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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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【Citations】
Chinese Journal Full-text Database 6 Hits
1 TANG Yue-jun~1, XIAO Guo-zhong~2(1.International Business School, Nankai University, Tianjin 300071,China;2.School of Law, Nankai University, Tianjin 300071, China);Transplantation and Indigenization of Independent Director Mechanism——Based on a Questionnaire Survey on 500 Chinese Listed Corporations[J];The Study of Finance and Economics;2004-02
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3 MEI DanInternational Business School,Nankai University,Tianjin 300071,China;Financial Determinants of Investment Scale Decisions in China′s Listed Companies[J];Management Sciences in China;2005-05
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6 YANG Zhong-lian~1,YIN-zi~2(1.Research Institute of Accounting and Finance,Shanghai Universityof Finance and Economics,Shanghai 200433,Chian;2.Institute of Accounting,Shanghai University of Finance andEconomics,Shanghai 200433,China);Research on Supervision Effect of Audit Committee and Independent Directors: Evidence from Financial Fraud[J];Journal of Shanghai University of Finance and Economics;2006-01
【Co-citations】
Chinese Journal Full-text Database 10 Hits
1 JIA Jian-jun,ZHAO Wen-qing,QIAN Zhou-xing,JIA Hui-min(School of Management,AHUT,Ma'anshan 243002,Anhui,China);Comparative Research into Independent Director System of both Domestic and Foreign Enterprises[J];Journal of Anhui University of Technology(Sociel Sciences);2005-05
2 YUE Xu-hua (School of Accounting,Shanghai University of Finance and Economics,Shanghai 200433,China);Effects of Growing Opportunity on Debt and Investment Behavior[J];Collected Essays on Finance and Economics;2008-02
3 XIN Qing-quan,LIN Bin(School of Business Management,Sun Yat-sen University,Guangzhou 510275,China);Debt Leverage and Corporate Investment:A Duplicate Soft Budget Constraint Perspective[J];Journal of Finance and Economics;2006-07
4 LIAN Yu-jun,CHENG Jian(Jinhe Center for Economic Research,Xi'an Jiaotong University,Xi'an 710049,China);Investment-Cash Flow Sensitivity:Financial Constraints or Agency Costs?[J];Journal of Finance and Economics;2007-02
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8 WANG Jin-long LI Chuang-fei(School of Management, Anhui University of Finance of Economics, Bengbu 233030);An Empirical Study of the Governance Structure and Corporate Performance of Listed Companies in Central China[J];Finance and Trade Research;2007-02
9 SUN Jun-yang YIN Shi-bo;A Study on the Independent Director System Innovation of Chinese Listed Banks[J];Finance Forum;2008-09
10 WANG Ping,SUN Shi-xia(Capital University of Economics and Business,Beijing 100070,China);A Study of Free Cash Flow, Ownership Structure and Over- investment of China’s Listed Companies[J];Contemporary Finance & Economics;2009-04
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1 Song Xianzhong & Zhang Gongfu (Ji'nan University,510632);Leverage,Investment and Corporate Competitive Advantage[A];[C];2006
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5 Pan Xiaowei Dept. of Accounting, Fuzhou University, Fuzhou 350001, China;The research on the relation of independent director’s social capital and earings management[A];[C];2009
【Secondary Citations】
Chinese Journal Full-text Database 9 Hits
1 Cai Ning, Liang Lizhen( Department of Accounting, Xiamen University, Xiamen, Fujian 361005 );An Empirical Analysis of the Relation Between Corporate Governance and Financial Statement Fraud[J];The Theory and Practice of Finance and Economics;2003-06
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9 ZHOU Li(School of Economics &Management, Tsinghua University, Beijing 100084,China);Test of Agency Problem in Free Cash Flow[J];China Soft Science;2002-08
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