题目: Ownership Structure and Investment Efficiency: Evidence from the Chinese Stock Market 演讲者： 汪昌云，中国人民大学财政金融学院教授 时间:   2006年12月8日（星期五）3：00—4：30 PM     地点:         嘉庚二513 参加者:      对财务研究有兴趣的广大师生 主持人：   孙谦教授 报告论文摘要: This paper studies the cross-sectional relation between ownership structure and investment efficiency in the Chinese stock market. We find that abnormal capital investment is positively associated with Tobin’s Q in the subsequent year. More interestingly, investment efficiency is closely tied to ownership structures. The relation between investment and Tobin’s Q is positive and significant for firms with higher levels of non-tradable shareholdings, ownership concentration, or state shareholdings, while it is insignificant for firms with lower levels of non-tradable shareholdings, ownership concentration, or state shareholdings. Our results are broadly consistent with the Q theory of investment. However, we demonstrate that the conflict of interests between controlling and minority shareholders is an important determinant of investment efficiency in the Chinese stock market. Our evidence on the investment efficiency conditional on past sales growth, cash flows, leverage, and cash dividends provides further support for the above hypothesis. 论文作者简介： 汪昌云，安徽太湖人。1986-1989获中国人民大学经济学学士学位，1989年获中国人民大学经济学硕士学位，1999年获伦敦大学金融学博士学位。1999-2005年任教于新加坡国立大学商学院。主要研究领域包括金融衍生工具，资产定价，金融风险管理，中国资本市场。自1999年以来，在国际高质量金融学期刊发表论文15篇，其中SSCI论文6篇。现任中国人民大学财政金融学院教授，博士生导师，应用金融系主任，中国人民大学特聘教授；中国金融学年会常务理事；中国投资学会理事；《金融学季刊》副主编。