analysis of over-investment behavior of state-owned listed companies（国有上市公司过度投资行为的分析）.docVIP

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analysis of over-investment behavior of state-owned listed companies（国有上市公司过度投资行为的分析）.doc

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analysis of over-investment behavior of state-owned listed companies（国有上市公司过度投资行为的分析）

Analysis of over-investment behavior of state-owned listed companies [Abstract] In recent years, due to the continued rapid growth of China’s macroeconomic, leading to overinvestment is more prevalent the absence of government intervention, local protection, managers, managers overconfidence led to over-investment in state-owned listed companies The reasons for the over-investment of the state-owned listed companies, through measures to improve corporate governance system, reduce government intervention to improve the market system to govern. [Keywords] government intervention in the governance of state-owned listed companies over-investment Overinvestment Overview 1989 Lang and Lizen berger from the perspective of dividend policy overinvestment hypothesis, and the over-investment company is defined in the study: to have a lot of free cash flow that will accept some NPV lt;0 investment opportunities. Thereafter, academia widely used in over-investment concept and more from Min Pan, Jin Yan (2003 funds to invest in a variety of benefits from the point of view of efficiency of investment decisions, not ideal for new investment projects in order to expand the scale of investment, some companies even money into originally not familiar with the field has nothing to do with the main business of the enterprise, such investment behavior are excessive investment behavior. above point of view, over-investment refers NPV lt;0 investment opportunities to invest in a new investment projects is not ideal for a variety of benefits, reduce the efficiency of the allocation of funds, a low efficiency of investment decision-making behavior. Second, the state-owned listed companies over-investment Motivation 1, government intervention and state-owned listed companies over-investment Due to the state-owned listed companies, state-owned background, making government intervention is an important reason that led to over-investment in state-owned listed companies.