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股权结构作为公司治理机制的一部分,对企业投资效率有着重要的影响。本文通过对我国旅游上市公司2011年—2013年的财务数据研究分析,发现:股权结构对我国旅游上市公司的投资效率并没有太大的影响。而公司治理以外的因素,如前期投资和公司的经营现金流都与当期投资显著正相关。
Ownership structure as a part of corporate governance mechanism has an important impact on the efficiency of corporate investment. Through the research and analysis of the financial data of China’s listed travel companies from 2011 to 2013, this paper finds that the ownership structure does not have much impact on the investment efficiency of China’s listed travel companies. Factors other than corporate governance, such as the up-front investment and the company’s operating cash flow, are significantly and positively related to current investments.