CAJ | 학술논문

企业过度投资行为的内部成因包括委托人——代理人的代理冲突、内部人——外部人的信息不对称以及管理层与投资者的非理性行为,外部成因主要体现在投资者保护程度、市场竞争机制、信息披露程度以及金融市场的成熟度等方面。现有研究成果充分考察了我国企业过度投资行为的证据,可通过完善市场竞争机制、加强信息披露、优化管理层激励机制、发挥债务的相机治理作用以及调整管理层的心智模式等渠道有效抑制企业的过度投资行为。
기업과도투자행위적내부성인포괄위탁인——대리인적대리충돌、내부인——외부인적신식불대칭이급관리층여투자자적비이성행위,외부성인주요체현재투자자보호정도、시장경쟁궤제、신식피로정도이급금융시장적성숙도등방면。현유연구성과충분고찰료아국기업과도투자행위적증거,가통과완선시장경쟁궤제、가강신식피로、우화관리층격려궤제、발휘채무적상궤치리작용이급조정관리층적심지모식등거도유효억제기업적과도투자행위。
The internal causes of corporate overinvestment include agency conflicts between principal and agent,asymmetric information between the insider and outsider and the irrational behavior of manager and investor.The external causes include investor protection degree,market competition mechanism,information disclosure degree and the development level of financial market.The existing research results have investigated the evidence of corporate overinvestment in domestic firms.The ways to restrain corporate overinvestment effectively include perfecting the market competition mechanism,strengthening the degree of information disclosure,optimizing managerial incentive mechanism,affecting the contingent governance function and adjusting the managerial mind models.