控制权配置、权利制衡与公司非效率投资行为

›› 2016, Vol. 28 ›› Issue (12): 101-115.

控制权配置、权利制衡与公司非效率投资行为

窦炜¹, 马莉莉², 刘星³

1. 华中农业大学经济管理学院, 武汉 430070;
2. 武汉大学经济管理学院, 武汉 430070;
3. 重庆大学经济与工商管理学院, 重庆 400030

收稿日期:2015-06-08 出版日期:2016-12-28 发布日期:2017-03-15
作者简介:窦炜,华中农业大学经济管理学院副教授,硕士生导师,博士;马莉莉,武汉大学经济管理学院副教授,硕士生导师,博士;刘星,重庆大学经济与工商管理学院,博士生导师,博士。
基金资助:
国家自然科学基金项目（71302117；71232004；71172082）；中央高校基本科研业务费专项基金项目（2014BQ006）；湖北省社会科学基金项目（2014062）。

Allocation of Control Rights, Power Balance and Investment Efficiency

Dou Wei¹, Ma Lili², Liu Xing³

1. College of Economics and Management, Huazhong Agricultural University, Wuhan 430070;
2. Economics and Management School, Wuhan University, Wuhan 430070;
3. Economics and Business Administration, Chongqing University, Chongqing 400030

Received:2015-06-08 Online:2016-12-28 Published:2017-03-15

摘要/Abstract

摘要：

以控制权的配置模式和权利制衡特征为基础，本文通过采用双边随机前沿模型分析了不同控制权配置模式下的企业投资效率问题。结果显示：（1）投资效率损失普遍存在于我国上市公司中，其中过度投资效率损失高于最优支出水平18.97%，而投资不足效率损失低于最优支出水平16.04%。（2）所有模型的检验结果均显示：现金流权和控制权的两权分离是上市公司投资效率损失的内在动因。（3）在多个控制权持有主体同时控制上市公司时，对公司财务决策效率产生重要影响的是多个控制权持有主体间的相对持股比例，而不是某一控制权主体的绝对持股比例或控制权持有比例。而且，不同的权利制衡特征和模式对公司投资效率的影响也具有显著差异。

关键词: 控制权配置, 权利制衡, 投资过度, 投资不足

Abstract:

Based on the allocation of control rights and power balance, this paper uses Stochastic Frontier Analysis Model to study companies' investment efficiency under three models of control right allocation. The result shows that:(1) Investment efficient loss widely exists in Chinese listed companies:the estimation of over-investment by SFA model is 18.97% higher than the optimal level, and the estimation of investment-deficiency by SFA model is 16.04% lower than the optimal level. (2) The result in all models shows that the investment efficiency loss can be attributed to the separation of cash flow rights and control rights. (3) In the case of multiple shareholders controlling, the efficiency loss depends only on the relative shareholding of multiple shareholders, instead of the absolute shareholding of the shareholders. And the efficiency loss in companies' investment expenditure varies with the different features of power balance.

Key words: allocation of control rights, power balance, over-investment, investment-deficiency

窦炜, 马莉莉, 刘星. 控制权配置、权利制衡与公司非效率投资行为[J]. , 2016, 28(12): 101-115.

Dou Wei, Ma Lili, Liu Xing. Allocation of Control Rights, Power Balance and Investment Efficiency[J]. , 2016, 28(12): 101-115.

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