央企控股上市公司非效率投资影响因素研究——以电力行业为例

曲靖师范学院学报 ›› 2017, Vol. 36 ›› Issue (6): 83-87.

央企控股上市公司非效率投资影响因素研究——以电力行业为例

刘珊珊

曲靖师范学院经济与管理学院,云南曲靖 655011

收稿日期:2017-06-30 出版日期:2017-12-10
作者简介:刘珊珊,曲靖师范学院经济与管理学院讲师,主要从事财务管理研究.
基金资助:
曲靖师范学院校级课题“云南省上市公司融资结构与盈利能力关系的研究”(2013QN009); 云南省教育厅项目课题“我国上市公司真实盈余管理的成因及对策研究”(2015C89Y)

The Research on the Impact of Non-efficientInvestment in the Listed Companies——A Case Study of the Electric Power Industry

Liu ShanShan

School of Economy and Management, Qujing Normal University, Qujing Yunnan, 655011, China

Received:2017-06-30 Published:2017-12-10

摘要/Abstract

摘要： 通过对2011-2015年沪深两市电力行业央企控股上市公司的相关数据进行实证研究,发现有以下影响央企控股上市公司非效率投资的因素:管理费用率与非效率投资呈反比;大股东占款率与非效率投资呈反比;自由现金流量、筹资现金流与非效率投资呈正相关;现金分红与企业的非效率投资呈负相关;高管薪酬与非效率投资呈正相关;董事会规模与非效率投资呈反比;股权激励与非效率投资呈正比;独立董事比例、股权集中度与非效率投资量呈反比.

关键词: 电力行业, 非效率投资, 央企控股上市公司

Abstract: Based on the analysis of the relevant data of the central enterprises holding listed companies in electric power industry from the stock market Shanghai and Shenzhen from 2011 to 2015, it is found that the followings affect the non-efficiency investment of the central enterprises holding listed companies: the management fee, the ratio of large shareholders, the board size, the proportion of independent directors and concentration of equity are inversely proportional to the non-efficiency investment; the ratio of equity is incentive to non-efficiency investment; executive compensation, free cash flow and financing cash flow are positively correlated to the non-efficiency investment; the cash dividend is negatively correlated to the non-efficiency investment.

Key words: electric power industry, non-efficient investment, central enterprises holding listed companies

中图分类号:

F830.91

刘珊珊. 央企控股上市公司非效率投资影响因素研究——以电力行业为例[J]. 曲靖师范学院学报, 2017, 36(6): 83-87.

Liu ShanShan. The Research on the Impact of Non-efficientInvestment in the Listed Companies——A Case Study of the Electric Power Industry[J]. JOURNAL OF QUJING NORMAL UNIVERSITY, 2017, 36(6): 83-87.