【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。更多还原

【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.更多还原