摘要
以中国制造业上市公司2011-2015年的财务资料为基础,第一步衡量企业的非效率投资,然后探究公司治理中某些因素与投资效率的关系。得出企业的投资支出,营业收入增长率,托宾Q值、总资产增长率与企业这一年的新增投资支出具有显著相关的关系;公司治理中股权制衡程度、董事会规模、独立董事比例与高管人员持股比例均与企业投资效率显著相关等结论;并从优化股权结构、提高董事会的独立性等方面提出建议。
Based on the financial information of China's listed manufacturing companies from 2011-2015,this paper measures the inefficient investment of enterprises and explores the relationship between some factors and investment efficiency in corporate governance.It draws the conclusion that the relationship between the growth rate of business income,the value of Tobin Q and the total asset growth rate is significantly related to the new investment expenditure of the enterprises.And the degree of equity check and balance,the size of the board of directors,the ratio and the proportion of executives holding shares are significantly related to the efficiency of investment and so on.Suggestions such as the optimization of equity structure and the improvement of the independence of the board and others are provided.
作者
周运兰
冯婷燕
魏婧娅
ZHOU Yun-lan;FENG Ting-yan;WEI Jing-ya(School of Management， South - Central University for Nationalities， Wuhan Hubei 430074，China;School of Accounting， Industrial and Commercial University of Chongqing， Chongqing 400067，China)
出处
《大连民族大学学报》
2018年第2期143-149,共7页
Journal of Dalian Minzu University
基金
中央高校基本科研业务费专项资金资助项目(CSD17013)
关键词
制造业上市公司
公司治理
投资效率
manufacturing listed companies
corporate governance
investment efficiency
