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中文摘要：
以我国上市公司2003-2008年的数据为样本,实证检验了终极控制特征、资本投资对股票横截面收益的影响。研究结果发现：（1）上市公司终极控制权与现金流权分离并没有显著影响与中小股东利益直接相关的股票横截面收益;（2）上市公司预期投资显著降低了股票横截面收益,说明市场普遍认为投资活动损害了公司价值;（3）终极控制权与现金流权分离通过预期资本投资对公司价值产生了负面影响,而当期资本投资的变化一定程度地提高了公司的价值。按照Richardson的预期投资模型进一步检验表明,资本投资过度的上市公司较投资不足的上市公司终极控制特征与资本投资对股票横截面收益影响更显著。本文的研究结果说明,上市公司终极控制特征通过资本投资活动影响了公司的价值。
英文摘要：
Using a sample of Chinese listed companies from 2003 to 2008,this paper examines how characteristics of ultimate control and capital investment affect the cross-section of stock returns.We find that divergence between control rights and cash flow rights has no effect on the cross-section of stock returns.Capital investment is expected to reduce the cross-section of stock returns.It is believed that capital investment damages to the company＇s value.As the divergence widens,capital investment has negative effect on the cross-section of stock returns.But capital investment variation has some positive effect on the cross-section of stock returns.Based on Richardson,we find that comparing with underinvestment,overinvestment is more significant.We find that as the divergence widens,the characteristics of ultimate control and capital investment affect the company＇s value significantly.
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Financial relationships, banking structure and financing constraints: evidence from private enterpri
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