生命周期视角下非效率投资的影响动因研究

从城镇化发展中质的提高和量的扩张两方面出发，构建了城镇化发展水平评价指标体系.考虑到评价指标之间的相关性，运用多层路径分析方法提出多层路径分析的城镇化发展水平评价模型.根据新模型和要解决问题的特点，给出模型的算法.综合城镇化发展中质与量的指标及其相关性，构建城镇化水平指数来评价城镇化发展的水平.最后进行了实证分析，验证了模型的合理性.

The Motivation of Inefficient Investment under the Perspective of Corporate Life Cycle

The paper examines the motivation of inefficient investment from the perspective of business dynamic development, based on the sample of 2009-2012 A-share listed companies in Shanghai and Shenzhen Stock Exchanges. The results show that: A company''s over-investment in growth and maturity stage is caused by the conflict of manager agent; over-investment in state-owned enterprises in recession stage is caused by major shareholder proxy conflicts; over-investment in non-state-owned enterprises in recession stage is caused by both manager agency conflicts and major shareholder agency conflicts; under-investment of listed companies in growth stage is caused by financing constraints; under-investment of listed companies in maturity and recession stage is caused by both financing constraints and the two types of agency conflicts, and non-state-owned companies face more financing constraints than state-owned companies.