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Research on Enterprise’s Over-investment in the Equity Incentive Process

Author: NiuNa
Tutor: RanMaoSheng
School: Chongqing University
Course: Finance
Keywords: Equity incentive Over-investment Internal control Evolutionary Game
CLC: F832.51
Type: Master's thesis
Year: 2010
Downloads: 269
Quote: 1
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Abstract


Investments in listed companies as the main motivation for the development of the company and an important foundation for future cash flow growth, not only affect the company's financing decisions and dividend, and will affect the smooth running of the overall macroeconomic. In recent years, the investment is driven by China's economic development engine, no doubt accelerate China's rapid economic growth, but at the same time, uncontrolled by corporate investment and overcapacity in certain areas, the waste of resources and a very serious problem. 4 trillion yuan investment plan is determined by the State Council executive meeting held on November 5, 2008, the implementation of this measure is more aroused the concern of the social investment efficiency, and how to prevent blind investment and low-level duplicated construction problems become hot The meeting's focus. Enterprises as market players, how to effectively prevent over-investment, maximize enterprise value, so as to promote the development of the economy as a whole, the problems to be solved. In this paper, based on fully draw on the research results of the listed companies at home and abroad over-investment problem for managers over investment behavior, to principal-agent theory, asymmetric information theory and the theory of corporate governance based incentives for over-investment and equity managers entry point, the shareholders of internal control as an endogenous variable theory by building contains over-investment in the extent of managers with shareholders internal controls degree of equity incentive model, derived levels of equity incentive system, the degree of over-investment and the degree of internal control interactive loop mechanism and dynamic analysis of the evolutionary game behavior of the decision-making of managers with shareholders; The last selected our empirical research and theoretical studies confirm each listed company with a representative industry data. There is over-investment behavior after a series of theoretical and empirical research found that: ① Chinese listed companies; ② improve the level of equity incentives not only motivate managers to work harder, but also can reduce the degree of over-investment; the ③ managers the degree of over-investment and shareholder negatively correlated with the degree of internal controls, strengthening internal controls can effectively lowering the corporate low overinvestment; (4) Due to the presence of monitoring costs, the lower the degree of internal control with the improvement of the level of equity incentive, which in turn stimulate the motivation of over-investment managers. Interaction among circulating mechanism showed good theoretical and practical significance the design optimal equity incentive levels and the degree of internal control to solve the over-investment problem.

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CLC: > Economic > Fiscal, monetary > Finance, banking > China's financial,banking > Financial market
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