【摘要】 以2003-2011年中国A股上市公司为样本,构建预期投资模型,深入研究了产品市场竞争这一外部治理机制与上市公司过度投资之间的关系。研究发现,我国上市公司存在严重的过度投资问题,企业的过度投资程度与产品市场竞争程度显著负相关,即保持市场竞争态势有助于抑制企业过度投资行为。更多还原

【Abstract】 In this paper,the listed companies in Chinese A-share stock market during the years from2003to 2011are used as the sample to construct the anticipated investment model.The relationship between the product market competition as external governance mechanism and the over-investment of listed companies is studied.The result shows that the phenomenon of over-investment of listed companies is a commonly occurring problem in China.It also shows a significantly negative relationship between the degree of over-investment and the degree of product market competition,which means that the over-investment of enterprises can be repressed when maintaining the product market competition.更多还原