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以长期股权投资和固定资产的投资组合选择为研究对象,基于控制权私利视角探讨了大股东自利性动机对资本配置决策的影响机理,并进行了相应的数值模拟。研究发现:固定资产投资规模与长期股权投资高状态收益存在负相关关系,而长期股权投资规模则与其高状态收益概率正相关;大股东自利性动机驱使下的资本配置决策偏离了分散持股时的资本配置水平,偏离程度会随着现金流权与控制权分离度的增加而展现出非线性变化态势。上述研究结论为当前有关加强上市公司大股东财务决策监管的政策导向提供了重要的经验启示。
Taking the long-term equity investment and portfolio selection of fixed assets as the research object, this paper discusses the mechanism of self-interest motivation of large shareholders on the capital allocation decision-making based on the perspective of private ownership of control, and conducts the corresponding numerical simulation. The results show that there is a negative correlation between the scale of investment in fixed assets and the high-state returns of long-term equity investments, while the scale of long-term equity investment is positively correlated with the probability of high state returns. The capital allocation decision driven by self- When the level of capital allocation, the degree of deviation will be with the increase of the separation of cash flow rights and control shows a nonlinear trend of change. The conclusions of the above studies provide important experience and enlightenment for the current policy guidance on strengthening the supervision over financial decisions of large shareholders of listed companies.