摘要
本文运用中国上市公司数据,研究了国有企业和民营企业在面临亏损和盈利时的投资行为及其差异。研究发现,国有企业和民营企业都存在过度投资倾向;对于民营企业来说,亏损企业投资比盈利企业投资更为激进;对于国有企业来说,盈利企业投资比亏损企业投资更为激进;盈利国有企业和亏损民营企业的过度投资均对企业价值产生了负面影响。企业的产权及盈利状态会显著影响其投资行为,这一结论对于企业投资领域的研究与实务具有较强的启示意义。
Using the data of Chinese listed companies, this paper studies the difference of the investment behaviors between state-owned firms and non-state-owned firms when they face loss and profit respectively. It is found that both state-owned firms and non-state-owned firm~ have tendency to over-invest but they take on different characteristics. Lost non-state-owned firms are more likely to over-invest than profitable non-state-owned firms. On the contrary, profitable state-owned firms are more likely to over-invest than lost state-owned firms. The over-investments of both profitable state-owned firms and lost non-state-owned firms have negative influence on firms＇ value.
出处
《金融研究》
CSSCI
北大核心
2010年第12期115-130,共16页
Journal of Financial Research
基金
国家自然科学基金项目“政治关联对企业价值的影响机制研究-基于不同产权视角”(批准号:71002032)
国家自然科学基金项目“中国股票市场的同步性:成因、信息含量及应用”(批准号:70873003)的研究成果
关键词
国有股权
公司业绩
过度投资
投资不足
state ownership, firm performance, over-investment, under-investment
