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以内蒙古上市公司为样本,实证分析了该地区上市公司的非效率投资情况及其影响因素。结果发现过度投资与投资不足并存,且多数样本表现出投资不足,但总量上仍表现为过度投资。研究揭示了内蒙古上市公司在非效率方面的一些特征:大股东持股比例与非效率投资之间呈倒“U”型关系,国有上市公司的非效率投资明显低于非国有公司,债务不能对非效率投资产生积极影响。
Taking the listed companies in Inner Mongolia as a sample, this paper empirically analyzes the inefficient investment of the listed companies in the region and its influencing factors. The result showed that overinvestment and underinvestment coexist, and most of the samples show underinvestment, but the total amount still shows overinvestment. The study reveals some inefficiencies of the listed companies in Inner Mongolia: the relationship between the shareholding of large shareholders and non-efficiency investment is inverse U-shaped, the inefficient investment of state-owned listed companies is obviously lower than that of non-state-owned companies, Can not have a positive impact on inefficient investment.