以2000-2007年沪深上市公司为样本,运用分组分析和回归分析方法,研究了上市公司的成长能力对投资行为的影响效应。研究结果表明:(1)成长能力对投资行为具有正向的促进作用,中成长性公司和高成长性公司的平均投资水平要高于低成长性公司。(2)大股东控制程度越高,上市公司的投资水平就越高,投资支出与大股东控制程度之间表现出显著的正相关关系。(3)成长能力和大股东控制程度交互作用对投资支出具有逆向的抑制关系,二者交互作用越强,上市公司的投资支出就越低。通过营造和提升上市公司的成长能力,可以优化上市公司的投资结构和提高投资效率。
Selecting listed companies from 2000 to 2007 as samples and using regression analysis method, this paper analyzes the relationship between growth ability and investment. Results show that: firstly, growth ability has important influence on investment behavior of listed companies, and the average investment size of middle and high growth companies is larger than that of low growth companies; Secondly, there is direct ratio correlation between the share of large shareholders and investment size, and the more share large shareholder hold, the more the large shareholder can influence the investment decision of listed companies; Thirdly, there is inverse relationship between growth ability and interreaction role of growth ability and large shareholder. By building and enhancing the growth ability of listed companies, the structure and efficiency of investment can be promoted.