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企业的非效率投资一般分为投资过度和投资不足,两种形式的非效率投资都会降低企业的价值。本文首先对中国制造业上市公司的非效率投资进行了实证研究,然后在此基础上从三个方面探讨了股权结构对企业非效率投资的影响。实证结果表明,对于我国制造业上市公司而言,投资不足比投资过度更加常见,但投资过度时偏离的程度更为严重;股权制衡度没有发挥应有作用;股权集中度对非效率投资的有显著正向影响;国有控股会显著增加非效率投资。
Enterprises inefficient investment is generally divided into over-investment and under-investment, both forms of inefficient investment will reduce the value of the enterprise. This paper first makes an empirical study on the inefficient investment in China’s listed manufacturing companies, and then explores the impact of ownership structure on the inefficient investment of enterprises from three aspects. The empirical results show that, for the listed companies in China’s manufacturing industry, the underinvestment is more common than the overinvestment, but the degree of deviation from the overinvestment is even more serious. The ownership balance does not play its due role. Significant positive impact; state-owned holdings will significantly increase inefficient investment.