报告主题：Does Corporate Financing Decisions Cause Corporate Investment Inefficiencies?

     主讲人简介:姓名：萧小芬 职务：副教授 教育背景: 004.09~2008.06:台湾国立云林科技大学管理研究所财金组博士 2001.09~2003.06:台湾国立云林科技大学财务金融研究所硕士 1998.09~2001.06:台湾东海大学企业管理学系本科 研究领域： 行为财务、公司治理、计量经济等 研究成果： 发表论文，SSCI:2篇；SCI：2篇；EI：1篇；EconLit：4篇

     报告摘要： We set out in this study to examine the relationship between the financing decisions of firms and level of inefficient investment.We demonstrate that firms with (non-)valuable investment opportunities, the actual level of investment invariably tends to less (more) than the optimal level which problem of under-investment (over-investment). We carry out two types of empirical tests, analyzing the level of investment for maximum firm value (dependent upon the quality of the investment opportunities) so as to gauge the relative magnitude of the investment inefficiencies effects. Firstly, from an examination of the relative changes in the investment intensity of firms following financing decisions, we find that those firms issuing equity or dual tend to under-investment, and that this is largely dependent upon the valuable investment opportunities available to them. Secondly, we examine different financing decisions in an attempt to determine whether such decisions represent the underlying cause of such inefficient investment.

活动时间：2018年4月11日下午15:00  地点：威廉希尔williamhillB401