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Manufacturing listed companies information transparency and excessive investment behavior

Author: JiangShuiQuan
Tutor: ChenXingShu
School: Chongqing Technology and Business University
Course: Accounting
Keywords: Transparency of information Ownership concentration Over-investment
CLC: F275
Type: Master's thesis
Year: 2010
Downloads: 99
Quote: 0
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Abstract


The company's investment behavior efficiency directly affects the value of the shareholders, creditors and other generalized interests of investors and the company's ability to maximize . For a long time, investors and operators of asymmetric information , the operator abuse their decision-making rights , according to its information superiority , to accept the value of the company is not the best investment opportunities , a lot of money to invest in non - profit project , invest in negative net present value projects or over-investment and management of this opportunistic behavior damages the interests of shareholders and creditors of the company , reducing the efficiency of the allocation of funds and private benefits . Therefore , how to effectively constrain such behavior in order to improve efficiency in the use of funds has become a serious problem . At present, domestic and foreign scholars generally agreed that the payment of cash dividend debt borrowing and improve the corporate governance mechanism can reduce the conflict of shareholders and managers led to excessive investment behavior, and there are some scholars the test through empirical research . However, whether there are other ways that can solve the problem of over-investment in it ? In this paper, on the basis of information asymmetry hypothesis and principal-agent theory hypothesis , the quality of the information , the information transmission mechanism and over-investment linked , to explore how to build investor and information channels between the management to reduce the cost of the principal-agent and solve the problem of moral hazard . First , fully absorb domestic and foreign scholars in related fields of research results based on the theoretical analysis of the relationship of transparency of information and the management of over-investment behavior ; Second, 2006-2008 Shanghai and Shenzhen stock manufacturing listed companies as samples , this correlation empirical research, and the results : the low information transparency of corporate information transparency more excessive investment behavior , supervision and supervision , motivation and over-investment of the investors was significantly associated information to investors the ability to identify an impact on over-investment behavior ; Finally, on the basis of previous research , targeted measures to effectively prevent and suppress the management of over-investment behavior .

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