南华大学学报（社会科学版）Issue(2)：38-43,6.
股权结构、财务杠杆对 ST公司投资行为的影响--来自ST上市公司的经验数据
The Effect of Equity Structure, Financial Leverage to Investment Behavior of Companies Titled ST---Empirical Evidence from Listed Companies titled ST in China
摘要
Abstract
The investment behavior of ST companies is the vital issue which capital market concerns.Based on this fact, this ar-ticle, from the perspective of shareholders and creditors, examines the effect of corporate ownership structure and financial leverage on ST corporate investment spending. The selected data is from the background of listed companies in A-stock market titled with ST between year 2005 and year 2012. According to our research, we believe that ownership concentration as well as long-term liabilities can promote corporate investment, whilst the balance of equity and short-term debt do the opposite.Additionally, we find that the larger the scale of the ST companies, the less their corporate investment while free cash flow keeps positive correlation with investment spending.关键词
股权结构/财务杠杆/ST公司投资行为Key words
Equity Structure/Financial Leverage/ST Companies Investment Behavior分类
管理科学引用本文复制引用
祝群..股权结构、财务杠杆对 ST公司投资行为的影响--来自ST上市公司的经验数据[J].南华大学学报（社会科学版）,2015,(2):38-43,6.基金项目
龙岩学院国家基金培育项目“制度背景、社会责任成本与企业可持续发展”资助 （）
