南京审计学院学报
南京審計學院學報
남경심계학원학보
2014年
6期
43~51
,共null页
媒体监督 投资过度 投资不足 企业价值 投资效率 投资者利益保护 制造业 违规上市公司 非效率投资
媒體鑑督 投資過度 投資不足 企業價值 投資效率 投資者利益保護 製造業 違規上市公司 非效率投資
매체감독 투자과도 투자불족 기업개치 투자효솔 투자자이익보호 제조업 위규상시공사 비효솔투자
media supervision; over-investment; under-investment; corporate value; investment efficiency; protection ofinvestors＇ interest; manufacturing industry; listed company in infringement; inefficient investment
以我国2010—2012年制造业违规上市公司为样本,对媒体监督、非效率投资和企业价值之间的动态关系进行研究,结果显示：近几年制造业违规上市公司普遍存在投资不足;媒体监督与非效率投资显著负相关,媒体监督可以明显降低企业非效率投资水平;无论是对于国有上市公司还是对于非国有上市公司来说,媒体监督都能抑制非效率投资,且对非国有企业约束力更强;媒体监督可以抑制和缓解非效率投资对企业价值的损害,保护股东的利益。
以我國2010—2012年製造業違規上市公司為樣本,對媒體鑑督、非效率投資和企業價值之間的動態關繫進行研究,結果顯示：近幾年製造業違規上市公司普遍存在投資不足;媒體鑑督與非效率投資顯著負相關,媒體鑑督可以明顯降低企業非效率投資水平;無論是對于國有上市公司還是對于非國有上市公司來說,媒體鑑督都能抑製非效率投資,且對非國有企業約束力更彊;媒體鑑督可以抑製和緩解非效率投資對企業價值的損害,保護股東的利益。
이아국2010—2012년제조업위규상시공사위양본,대매체감독、비효솔투자화기업개치지간적동태관계진행연구,결과현시：근궤년제조업위규상시공사보편존재투자불족;매체감독여비효솔투자현저부상관,매체감독가이명현강저기업비효솔투자수평;무론시대우국유상시공사환시대우비국유상시공사래설,매체감독도능억제비효솔투자,차대비국유기업약속력경강;매체감독가이억제화완해비효솔투자대기업개치적손해,보호고동적이익。
This paper studies the dynamic relationship among media supervision, inefficient investment and corporate value based on violations of the manufacturing listed companies subject to regulatory penalties from 2010 to 2012. The results show that： the listed companies are mostly under-investment;the media supervision has significantly negative correlation with the in- efficient investment, the media supervision can decrease the inefficient investment obviously; no matter in state-owned eompanies or in non-state-owned companies, the media supervision can deerease the ineffieient investment, and it can restrain the inefficient investment of non-state-owned companies more obviously ; the media supervision can restrain the inefficient investment to damage the corporate value, and so to proteet the interests of shareholders.
