终极控股股东控制权与自由现金流过度投资

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1、终极控股股东控制权与自由现金流过度投资??终极控股股东控制权与自由现金流过度投资19><>23俞红海徐龙炳陈百助（1.上海财经大学金融学院，<>200433；<>2.上海财经大学财经研究所，<>200433；3.美国南加州大学马歇尔商学院，90089）Thecontrolrightofcontrollingshareholderandoverinvestment1<>23YuHonghaiXuLongbingChenBaizhu(1.SchoolofFinance，ShanghaiUniversityofFinanceandEconomics，Shangha

2、i<>200433,China；<>2.InstituteofFinanceandEconomics，ShanghaiUniversityofFinanceandEconomics，Shanghai<>200433,China3.MarshallSchoolofBusiness,UniversityofSouthernCalifornia,LosAngeles,90089,USA)Abstract：Basedonthetheoryofultimatecontrolright(LaPortaetal.(1999)),throughtheaspectofover

3、investment,thispaperstudiescontrollingshareholder’sexpropriation.BasedonLLSV(<>200<>2),ShleiferandWolfenzon(<>200<>2)etal.,thispaperbuildsuptwo-perioddynamicmodeltostudyoverinvestment,andwefindoutthatthereissignificantpositiverelationshipbetweenfreecashflowandoverinvestment.Further

4、more,thecontrolrightofcontrollingshareholderstrengthensoverinvestment,andwhenthetypeofcontrollingshareholderisprivate,theoverinvestmentismoreserious.Besides,theoutsideenvironmentandthequantityofoutsideindependentdirectorrestraintheoverinvestment.Atthesametime,basedonRichardson(<>20

5、06),thispaperusesthedataof<>2006-<>2007totestthetheoreticalindications,andfindsoutthesignificantpositiverelationshipbetweencontrolrightlevelandoverinvestment,whichverifiesthetheoreticalresult.Thispaperalsoprovidesempiricalevidencesforexpropriationofcontrollingshareholderthroughcont

6、rolright.KeyWords:UltimateControllingshareholder;Controlright;Cashflowright;Freecashflow;OverinvestmentJELclassification:G31;G34;G38??本文得到国家自然科学基金项目(70673056,708030<>27,70873080)、教育部新世纪优秀人才支持计划项目(NCET-07-0533)、上海市哲学社会科学规划项目(<>2008BJB003)、上海市重点学科建设项目(B80<>2)、上海财经大学“<>211工程”三期重点学科建设项

7、目资助。俞红海感谢在南加州大学访问期间，MarshallSchoolofBusiness的JohnMatsusaka,KevinMurphy,HeikkiRantakari和OguzhanOzbas等教授对论文提供的修改意见。当然文责自负。终极控股股东控制权与自由现金流过度投资内容提要：本文基于LaPorta等(1999)提出的终极控制权理论，从上市公司自由现金流的过度投资视角，研究具有控制权的终极控股股东利用控制权侵占上市公司利益问题。首先基于LLSV(<>200<>2)、ShleiferandWolfenzon(<>200<>2)等研究，通过动态模型方法

8、对这一问题进行理论研究，发现自由现金流与过度投资有正