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Study on the Motive of Over-investment of Listed Company

Author: WangYu
Tutor: LiuXing
School: Chongqing University
Course: Finance
Keywords: Listed companies Over-investment Motivations
CLC: F275
Type: Master's thesis
Year: 2005
Downloads: 842
Quote: 14
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Abstract


As the main motivation for the company's growth in the financial management of the listed company, the investment decision-making and an important foundation for future cash flow growth, affect the company's business risk, profitability and capital market evaluation of its results of operations and prospects for development, the company's financial the starting point of the decision-making. Due to the complexity of the decision-making process and impact of multiple factors, the investment decision-making behavior, the results do not always reflect the enterprise value maximization, resulting in the so-called problem of \the value of the company, hinder the development of enterprises. In general, the formation of the investment decision-making and motivation of the investment decision-makers have close ties, and even its determinants. Therefore, from the point of view of corporate governance, using a combination of theoretical and empirical, sought to identify the internal motivation behind excessive investment behavior of listed companies in China, to provide a theoretical basis for the prevention and reduction of such non-efficient investment behavior, and made corresponding countermeasures and suggestions. Firstly, starting from the investment decision-making process, a review of corporate governance theory, the theory of economic utility and vendor investment theory, theory analysis of the company's over-investment behavior motivation erected platform. Overinvestment behavior of scholars next comprehensive, over-investment behavior defined: over-investment means to accept the investment opportunity is not optimal in terms of the value of the company, in particular, is the net present value is less than zero (NPV lt; 0 ), a low efficiency, thus reducing the efficiency of the allocation of funds to the investment decision-making behavior. Then analyzed the possibility for investors to invest in motivation that overinvestment motives there are three possibilities: managers under the control of private profit motive, the largest shareholder under the control of private profit motive, and infringe on the interests of creditors under the control of managers and large shareholders collusion motivation, and model derivation method of theoretical analysis on a variety of over-investment motives. Subsequently, using the methods of empirical research on the theoretical analysis of over-investment behavior of listed companies three motives for inspection: the start from the relationship between investment and cash flow, the introduction of mutual investment and cash flow impact of variable Q * CF model, managers control over the investment behavior of opportunistic motives regression analysis; ② largest shareholder control over the degree of separation of the right of return into the regression model, the largest shareholder control over investment behavior of private interests with the listed company's data motivation regression; ③ Since the sample size is too small, can not be used the data empirical test managers and major shareholders of listed companies complicity the overinvestment behavior against the interests of the creditors of motivation, and thus the case of the Monkey King Group explained. Finally, based on the above findings, combined with the current economic policy in China, and put forward the overinvestment behavior policy recommendations of the governance of listed companies.

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CLC: > Economic > Economic planning and management > Enterprise economy > Corporate Financial Management
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