股权结构、公司治理与非效率投资问题分析-金融学专业论文.docxVIP

Ab Abstract PAGE PAGE III Abstract Investment decides a company’s ability to create operating cash flow, thus decides the goal of maximizing the value of the shareholders. The investment decision is the most important finance problem in the process of a company’s development. How to improve investment efficiency is always the hot research area of economics and corporate finance. These years, with the fast development of information economics and econometrics, the phenomenon of inefficient investment behavior based on asymmetric information, agency and so on becomes the scholars’ research focus. However, at present research status, scholars have different opinions about inefficient investment. Each theory model is workable only when the hypothesis is very strict and the phenomenon is specific. In addition, the empirical test result is different. The paper wants to research the inefficient investment behavior of Chinese listed companies systematically, not only reasonably define the meaning and scope of Chinese listed companies’ inefficient investment behavior in theory, but also judge and prove the present situation of Chinese listed companies’ inefficient investment empirically and its effective corporate governance means. And then puts forward Chinese listed companies to solve inefficient investment behavior in an effective way. It is meaningful for Chinese listed companies to take best investment scale to improve the company’s value, protect the shareholders’ interests and promote the countrys capital market healthily, sustainably and well. At first the paper reviews domestic and international research about inefficiency investment, then describes the related theory. On the basis, the paper selects all the A shares listed companies, after screening, get 759 companies, take their 2005-2010 years’ business data, amount to 3795 samples, to construct the listed companies’ investment equation, thus define and measure a company is over investment or under PAGE PA