公司治理、自由现金流与非效率投资
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财经研究 2009 年 第 35 卷第 10 期, 页码：48 - 59
摘要
参考文献
摘要
我国上市公司一方面因代理问题存在着低效率的过度投资,另一方面又面临融资约束导致的投资不足,使得资源配置效率低下。文章检验了我国资本市场上自由现金流与非效率投资之间的关系,以及代理问题和信息对称问题对两者关系的影响。我们发现,在企业投资过度的情况下,与代理问题的解释一致,自由现金流越多、代理问题越大的企业过度投资的情况越严重;在企业投资不足的情况下,与融资约束的解释一致,外部融资的缺口越大,信息不对称程度越严重的企业呈现出更为严重的投资不足。文章的结论对于完善资本市场功能、保护投资者利益、提高企业投资的决策效率具有参考意义。
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[3]章晓霞,吴冲锋.融资约束影响我国上市公司的现金持有政策吗———来自现金—现金流敏感度的分析[J].管理评论,2005,(10):59-62.
[4]郑江淮,何旭强,王华.上市公司投资的融资约束:从股权结构角度的实证分析[J].金融研究,2001,(11):92-99.
[5]Al meida Heitor,Murillo Campello,Michael Weisbach.The cash flow sensitivity of cash[J].Journal of Finance,2004,59(4):1777-1804.
[6]Alti Aydogan.How sensitive is investment to cash flow when financing is frictionless[J].Journal of Finance,2003,58(2):707-722.
[7]Bergstresser,Daniel.Discussion of“Overinvest ment of free cash flow”[J].Review of Accounting Studies,2006,11(2-3):191-202.
[8]Fazzari Steven,R Glenn Hubbard,Bruce Petersen.Financing constraints and corporate invest ment[J].Brookings Papers on Economic Activity,1988,(1):141-195.
[9]Heaton J B.Managerial opti mism and corporate finance[J].Financial Management,2002,31(2):33-45.
[10]Hoshi Takeo,Anil Kashyap,David Scharfstein.Corporate structure liquidity and in-vest ment:Evidence from Japanese panel data[J].Quarterly Journal of Economics,1991,1069(1):33-60.
[11]Jensen M.Agency costs of free cashflow,corporate finance,and takeovers[J].Ameri-can Economic Review,1986,76(2):323-329.
[12]Jensen M,Meckling W.Theory of the firm:Managerial behavior,agency costs and ownership structure[J].Journal of Financial Economics,1976,3(4):305-360.
[13]Mal mendier Ulrike,Geoffrey Tate.CEOoverconfidence and corporateinvest ment[J].Journal of Finance,2005,60(6):2661-2700.
[14]McKinnon Jill L,Dali munthe L.Voluntary disclosure of segment information by Aus-tralian diversified companies[J].Accounting and Finance,1993,33(1):33-50.
[15]Myers Stewart,Nicholas Majluf.Corporate financing and invest ment decisions when firms have information that investors do not have[J].Journal of Financial Economics,1984,13(2):187-221.
[16]Richardson Scott.Over-invest ment of free cash flow[J].Review of Accounting Stud-ies,2006,11(2-3):159-189.
[17]Stulz R M.Managerial discretion and opti mal financing policies[J].Journal of Finan-cial Economics,1990,26(1):3-27.
引用本文
徐晓东, 张天西. 公司治理、自由现金流与非效率投资[J]. 财经研究, 2009, 35(10): 48–59.
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