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Erschienen in:
2012 | OriginalPaper | Buchkapitel
The Empirical Measurement of Enterprise Inefficient Investment – Richardson-Based Investment Expectation Model
verfasst von : Rong Hu, Jingsong Tian, Xiaoqin Wu
Erschienen in: Information and Business Intelligence
Verlag: Springer Berlin Heidelberg
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This paper analyzed the reasons of enterprise inefficient investment based on the information asymmetry and agency point of view. This paper empirically measured the extent of enterprises inefficient investment with Richardson (2006) empirical investment expectation model. The result showed that, whether the capital investment measured by the cash flow statement project or the balance sheet project, there are some problems of certain degree inefficient investment in sample enterprise obviously, in which over investment degree of over investment sample is more serious than the degree of insufficient investment sample. The result provided empirical base for future related research.