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165th Biweekly Academic Forum

作者:     日期:2016-01-04    来源:

1. Topic: Can over-investment index measure over investment?

2. Lecturer: Wu Weili, Lecturer of School of Finance, CUFE. He graduated from Guanghua Management School, Peking University with Doctor of Economics degree in 2015. His main research area includes empirical corporate finance, theoretic and empirical asset pricing and quantitative investment. And his articles were published on Journal of Futures Markets, China Economic Quarterly, Economics and Management Review and Financial Research.

3. Time: January, 8th, 2016(Friday), 13:00-14:00

4. Place: 706 Meeting Room, Academic Meeting Hall

5. Host: Chen Rui, Lecturer of School of Finance, CUFE.

Abstract: Jenson & Meckling (1976) points out that the problem of principal-agent between shareholders and management layer may occur with the dispersed ownership structure. One form of the problem of principal-agent is that the management layer may abuse the cash of the corporate, carrying on the low-efficient investment, which is called over investment. Richardson (2006) arose an index to measure whether the corporate carries on over investment, which was called Rindex in this paper. This index was used in many local paper. However, in this paper we found a series of evidences which show the Rindex is not suitable for the measure of investment efficient on statistic for public companies in China. So, the former research conclusions about Chinese corporate management based on Rindex need further examine.