overindebtedness

The main aim is concerned about how to make decision to maximum the interests of shareholders when facing overindebtedness and cash-flow shortage on the base of guaranting the workers′ behaves in accordance with nation′s bankruptcy law.

根据中国破产法的相关规定研究了公司决策者在公司面临资不抵债和现金流短缺(也就是不能清偿)的情况时,在保障职工权益的前提下,如何选择破产点能使得股东利益最大化的问题。

The analysis indicates that over-investment is more evident in state-owned companies whereas both under-investment and over-investment are frequent occurrences in shareholding companies.

研究表明,相对投资不足行为,国有控股企业的过度投资行为更为显著,而非国有控股企业的这两种行为均较为显著;负债一方面可以抑制企业的过度投资,另一方面也使得企业投资不足问题更为严重;短期负债并没有降低企业的投资不足问题,但能够抑制企业的过度投资问题;银行借款并没有发挥其应有的相机治理作用。

The result suggests that ultimate owner will make under-investment facing financing constraints,and he will do over-investment without financing constraints.

研究发现:在受到融资约束的情况下,终极所有者会发生投资不足的行为;在不受融资约束的情况下,终极所有者出于最大化自身利益的考虑会进行过度投资;而在确保控制权的情况下,终极所有者所持有的现金流权越小,其过度投资越严重;投资者保护环境越差,越有利于终极所有者的过度投资行为。

The positive effect means that leverage is one mechanism for overcoming the overinvestment problem where the conflict is between the shareholders and management.

现代资本结构理论认为负债融资对企业投资行为的影响有正负两方面效应：其正面效应表现在负债具有治理机制作用，能减少企业过度投资行为；其负面效应为股东--债权人冲突导致了资产替代和投资不足的非有效投资行为。

A Study on the Underinvestment and Over-investment of China's Listed Companies;

中国上市公司投资不足和过度投资研究

Asymmetric information may cause underinvestment in stock markets.

现行的强制性信息披露制度与外部审计制度不能有效解决信息不对称条件下股票市场投资不足的问题。

The empirical evidence shows that underinvestment will occur in non-state-holding enterprises when the free cash flow is low, the investment is sensitive to internal cash flow, while in state-holding enterprises it is the other way round.

研究表明,当自由现金流较低时,非国有控股企业投资不足,企业投资对内部现金流是敏感的,而国有控股企业投资对内部现金流不敏感;当自由现金流较高时,国有控股企业和非国有控股企业都过度投资,两类企业投资对内部现金流都是敏感的。