資源描述：
《基于公司治理機(jī)制非效率投資實(shí)證的研究》由會(huì)員上傳分享，免費(fèi)在線閱讀，更多相關(guān)內(nèi)容在學(xué)術(shù)論文-天天文庫(kù)。
1、AbstractTheinvestmentpolicyordecision,asthecorefocusofModemFirmTheories，playsasignificantroleinthevalue—addedprogressoffirITISaswellasintheeconomicdevelopmentofcountries，theefficiencyofinvestmentalsohasadirecteffectonthesocialreSOUI'CAjSallocation．Recentlythe
2、inefficientinvestmentbecomesacommonphenomenoninChina．Itconsistsofthebehaviorsofexcessiveandinsufficientinvestment．Effectivecorporategovernancemechanismcallbalancetheconflictinginterestsofshareholdersandpromoteefficientinvestmentdecision．Underthebackgrounddesc
3、ribedabove，thispaperinvestigatestheeffectofcorporategovemanceonine伍cientinvestmentbehaviorbasedontheactualsituationofChina．Firstly，basedontheprincipal—agenttheory，theinformationasymmetrytheory，thestakeholdertheoryandthegametheory,thispaperexplorestheuseandmea
4、ningofcorporategovernancetothereductionoftheinefficientinvestmentbehavior,anditisthebasisofthewholepaper．Secondly,thispaperselectsA—sharemanufacturingcompaniesinChinafrom2008to2010assamplesfortheregressionanalysis．Usingtheresidualmethodofregressionequation1to
5、dividethesamplesintounderinvestmentandoverinvestmentgroup，thepapertheninvestigatestherelationshipbetweencorporategovernanceandinefficientinvestmentaccordingtOthegroupcreatedbyequationionthebasisofcontrollingself-selectionbias．Theresultsshowthat,intermsofinter
6、nalcorporategovernance，thelargestshareholderhasapositiveimpactondealingwithoverinvestmentbutlimitedconstraintsontheunderinvestment．necheckandbalanceofequityisdifficulttosuppresstheinefficientinvestment．乃eindependentdirectorsystemandmanagerialownershipmechanis
7、mareineffective，butreasonableexecutivecompensationsystemcanincentivemanagersandimprovetheinvestmentefficiency．晰t11regardtoexternalcorporategovernance．theindependentauditordoesnotplayitsrole，butlegalsystemcanrestraininefficientinvestment．Intheendofthisthesis，b
8、asedontheresults，somesuggestiOIlSarealsoprovidedonhowtospecializetheinemcientinvestmentbeh。aviorsandincreasetheinvestmentefficiencyoftheenlistedfirmsinChinztKeywords：internalgovernance；ex
