【作者】 李春玲； 张伟丽；

【Author】 Li Chunling Zhang Weili (Economic and Management School, Yanshan University, Qinhuangdao 066004)

【机构】 燕山大学经济管理学院；

【摘要】 本文以西北上市公司2004～2008年的280组数据为样本,首先建立模型,识别了西北上市公司投资不足与投资过度现象;然后进一步以表现投资不足的170组数据为样本,通过多元回归分析,检验了投资不足与公司治理结构之间的关系。研究表明,我国西北上市公司中普遍存在投资不足现象且投资不足程度与流通股比例、第一大股东持股比例、独董比例、高管持股正相关,与高管薪酬和高管年龄负相关。更多还原

【Abstract】 On the basis of the 280 samples of 56 listed companies located in North-west , this paper distinguishes the companies’ over-investments and under-investments. Further, a multiple linear regression model is built to test the relationship between corporate governance and underinvestment. The conclusion suggest that the under-investments are very commonplace in listed companies located in North-west, and , there is a significant positive correlation between under-investments and the proportion of tradable shares, the first shareholder’s ownership, independent directors and managements’ shareholding. In the meantime ,a negative correlation exists between under-investments and top-management compensation and ages.更多还原