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将多元回归分析应用至企业投资研究领域,结合国有企业深化改革的方向,并以2010-2013年我国2740个国有控股上市公司为样本进行实证检验,通过应用多元回归分析方法定量检验出其他大股东对控股股东的监督和制衡、股权集中程度的降低、机构投资者的引进、国有企业股份的流通比例的加大,都能够有效抑制自由现金流引起的国有企业过度投资情况。
The multiple regression analysis is applied to the field of enterprise investment research. Combined with the direction of deepening the reform of state-owned enterprises, and with 2740 state-controlled listed companies in China from 2010 to 2013 as samples, empirical tests are conducted to verify the results of multiple regression analysis. The supervision and checks and balances of controlling shareholders, the reduction of ownership concentration, the introduction of institutional investors and the increase of the circulation proportion of state-owned enterprises can effectively restrain over-investment in state-owned enterprises caused by free cash flow.