学术
中国上市公司资金闲置问题的理论与实证研究
邓可斌[1] 崔萍[2]
[1]广东外语外贸大学国际工商管理学院,广东广州510420 [2]广东外语外贸大学国际经济贸易学院,广东广州510420
摘 要:
基于信息经济学理论研究中国上市公司资金闲置问题，发现上市公司很可能出现投资不足、过度投资与资金闲置的现象。实证研究结果证实了这一推论。研究还发现：（1）闲置资金对生产性投资和金融性投资似乎存在一定的作用，但这种作用的大小和作用的方向并不明朗；（2）投资机会对我国上市公司投资有一定影响；（3）我国上市公司存在着微弱的融资约束；（4）相对于金融性投资领域，过度投资和投资不足现象在生产性投资领域更为严重。[著者文摘]
文章出处:
《海南大学学报：人文社会科学版》-2007年25卷3期 -279-285页
栏目信息:
分 类 号:
文献标识码:
A
文章编号:
1004-1710（2007）03-0279-07
相关文章:
A Theoretical and Empirical Study on Leave Unused Capital of China＇ s Listed Enterprises
DENG Ke-bin, CUI Ping （ 1. School of Management, Guangdong University of Foreign Studies;2. School of International Trade and Economy, Guangdong University of Foreign Studies, Guangzhou 510420, China）
Abstract:
Based on information economics, this paper studied the phenomenon of leave unused capital of China＇ s listed enterprises, and found that our listed enterprises could be in the state of short-investment, over-investment and leave unused capital. The result of the empirical studies which was based on the theoretical ones proved this deduction. Besides, it shows that, （ 1 ） leave unused capital seems to have some effects on productive investment and financial investment, but the magnitudes and the directions of the effects are still vague ; （2） the investment opportunities have some effects on the investment of our listed enterprises ; （3） our listed enterprises have faint financing constraints; （4） compared with the investment in the area of finance, situations of over-investment and short-investment are more serious than that in productive ones.[著者文摘]
Key words:
China＇ s listed enterprises; leave unused capital; panel data model
基金资助:
广东外语外贸大学校级青年项目（GW2006-Q-006）
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