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The Attribute of Ultimate Controlling Shareholder, Private Benefits of Control and Over-investment of Listed Companies
Pages: 41
Year: Issue:  5
Journal: Researcb on Economics and Management

Keyword:  终板控制人属性私人收益过度投资;
Abstract: 在多层级的控股结构方式普遍存在的中国资本市场上,选择终极控制人视角,研究其属性及私人收益动机对非效率投资的影响很有意义.在借助模型判别投资不足或过度投资后,Logistic回归结果显示,国有相比民营控股、政府部门相比国有法人控股更易发生投资过度;控制层级及"隧道挖掘"越多,越易投资不足;政府部门控股公司终极控制人私人收益动机与投资过度的负相关关系更弱.中央和地方控制公司在过度投资发生可能,以及私人收益动机与投资过度负相关关系上没有显著差异.
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