摘要
在我国转型经济的制度背景下,基于公司内外部约束视角,以我国制造业2001年—2012年主板上市公司为研究对象,研究了自由现金流与企业过度投资的关系,以及公司外部负债融资和内部公司治理机制对于过度投资的约束作用。研究表明:企业留存的过量自由现金流会造成企业的过度投资现象,而企业外部的债务约束以及内部完善的公司治理机制可以较有效的约束这种过度投资现象。结论对于建立约束企业过度投资行为的机制,提高企业投资决策效率具有理论和现实意义。
Under the background of transition of economic system in China and based on the company internal and external constraints perspective , this paper takes main board listed companies from 2001 to 2012 in manufacturing industry in China as the research object to study the relationship between free cash flow and over -investment of firms and the restriction of external debt financing and internal governance mechanism for excessive investment .Studies show that excessive retained corporate free cash flow led to enterprise＇s over investment phenomena , improving the external debt constraint and the internal mechanism of corporate governance can constrain the phenomenon of exces -sive investment effectively .The conclusion has a theoretical and practical significance for setting up the system of constraining enterprise ’ s excessive investment behavior and improving the efficiency of corporate investment deci -sion.
出处
《石家庄经济学院学报》
2014年第1期94-99,共6页
Journal of Shijiazhuang University of Economics
基金
研究生创新基金支持项目(ACYC2013027)
关键词
自由现金流
过度投资
债务约束
公司内部治理机制
free cash flow
over-investment
debt constraints
internal governance mechanism of the company
