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《Nankai Business Review》 2006-05
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Large Shareholders' Effect on Corporate Investment:Evidence from China Listed Companies

Rao Yulei, Wang Yuying  
This paper using dada spanning the 2001-2003 years of China's non-financial A Stock listed companies, we empirically investigate how large shareholders' ownership influence a firm's investment-cash flow sensitivity; and we evaluate the cause and the process of their relationship. The results are as follows. First, investment of listed companies is significantly and positively affected by cash flow. Second, large shareholders' holdings are negatively related with investment-cash flow sensitivity. Third, when large shareholders' are state, the negative coefficient is great; when they are legal within country's borders, the negative relationship is not significant. Finally, the reason for investment-cash flow sensitivity and the influence of large shareholders on investment-cash flow sensitivity is more likely to be overinvestment hypotheses.
【Fund】: 国家自然科学基金项目资助(70272045)
【CateGory Index】: F275;F224
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