股權結構、自由現金流與中國上市公司的過度投資

Ownership Structure, Free Cash Flow and the Over-investment of Chinese Listed Companies

10.6704/JMSSD.2007.4.4.57

李鑫(Xin Li)

過度投資 ； 股權結構 ； 自由現金流 ； 企業投資 ； 代理問題 ； over-investment ； ownership structure ； free cash flow ； company investment ； agency problem

管理科學與統計決策

4卷4期（2007 / 12 / 01）

57 - 62

繁體中文

由於中國資本市場的先天性制度缺陷以及過於集中的股權結構，“過度投資”已成爲制約中國上市公司品質提升和長期持續發展的主要因素。對上市公司濫用自由現金流的過度投資行爲進行的實證研究發現，自由現金流充足的上市公司更易發生過度投資；“過度投資”在國有控股上市公司中存在的更爲普遍，程度也更爲嚴重；隨著大股東持股比例的增加，上市公司過度投資程度加劇；機構投資者持股比例的增加不僅沒有緩解上市公司的過度投資狀況，反而有加劇的傾向。

The Chinese market economy is still at its first stage；furthermore，the ownership structure of most corporate is not reasonable at all. Corporate over-investment has become one of the main causes which restrain the development of Chinese listed companies. The empirical research on over-investment of Chinese listed companies proves that，companies with plenty of free cash flow are more incline to over-investment. The over-investment condition of Chinese listed companies aggravates with the increase of the big shareholder holding percent. The increase of institutional investors holding percent does not mitigate but aggravate the over-investment condition of Chinese listed companies.

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