上市公司的成长能力与投资行为研究

20103243(123):2009-08-20:(70702035);(07JC630012):(1979-),,,,,;(1975-),,,,,1,2,3(1.,200030;2.,200020;3.,200433):20002007,,:(1),(2),,(3),,,:;;;:F270:A:1001-8409(2010)03-0096-07GrowthAbilityandInvestmentBehaviorofChineseListedFirmsGUOLan1,2,ZHANGXiang2jian3(1.SchoolofResources&EnvironmentalSciences,EastChinaNormalUniversity,Shanghai200030;2.ShanghaiAcademyofSocialScience,Shanghai200020;3.InstituteofFinanceandEconomics,ShanghaiUniversityofFinanceandEconomics,Shanghai200433)Abstract:Selectinglistedcompaniesfrom2000to2007assamplesandusingregressionanalysismethod,thispa2peranalyzestherelationshipbetweengrowthabilityandinvestment.Resultsshowthat:firstly,growthabilityhasimportantinfluenceoninvestmentbehavioroflistedcompanies,andtheaverageinvestmentsizeofmiddleandhighgrowthcompaniesislargerthanthatoflowgrowthcompanies;Secondly,thereisdirectratiocorrelationbetweentheshareoflargeshareholdersandinvestmentsize,andthemoresharelargeshareholderhold,themorethelargeshareholdercaninfluencetheinvestmentdecisionoflistedcompanies;Thirdly,thereisinverserelationshipbe2tweengrowthabilityandinterreactionroleofgrowthabilityandlargeshareholder.Bybuildingandenhancingthegrowthabilityoflistedcompanies,thestructureandefficiencyofinvestmentcanbepromoted.Keywords:growthability;investmentbehavior;investmentstructure;thecontroloflargeshareholders,,,(ModiglianiMiller,1958;Myers,1977;Stulz,1990;DenisDenis,1993;Childs,2005;Ahn,2006)[1]2070,6920103243(123),(MyersMajluf,1984;JensenMecking,1976,1986;Stulz,1990;Whited,1992;ShinKim,2002;Stein,2003;KanlanZingales,2000;Fazzart,1988;Lang,1996;Lamont,1997),,,[5,6,14],,,,,,,,,,,,[8],,,,,,[10],,,,,,,,,,,,,,,,,:(1),;(2),,;(3),,(),Iit=Kit-Kit-1+it+Lit+Oit,KitKit-1itt-1,itt,Lit,Oit(),:Imaintnance(amortizationanddeprecia2tion),Inew1()20002007A:(1),,;(2),;(3);(4)Cleary,PovelRaith(2004),LyandresZhdanov(2005),,,9277CS2MAR,SPSS12107920103243(123)1Itotal=+++Icap=++Inew=-=++Inewcap=--=+Ifix=t-(t-1)Ilong=t-(t-1)Iworking=+-Imaintance=(),,,,Q,Q,Q,,,,,,,Q:Q==++(1),,:Q,Q1,1Q2,Q2,,,,1,3,,,,(2)2Q(++)/LSHARE/Q3LSHARECFO/SIZELN()LEVERAGE/AGENCY/YEAR6,5INDUSTRY20,1,0:18920103243(123),:I=0+1Q+2LSHARE+3Q3LSHARE+4CFO+5SIZE+6LEVERAGE+7AGENCY+12i=8iYEAR+32j=13jINDUSTRY+,I,0,,,,,20002007-010253-011375-010321010575-010071010055010072010471,010694010683010645010998010789010632010873010925,010870010394010528010609010649010119010178010742,,,,20002007010114-010565-010072010609010060010173010243-010457;010613010751010768010863010771010623010707010663;010734010509010545010456010628010147010099010425,,,,,,,,,,(),,,,-010211010139-010539-010188-010092-010096-010351010328,,,,010833010734010566010467010381010085010099010268,010565010480010354010269010166010103010085010212,,,,,,,(OLS),,,,(VIF)10,(,2001),White,,(WLS),(heteroskedasticity)OLS,,,WLS3,F,,R2,9920103243(123)()3ItotalIcapInewInewcapIfixIlongIworkingImaintance(1)(2)(3)(4)(5)(6)(7)(8)-01164333(-101823)-01185333(-191766)-01127333(-91855)-01148333(-141585)-01119333(-131666)-01019333(-61122)0101533(11965)-01034333(-251954)Q01005333(71678)01004333(81016)01005333(61918)01005333(121284)01005333(141510)010004(01569)01001333(31144)-010001333(-81032)LSHARE01056333(101086)01038333(91366)01049333(81803)01035333(91214)01037333(111746)-01002333(-21769)01018333(61643)01006333(161889)Q3LSHARE-01018333(-71777)-01014333(-81091)-01018333(-71037)-01018333(-121340)-01018333(-151117)-010001(-01551)-01004333(-31272)010003333(91262)CFO01262333(331168)01110333(221678)01310333(401181)01065333(121451)01063333(141979)01001(01505)01372333(811093)01041333(591312)SIZE01013333(171675)01012333(261434)01011333(171748)01010333(201013)01007333(171495)01002333(131454)01001333(21964)01002333(301131)LEVERAGE-01070333(-281027)-01048333(-331878)-01071333(-271584)-01049333(-271926)-01039333(-271700)-01006333(-101221)-01022333(-181087)01002333(101379)AGENCY-01729333(-431497)-01240333(-221970)-01782333(-611613)-01281333(-251230)-01178333(-201845)-01083333(-211571)-01444333(-411944)01036333(271090)2001-01017333(-71305)-01017333(-111420)-01020333(-81617)-01023333(-151744)-01006333(-41270)-01014333(-241221)-010004(-01330)01003333(191041)200201009333(31893)01005333(31579)0100533(21490)010001(01345)01012333(81896)-01010333(-171510)01001(11471)01004333(181196)2003010053(11936)-01002(-11607)01003(11490)-01006333(-41187)01006333(41513)-01011333(-171827)01006333(51417)01002333(111321)2004-01013333(-51768)-010033(-11898)-01015333(-61781)-01007333(-51405)01005333(31988)-01010333(-171810)-01011333(-101784)01002333(111191)2005-01028333(-131001)-01009333(-51654)-01029333(-131441)-01011333(-71260)-01002(-11302)-01009333(-131829)-01019333(-191384)01001333(21991)INDUSTRYYESYESYESYESYESYESYESYESR201565301595016940149101505012660167401897Adj1R201563201593016930148901502012620167301897D1W111916711864119081185111897119711197911981F268104273031127467145919817872101060741650426129618001297N92779277927792779277927792779277:WLS,t(2-tailed)3331%,335%,310%,,Q,1%Q,,,,Q,Q,,(Cleary,1999),Q,,(Barney,1991),[8],,,,00120103243(123),,,,,,,,,,,,,,,,,,,(CorporateEm