中文摘要：

采用平行面板数据的随机效应模型和平均模型考察了我国制造业上市公司经理人进行投资决策的行为特征,研究发现：我国制造业国有控股上市公司经理人在进行投资决策时没有将破产因素作为一个重要决策变量,而非国有控股上市公司经理人在进行投资决策时考虑了破产因素的影响;两者均与现金流显著正相关.在结果分析中,作者提出了经理人报酬与破产因素相关性的假设,通过经理人报酬模型进行假设检验,验证了破产因素对国有控股上市公司经理人的报酬无显著性影响而对非国有控股上市公司经理人的报酬有显著性影响的事实,并在破产法的框架内对这种事实进行了分析.

英文摘要：

Using random effects model and between OLS estimation model of parallel panel data, this paper explored the character of the manager＇s investment actions of manufactural listed companies. Results show that the managers of state-owned charging share listed companies didn＇t consider bankruptcy as an important variable, but the managers of non state-owned charging share listed companies did and they are both significantly positive correlation with the free cash flow. In the following analysis, this paper made a hypothesis test by a salary model and the result revealed that the bankruptcy factor has a significant influence on the manager＇s income of state-owned charging share listed companies but has not on the managers＇ of non state-owned charging share listed companies and give analysis in the frame of broke-law.