改革
改革
개혁
Reform
2007年
3期
80~88
,共null页
股权制衡 投资一现金流敏感性 股权结构 投资行为
股權製衡 投資一現金流敏感性 股權結構 投資行為
고권제형 투자일현금류민감성 고권결구 투자행위
balance structure of ownership, investment-eashflow sensitivity, ownership structure, investment behavior
公司投资一现金流敏感性随着股权制衡程度的下降和控股股东持股比率的上升呈现倒U型关系。在股权制衡结构下,控股股东和监督股东对投资一现金流敏感性的影响基本上支持自由现金流假说,而“一股独大”公司的控股股东持股比例越高,投资一现金流敏感系数反而越低,从而验证了基于信息不对称的公司投资行为理论。此外,不同产权性质的控股股东和监督股东在股权制衡条件下,对公司投资一现金流敏感性的影响存在显著性差异。
公司投資一現金流敏感性隨著股權製衡程度的下降和控股股東持股比率的上升呈現倒U型關繫。在股權製衡結構下,控股股東和鑑督股東對投資一現金流敏感性的影響基本上支持自由現金流假說,而“一股獨大”公司的控股股東持股比例越高,投資一現金流敏感繫數反而越低,從而驗證瞭基于信息不對稱的公司投資行為理論。此外,不同產權性質的控股股東和鑑督股東在股權製衡條件下,對公司投資一現金流敏感性的影響存在顯著性差異。
공사투자일현금류민감성수착고권제형정도적하강화공고고동지고비솔적상승정현도U형관계。재고권제형결구하,공고고동화감독고동대투자일현금류민감성적영향기본상지지자유현금류가설,이“일고독대”공사적공고고동지고비례월고,투자일현금류민감계수반이월저,종이험증료기우신식불대칭적공사투자행위이론。차외,불동산권성질적공고고동화감독고동재고권제형조건하,대공사투자일현금류민감성적영향존재현저성차이。
We find out that the inverse U-shape relations between the investment-cashflow sensitivity and control shareholder as the block-shareholder turns big. Under the balance structure of the ownership with several blocks, the relationships between the main bloekholders and investment-eashflow sensitivity test the hypothesis of free cash-flow theory. It supports the asymmetric information theory when the investment-cash flow sensitivity decreases as the largest shareholder holding increases. There is significant difference about the effect from the equity character of the inside and outside bloekholders on the investment-eashflow sensitivities.