终极控制权对资本投向影响的实证分析-an empirical analysis of the influence of ultimate control right on capital investment.docxVIP

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终极控制权对资本投向影响的实证分析-an empirical analysis of the influence of ultimate control right on capital investment.docx

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终极控制权对资本投向影响的实证分析-an empirical analysis of the influence of ultimate control right on capital investment

哈尔滨工业大学管理学硕士学位论文哈尔滨工业大学管理学硕士学位论文 - - II - Abstract Among the listed companies of China，the existence of ultimate controller is universal. It is widely accepted that the ultimate controller achieves more profit by the separation of control right and cash flow right which certainly results in the profit loss of the minority shareholders. The purpose of achieving more profit of ultimate controller has deep impacts on the company’s financial decisions ， undoubtedly including the investment allocation. Thus，research about the influence of absolute control right on the investment allocation has significant importance to understand the approaches ultimate controller adopted to achieve more profit and corresponding investment allocation behavior of the company. In this dissertation，the influence of absolute control right on the company’s investment allocation was investigated. During first part ， theoretical analysis on absolute control right and investment allocation was done to understand related definitions，classification and characteristics of absolute control right，and classification and characteristics of investment allocation. Then，the impacts of absolute control right on the investment allocation were made in theory. In the second part，theoretical results about the relationship between ultimate controlling right and investment allocation were tested by empirical research. 1319 companies of A-share stock markets of Shanghai and Shenzhen in 2011 were chosen as samples. The relationship complexity between the nature of ultimate controlling right， cash flow right and control right were set as explanatory variables. The net profit increase of each investment allocation profit was set as explained variable. The research showed that: The nature of absolute control right had significant impacts on the fixed investments，intangible assets investments and RD investments; The cash flow rights of ultimate controller showed a positive corre