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ID:49848020
大小:4.92 MB
页数:60页
时间:2020-03-05
《控制权私有收益、银行贷款对上市公司过度投资的影响研究.pdf》由会员上传分享,免费在线阅读,更多相关内容在学术论文-天天文库。
1、浙江工商大学硕±论文控制权私有收益、银行贷款对上市公司过度投资的影响研究THERESEARCHONPRIVATEBENEFITSOFCONTROLAND-BANKLOANTOOVERINVESTMENTINLISTEDCOMPANIESABSTRACTThe;nvestmentis化ecornerstoneofcompanygrowthandprofitincreasing.Efficientscientificinvestmentdecisionscanromot
2、ethe,pan''comsdevelome打talsocanmakesinificanttractiononChinaspyp,g-Bmacroeco打om.ehind化eraideconomicrowth化erearealotofypg,dulicationexcessiveconstructionofexcessiveinvestmentwhichresultp,,inawashofsocialresources也edeclineinva山eof化e
3、coman.,py..?.I-Overinvestmentisaworthanddificultsitudininthedirectionofygcororateovernance.pgWi化ownershiconcentratin化^controllinshareholdersonpg,呂corporatefinancialdecisionsplayadecisiverole.Theincomeofcontrollinshareholdersconsists
4、oftwoartsoneistherevenuesharingp,g,whichist:heresentvaiueofdividendflowforshareholdinstheortierpg;oneisi;herivatebenefitsofcontrolwhichis也ebenefitsonlenoedp,yjyra浙江工商大学硕±论文控制权化有收益、银行贷款对上市公司过度投资的影响研巧bcontrollinsharehoers.Dueomaximi
5、zeiowninerestsldttstyg,controllingshareholderswillmaketheinvestmentdecisionswhichharm化einterestsofminorityshareholders'Inthepursuitofprivatebenefitsof-control,controllinshareholderswillbethrouh化enoneficiencggyinvestmentdecisionstoco
6、ntrolmoreresources,mighttakeanegative-press打tvalueroectsKsultinmovcrinvcstmcotsinenterrises.乂sapj,gpmaorsourceofdebtfinancin化eimactwhichbankloan化rthejg,p’compans-sctrieoverinves加entoniomlex:Ononehandasmmeicp,yttinformaionbetweensha
7、reholdersa打dere出orswillaggravatemoralhazardofcontrollinshareholderleadintomoreseriousexcessiveg,ginvestmentsOntheotherhandasakindofdebtfinancinbankloan;,g,canrestricttheinvestmentdecisionswhichmadebenterriseypmanaementcurb-inoverinve
8、stment.Butbecauseof化ewidesreadg,gpsoftbudetconstraint出ismhibitionisw
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