致不仅会影响到上市公司投资项选择和投资规模,而且会影响到企业资源的配置效率,包括上市公司的投资效率国内外现有文献大多从研究自由现金流与过度投资之间的关系开始,然后逐步地引入股权性质、董事会特征和融资决策等对企业投资行为的影响。但是,到目前为止,国内还鲜有文献从上市公司股权的流通性结构分析其对投资效率的影响。本文就是以此为切入点,选取2003年-2009年期间沪、深两所非金融类上市公司作为研究样本,通过理论分析与实证检验相结合的方式,分析了导致投资效率低下的主要原因,描述了我国上市公司目前投资效率的状况,检验了第一大流通股东持股比例、年度内股东大会的会议总次数、董事长持股比例和监事会持股比例与投资效率(过度投资和投资不足)的关系。本文通过研究发现,我国上市公司投资不足的现象较为普遍,但过度投资的程度更为严重。第一大流通股东持股比例与过度投资存在着显著的负相关关系,与投资不足存在着显著的正相关关系。年度内股东大会的会议总次数与过度投资存在着显著的正相关关系,与投资不足存在着显著的负相关关系。董事长持股比例与过度投资和投资不足存在着显著的负相关关系。监事会持股比例与过度投资存在着显著的正相关关系,但与投资不足存在着不显著的正相关关系。最后,在研究结论的基础上,提出了一些提高投资效率的可行性建议。 【英文摘要】The corporate governance theory maintains that the separation of ownership and control leads to the problem of agent. The interests conflict between shareholders and managers, shareholders and creditors, inner shareholders (largest or control shareholder) and exterior investors (small-medium shareholders) impacts greatly on the selection of investment project and the efficiency of resource allocation in listed companies in China. And the efficiency of investment is no exception.Most literatures at home and abroad tend to analyze the relationship between the free cash flow and over-investment, and then introduce the impact of the ownership structure, the characteristics of board and the decision-making of financing on the behavior of corporate investment. However, until now few literature analyze the problem of how circulate equity in listed corporate impact the efficiency of investment (over-investment and underinvestment). Take non-financial companies listed in Shanghai stock exchange and Shenzhen stock exchange from 2003 to 2009 as research samples, this paper analyzes the reasons why the efficiency of investment is low, describes the investment efficiency of the companies listed in China, and examines the relationship between four aspects of the corporate governance (the shareholding proportion of the la