过度投资

• Meantime , because of the soft bound of equity capital caused by the low cost of stock right financing a nd the deficiency of corporate governance structure , listed companies were confronted with the problems of over - financing of stock right , over - investment and over - competition
  同时，由于上市公司股权融资成本偏低和公司治理结构的缺陷导致的股权资本软约束，在上市公司中又出现了过度股权融资、过度投资以及过度竞争等问题。
• Moral hazard can cause many problems which will threaten and impair the benefit of the venture capitalists seriously , for example negative work , excessive consumption on work , misusing capital , excessive investment and so on
  它将直接导致风险企业家的消极怠工、在职消费以及滥用资本、过度投资等问题，严重威胁和损害风险投资家的利益。防范和控制道德风险问题关系到风险资本的安全及使用效率，也是风险投资家和理论界关注的对象。
• The fact that , in the financial liberalisation of the mainland , qfii has preceded qdii is a good example of this approach , although the threat of over - investment now strengthens very much the case for going ahead with qdii as quickly as possible
  中国内地开放金融体系的做法，是让合格境外机构投资者qfii先行，认可本地机构投资者qdii随后，就是很好的例子。至于目前可能出现过度投资的问题，只是突显了应尽快落实qdii的政策而已。
• Besides , it shows that , ( 1 ) leave unused capital seems to have some effects on productive investment and financial investment , but the magnitudes and the directions of the effects are still vague ; ( 2 ) the investment opportunities have some effects on the investment of our listed enterprises ; ( 3 ) our listed enterprises have faint financing constraints ; ( 4 ) compared with the investment in the area of finance , situations of over - investment and short - investment are more serious than that in productive ones
  研究还发现： ( 1 )闲置资金对生产性投资和金融性投资似乎存在一定的作用，但这种作用的大小和作用的方向并不明朗； ( 2 )投资机会对我国上市公司投资有一定影响； ( 3 )我国上市公司存在着微弱的融资约束； ( 4 )相对于金融性投资领域，过度投资和投资不足现象在生产性投资领域更为严重。
• Contract incompleteness might lead to overinvestment when the investment is unobservable and cooperative ( the buyer ' s value of the good depends on the seller ' s investment ) , and the players have asymmetric information during the bargaining ( the buyer has private in formation regarding his value for the good )
  本研究发现，当投资为合作的（如买方所要买的物品，因卖方的投资而有较好的质量） ，而且在投资后的谈判中，买卖双方所拥有的信息并不对称时，不完全契约的环境可能造成过度投资。
• The fallacy of composition is a kind of " macro - market failure " , so the stabilization policy should be chosen by the state . also , the paper analyzed the economic bodies " responses and the state ' s behaviors in the deflationary environment , and studied the price fluctuations in the money angle , and finally summarized the causes of the deflation in our country , pointing out that over - investment is the main factor . several suggestions about setting up some institutional and physical infrastructure facilities are brought forward in the end
  本文所做的工作还包括对通货紧缩环境中微观经济主体的反应以及政府(央行)的行为进行了分析，并从货币角度对物价变动和通货紧缩的形成作了探讨，最后对我国通货紧缩形成的原因进行了总结，认为90年代初期以来过度投资造成的生产能力相对过剩是引起我国通货紧缩的主要原因，而抑制高通胀的“双紧”政策、亚洲金融危机的冲击以及国内一系列重大改革措施的负面影响等原因，则在一定程度上提前、加剧或延长了我国的通货紧缩。
• As an effective signal of information , capital structure can convey firm ' s inside information to outside investors , influencing their investment incentives . the choice of the optimal financing policy can avoid the problem of overinvestment and underinvestment , caused by the information asymmetry , to some extent
  资本结构是一种有效地传递企业内部信息的讯号，影响外部投资者的投资激励；合理融资方式的选择有助于缓解信息不对称引起的过度投资和投资不足。
• Contract incompleteness might lead to overinvestment when the investment is unobservable and cooperative ( the buyer ' s value of the good depends on the seller ' s investment ) , and the players have asymmetric information during the bargaining ( the buyer has private in formation regarding his value for the good )
  本研究发现，当投资为合作的（如买方所要买的物品，因卖方的投资而有较好的品质） ，而且在投资后的谈判中，买卖双方所拥有的资讯并不对称时，不完全契约的环境可能造成过度投资。
• Where , i is net fixed capital formation , v is the value added of industries , i is the number of industrial , t is the year , t is the flexibility changes of fixed capital formation on the industry growth , denoted the level of flexibility of change capabilities on increasing the investment in the optimistic prospective industries and reducing the investment in the pessimistic prospective industries
  这表明经济发展过程中存在对于发展企业的“投资不足”和对于衰退企业的“过度投资”现象,并且我国在资本配置过程中存在显著的“短期现象” 。这些现象主要都是由我国金融体制对国有经济的金融支持偏好和国有经济对这种支持的刚性依赖这个原因造成的。