CAJ | 학술논문

通过建立多元回归模型，估计了上市公司的适度投资水平，并在此基础上进一步分析了债务约束和金融环境的地域差异对上市公司过度投资问题的影响，研究结果表明：债务约束能够抑制上市公司的过度投资行为，沿海发达地区上市公司的过度投资问题相对缓和，而国企的民营化也能显著地缓解原国有上市公司的过度投资行为。
통과건립다원회귀모형，고계료상시공사적괄도투자수평，병재차기출상진일보분석료채무약속화금융배경적지역차이대상시공사과도투자문제적영향，연구결과표명：채무약속능구억제상시공사적과도투자행위，연해발체지구상시공사적과도투자문제상대완화，이국기적민영화야능현저지완해원국유상시공사적과도투자행위。
This paper estimates the appropriate investment level of public companies by building a mul-tivariate model,and further analyzes the impact of debt constraints and regional disparity on the prob-lem of overinvestment of public companies.The results indicate that the debt constraints can restrain the overinvestment of public companies.The overinvestment problem in the developed coastal areas is not serious.The privatization also has significant influences on the overinvestment of state owned com-panies.