基于公司治理机制非效率投资实证的研究

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1、AbstractTheinvestmentpolicyordecision,asthecorefocusofModemFirmTheories，playsasignificantroleinthevalue—addedprogressoffirITISaswellasintheeconomicdevelopmentofcountries，theefficiencyofinvestmentalsohasadirecteffectonthesocialreSOUI'CAjSallocation．Recentlythe

2、inefficientinvestmentbecomesacommonphenomenoninChina．Itconsistsofthebehaviorsofexcessiveandinsufficientinvestment．Effectivecorporategovernancemechanismcallbalancetheconflictinginterestsofshareholdersandpromoteefficientinvestmentdecision．Underthebackgrounddesc

3、ribedabove，thispaperinvestigatestheeffectofcorporategovemanceonine伍cientinvestmentbehaviorbasedontheactualsituationofChina．Firstly，basedontheprincipal—agenttheory，theinformationasymmetrytheory，thestakeholdertheoryandthegametheory,thispaperexplorestheuseandmea

4、ningofcorporategovernancetothereductionoftheinefficientinvestmentbehavior,anditisthebasisofthewholepaper．Secondly,thispaperselectsA—sharemanufacturingcompaniesinChinafrom2008to2010assamplesfortheregressionanalysis．Usingtheresidualmethodofregressionequation1to

5、dividethesamplesintounderinvestmentandoverinvestmentgroup，thepapertheninvestigatestherelationshipbetweencorporategovernanceandinefficientinvestmentaccordingtOthegroupcreatedbyequationionthebasisofcontrollingself-selectionbias．Theresultsshowthat,intermsofinter

6、nalcorporategovernance，thelargestshareholderhasapositiveimpactondealingwithoverinvestmentbutlimitedconstraintsontheunderinvestment．necheckandbalanceofequityisdifficulttosuppresstheinefficientinvestment．乃eindependentdirectorsystemandmanagerialownershipmechanis

7、mareineffective，butreasonableexecutivecompensationsystemcanincentivemanagersandimprovetheinvestmentefficiency．晰t11regardtoexternalcorporategovernance．theindependentauditordoesnotplayitsrole，butlegalsystemcanrestraininefficientinvestment．Intheendofthisthesis，b

8、asedontheresults，somesuggestiOIlSarealsoprovidedonhowtospecializetheinemcientinvestmentbeh。aviorsandincreasetheinvestmentefficiencyoftheenlistedfirmsinChinztKeywords：internalgovernance；ex