股权制衡对公用事业上市公司非效率投资影响研究

为挖掘股权制衡对非效率投资发挥作用的深层传导机制和作用机理，本文基于混合所有制改革背景，以2009~2018年我国公用事业上市公司数据为基础，对公用事业上市公司股权制衡与非效率投资之间的关系进行了实证分析。结果表明：提高股权制衡度对缓解公用事业上市公司非效率投资有显著的积极效应；代理成本是股权制衡影响公用事业上市公司非效率投资的有效途径；同时，相对于中央国有企业和非国有企业，地方国有企业股权制衡对非效率投资的影响程度更为显著。本研究将为公用事业上市公司配置合理的股权结构并制定最优的对外投资政策提供有益启示。

Research on the Influence of Equity Balance on Inefficient Investment of Public Utility Listed Companies

Work for mining equity checks and balances to the investment efficiency of the deep conduction mechanism and the mechanism of this article is based on the mixed ownership reform background, from 2009 to 2018 based on the data of listed companies of public utilities in China, the utility of the listed company equity checks and balances and made empirical analysis on the relationship between the efficiency of investment. the results show that the improving equity balance degree to ease the utility efficiency of the listed company of investment have significant positive effects; Agency cost is an effective way to influence non-efficient investment of public utilities listed companies by equity balance; At the same time, compared with central state-owned enterprises and non-state-owned enterprises, the influence of equity checks and balances of local state-owned enterprises on inefficient investment is more significant. This study will provide useful enlightenment for public utility listed companies to allocate reasonable equity structure and formulate optimal foreign investment policy.