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《Journal of Huazhong Normal University(Natural Sciences)》 2007-03
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Research on managers' investment action of the listed manufacturing companies

LEI Xinghui,LIU Wancai(School of Economics and Management,Tongji University,Shanghai 200092)  
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.
【Fund】: 国家自然科学基金资助项目(70671075)
【CateGory Index】: F425;F224
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