机构地区: 石河子大学经济与管理学院
出 处: 《现代财经(天津财经大学学报)》 2013年第4期90-99,共10页
摘 要: 本文以我国2004-2010年沪深A股非金融上市公司为样本,基于上市公司所在地区的市场化进程和所处行业的竞争程度,检验管理者权力对资本投资价值的影响。研究发现,管理者权力与资本投资价值负相关;上市公司所在地区的市场化进程能够减弱管理者权力对资本投资价值的负面影响;与处于完全竞争行业的公司相比,处于保护性行业的上市公司中,管理者权力对资本投资价值的负面影响更显著。 In this paper, by using the data of Chinese listed companies from 2004 to 2010 as the sample, based on the marketization of listed companies area and competition level of industry, we make a test on the effect of managerial power on capital investment value. It shows that managerial power has a negative effect on capital investment value. The marketization of listed companies area can weaken the negative influence of managerial power on capital investment value, however, com- paring with competition industry, the negative impact of managerial power on value of company capital investment is more significant.