CAJ | 학술논문

文章基于上市公司投资行为的视角研究了控股股东侵占与公司治理问题，特别考察了股权分置改革是否有助于缓解控股股东过度投资。基于Richardson（2006）预期投资模型，文章的研究结果显示控制权与现金流权分离度对过度投资有显著的正向影响，而股权分置改革能够显著弱化这种分离度与过度投资之间的正向关系。政府控股公司比私人控股公司的过度投资更为严重，而改善外部治理环境在一定程度上可以抑制过度投资。文章为控股股东侵占行为提供了证据，同时表明股权分置改革有效缓解了过度投资。
문장기우상시공사투자행위적시각연구료공고고동침점여공사치리문제，특별고찰료고권분치개혁시부유조우완해공고고동과도투자。기우Richardson（2006）예기투자모형，문장적연구결과현시공제권여현금류권분리도대과도투자유현저적정향영향，이고권분치개혁능구현저약화저충분리도여과도투자지간적정향관계。정부공고공사비사인공고공사적과도투자경위엄중，이개선외부치리배경재일정정도상가이억제과도투자。문장위공고고동침점행위제공료증거，동시표명고권분치개혁유효완해료과도투자。
From the angle of investment behavior of listed companies, this paper investigates the expropriation behavior of controlling shareholders and corporate governance, especially the positive effect of the split-share reform on restraining the overinvestment behavior of controlling sharehdders. Based on the expected investment model raised by Richardsonin in 2006, the results show that the divergence of control right and cash flow right has significantly positive effect on overinvestment, but the split-share reform can obviously weaken the positive relation between the divergence and overinvestment. Compared to private companies, the overinvestment in stateowned companies is more serious, and the improvement of external governance environment can restrain overinvestment to a certain extent. This paper provides evidence for the expropriation behavior of controlling shareholders and the effectively positive effect of the split share reform on restraining overinvestment.