| 上市公司的成长能力与投资行为研究 |
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| 引用本文： | 郭岚,张祥建.上市公司的成长能力与投资行为研究[J].软科学,2010,24(3):96-102. |
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| 作者姓名： | 郭岚 张祥建 |
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| 作者单位： | 1. 华东师范大学,资源与环境学院,上海,200030;上海社会科学院,上海,200020
2. 上海财经大学,财经研究所,上海,200433 |
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| 基金项目： | 国家自然科学基金项目，教育部人文社会科学一般项目 |
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| 摘 要： | 以2000~2007年沪深上市公司为样本,运用分组分析和回归分析方法,研究了上市公司的成长能力对投资行为的影响效应。研究结果表明:(1)成长能力对投资行为具有正向的促进作用,中成长性公司和高成长性公司的平均投资水平要高于低成长性公司。(2)大股东控制程度越高,上市公司的投资水平就越高,投资支出与大股东控制程度之间表现出显著的正相关关系。(3)成长能力和大股东控制程度交互作用对投资支出具有逆向的抑制关系,二者交互作用越强,上市公司的投资支出就越低。通过营造和提升上市公司的成长能力,可以优化上市公司的投资结构和提高投资效率。
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| 关 键 词： | 成长能力 投资行为 投资结构 大股东控制 |
Growth Ability and Investment Behavior of Chinese Listed Firms |
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| GUO Lan,ZHANG Xiang-jian.Growth Ability and Investment Behavior of Chinese Listed Firms[J].Soft Science,2010,24(3):96-102. |
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| Authors: | GUO Lan ZHANG Xiang-jian |
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| Abstract: | Selecting listed companies from 2000 to 2007 as samples and using regression analysis method,this paper analyzes the relationship between growth ability and investment.Results show that: firstly,growth ability has important influence on investment behavior of listed companies,and the average investment size of middle and high growth companies is larger than that of low growth companies;Secondly,there is direct ratio correlation between the share of large shareholders and investment size,and the more share large shareholder hold,the more the large shareholder can influence the investment decision of listed companies;Thirdly,there is inverse relationship between growth ability and interreaction role of growth ability and large shareholder.By building and enhancing the growth ability of listed companies,the structure and efficiency of investment can be promoted. |
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| Keywords: | growth ability investment behavior investment structure the control of large shareholders |
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