CAJ | 학술논문

文章选用上市公司2003-2010年的数据作为研究样本,实证检验了管理层权力对企业投资效率的影响。研究结果表明,在其他条件相同的情况下,管理层权力越大,企业投资效率越低;管理层权力受约束程度越大,企业投资效率越高;区分企业性质后,这种影响具有差异。该研究的意义在于,在研究公司投资行为时,必须考虑管理者的权力特征,该研究也对解决上市公司非效率投资行为具有重要的现实意义。
문장선용상시공사2003-2010년적수거작위연구양본,실증검험료관리층권력대기업투자효솔적영향。연구결과표명,재기타조건상동적정황하,관리층권력월대,기업투자효솔월저;관리층권력수약속정도월대,기업투자효솔월고;구분기업성질후,저충영향구유차이。해연구적의의재우,재연구공사투자행위시,필수고필관리자적권력특정,해연구야대해결상시공사비효솔투자행위구유중요적현실의의。
Based on the 2003-2010 data of listed companies,an empirial research has been done on the influence of managerial power to the efficiency of enterprise investment.The research results show： 1.in the case of all other things being equal,the greater the power of management,the lower the efficiency of enterprise invest ment;2.the greater the restriction on managerial powers,the higher the efficiency of enterprise investment;3.Because of different enterprise nature,the influence varies.The significance of the research is to show the importance of getting know the managerial power of a company before investment.The research has great practical significance as it deals with the inefficient investment of listed companies.