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本文主要从上市公司的公司治理特征角度,分析了我国上市公司非效率投资产生的原因。由于制度上对股权设置的相关规定,决定了内部人控制和国有上市公司政府干预在一段时间内将成为我国上市公司内部治理的突出特征,大股东对控制权私人收益的攫取和政府的政治目标会导致非效率投资的发生。因此,减少非效率投资和提高企业价值的有效措施在于构建相互制衡的股权结构和减少各级政府的行政干预。
This paper analyzes the causes of inefficient investment in listed companies from the perspective of corporate governance of listed companies. Due to the system-related provisions on the establishment of the equity, it determines that insider control and the government intervention of the state-owned listed companies will become prominent features of the internal governance of listed companies in our country for a period of time. The major shareholders’ seizure of private benefits of control and the government’s political goals Will lead to inefficient investment. Therefore, effective measures to reduce inefficient investment and increase enterprise value lie in constructing mutual checks and balances ownership structure and reducing administrative interference of all levels of government.