| Committed investment project as part of corporate assets, its orientation is closely related to interests of investors. Change of committed investment project happened frequently in recent years, severely interrupted security order and investor's interest. The paper analyzes behavior mechanism of change of committed investment project from the order of motivation-behavior-effect And explains the phenomenon from major shareholders control power and manager control power respectively.In order to avoid that the efficiency of committed investment project changes along with different historical stages,this paper selects companies under Sponsor System as samples and analyzes the behavior of change of committed investment project. Firstly,the paper describes the status of change of committed investment project by statistical analysis method, finding higher change ratio, excessive number of raising funds,concentrated change, added liquidity frequently and irregular disclosure rules etc. The paper explains reasons from internal and external aspects. Again,the passage tests influence of change of committed investment project on company performance by combining comparative analysis with empirical method. This part is divided into three parts. Firstly,by comparing company performance of change of committed investment project and the unchanged, the results show that the former is a bit poor performance;Senondly,by longitudinal comparion of companys performance of the changed, the result shows the company performance deteriorated significantly after change;Thirdly,through the multivariate regression analysis model the paper trys to find out what factors result in company performance declines. The results shows that the characteristics of change frequency negatively correlation with the performance significantly, average every change of time and change cycle and is positively related to the performance significantly;Finally,the paper proposes corresponding policy suggestions. |
PDF Full Text Request