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題 名 | 所有權性質轉變與企業投資-現金依賴性--基於中國上市公司的實證研究=Change of Ownership and Firms' Investment-cash Dependence: Empirical Analysis Based Chinese Listed Companies |
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作 者 | 馬如飛; 翟鵬翔; 馬如飛; 翟鵬翔; | 書刊名 | 澳門科技大學學報 |
卷 期 | 9:1 2015.06[民104.06] |
頁 次 | 頁88-96 |
分類號 | 494.7 |
關鍵詞 | 所有權性質; 投資-現金依賴性; 現金持有; 過度投資; Ownership; Investment-cash dependence; Cash holding; Overinvestment; |
語 文 | 中文(Chinese) |
中文摘要 | 本文從動態的角度檢驗了所有權性質轉變如何影響企業投資對內部資金的依賴性。研究發現,國有控股企業轉變為非國有控股企業會減少其投資對現金的依賴性,而非國有控股企業轉變為國有控股企業則增加了其投資對現金的依賴性。研究還發現,國有控股企業所有權性質的轉變後,企業過度投資部分對現金的依賴性大幅度降低,而非國有控股企業所有權性質的轉變則導致過度投資部分對現金的依賴性出現顯著的增加。本文的研究結果為國有控股企業的過度投資假說提供了直接的證據,同時也表明轉變企業的所有權性質能夠有效的減少國有控股企業的過度投資行為。 |
英文摘要 | This paper examines the effect of the change of ownership on the dependence of firms’ investment on cash holding dynamically. The result finds evidences supporting that the change of ownership of state-controlled firms reduces the dependence of investments on cash holdings, and the change of ownership of non state-controlled firms increases the dependence of investments on cash holdings. This paper also finds that the dependence of overinvestments on cash holdings decreases after the state-controlled firms change to non state-controlled firms and the dependence rises after the non state-controlled firms change to state-controlled firms. This result provides supporting evidences of the overinvestment hypothesis, which also indicates that the change of ownership can reduce the overinvestment of state-controlled firms. |
本系統中英文摘要資訊取自各篇刊載內容。