董事會特征對公司非效率投資的影響研究.pdf

1、重慶大學碩士學位論文董事會特征對公司非效率投資的影響研究姓名：蔣明躍申請學位級別：碩士專業(yè)：金融學指導教師：劉星2010-04重慶大學碩士學位論文 英文摘要 IV ABSTRACT Financing decision and investment decision are the core business activities of a company. Divided by MM theory, tradition corpora

2、te finance theory supposes that financing decision is absolutely independent of investment decision based on complete markets and information symmetry hypothesis. However MM separate principle doesn’t tell the truth of t

3、he real world. With the development of new system economics such as information economics, principal-agent theory and contract theory, more and more scholars pay attention to the conflicts of interest between relevant be

4、neficiaries and information asymmetry. Modern corporate finance theory deems that enterprise made of a nexus of contracts, so interest conflicts between relevant beneficiaries of a company bring on an agency cost, which

5、may cause non-efficient investment when making investment decisions, including over-investment and under investment. As the core mechanism of the internal corporate governance, board of directors is one of important deci

6、sion-making and oversight bodies. Standardized and effective board of directors can ensure to implement strategies which maximize long-term interests of the company, and represent the interests of all shareholders. If

7、the board can make decisions and supervise the activities of management level effectively, the company can increase the value to the full extent; on the contrary they may lead to many problems even bankruptcy. Board of

8、 Directors as the core of corporate governance, also the knot between stockholders and managers, there is no doubt that it will affect the efficiency of investment decisions. The thesis probes into the relationship betwe

9、en characteristics of board and investment efficiency. For this problem, the thesis firstly probes into the composition of board characteristics including scale, independence, motivation and behavior, and the concept of

10、 non-efficient investment including over-investment and under-investment; secondly the thesis theoretically discusses the relationship between these two factors; the thesis thirdly chooses exchange-listed firms which giv

11、es IPO before 2004 as the samples, 2004 to 2008 as the research period, referring to the model of Richardson in 2006, to estimate the level of non-efficient investment of the companies, expressed as over-investment and u