CAJ | 학술논문

本文对投资支出的分析从目前的公司治理层面，向下延伸到公司管理层内部结构层面，并从投资支出季度性差异的角度出发，研究了企业内部资源配置问题。分析我国上市公司2002～2005年投资支出的季度性差异发现，上市公司第四季度投资支出显著高于其他季度，而现金流量、公司规模以及控股股东性质对该差异程度有着显著的影响，该经验证据支持公司内部代理成本影响其资本配置效率的结论。
본문대투자지출적분석종목전적공사치리층면，향하연신도공사관리층내부결구층면，병종투자지출계도성차이적각도출발，연구료기업내부자원배치문제。분석아국상시공사2002～2005년투자지출적계도성차이발현，상시공사제사계도투자지출현저고우기타계도，이현금류량、공사규모이급공고고동성질대해차이정도유착현저적영향，해경험증거지지공사내부대리성본영향기자본배치효솔적결론。
This paper investigates the investment of listed firms from an internal structure aspect of the management, and researches on the internal resource allocation from the seasonal anomaly of investments. From the analysis on the investment seasonal anomaly during the 2002-2005 periods, it is documented that the listed firms＇ investment in the fourth quarter is significantly higher than that in other seasons, and the free cash flow, firm scale and the nature of controlling shareholder have strong impacts on the difference. The evidence supports the conclusion that the internal agency cost may affect the efficiency of asset allocation.