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本文基于预期效用和控股权利益理论,运用数理分析方法,通过构造公司价值的V-N-M效用函数,对影响我国上市公司财务性投资行为的因素及其机理进行分析,并以2008-2011年沪深两市A股上市公司为样本进行实证检验。研究发现:(1)公司自由现金流越多,越有可能进行财务性投资;(2)在自由现金流一定条件下,资产负债率越高,上市公司越不可能进行财务性投资;(3)控股股东持股比例与财务性投资存在倒U型的关系。
Based on the theory of expected utility and controlling interest, this paper analyzes the factors that affect the financial investment behavior of listed companies in China and its mechanism through the construction of the VNM utility function of corporate value by using mathematical analysis method. Taking the 2008-2011 Shanghai and Shenzhen stock market City A-share listed companies to conduct empirical tests for the sample. The results show that: (1) The more free cash flow companies are, the more likely they are to make financial investments. (2) Under the condition of free cash flow, the higher the debt-to-asset ratio, the less likely the listed companies will make financial investments; (3) ) There is an inverted U-shaped relationship between the controlling shareholder’s shareholding ratio and financial investment.