DocumentCode
535859
Title
Notice of Retraction
Cost of capital and investment efficiency
Author
Jian Jianhui ; Liu Yunyun
Author_Institution
Sch. of Bus. & Manage., NCEPU, Beijing, China
Volume
2
fYear
2010
fDate
9-10 Oct. 2010
Firstpage
84
Lastpage
87
Abstract
Notice of Retraction
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
The paper researches the relationship between over-investment behaviors of listed companies and cost of capital from a financing point of view, and analyzes reasons of over-investment of Chinese companies from the more basic level. In China there has been a special financing phenomenon inconsistent with the pecking order theory: the preference for equity financing. The paper´s empirical test showed that Chinese companies over-investment and low cost of capital is closely related, and the relationship is more significant in the state-owned companies than non-state-owned companies, the reason for which is that state-owned companies´ corporate governance is lower than those of private-owned companies.
After careful and considered review of the content of this paper by a duly constituted expert committee, this paper has been found to be in violation of IEEE´s Publication Principles.
We hereby retract the content of this paper. Reasonable effort should be made to remove all past references to this paper.
The presenting author of this paper has the option to appeal this decision by contacting TPII@ieee.org.
The paper researches the relationship between over-investment behaviors of listed companies and cost of capital from a financing point of view, and analyzes reasons of over-investment of Chinese companies from the more basic level. In China there has been a special financing phenomenon inconsistent with the pecking order theory: the preference for equity financing. The paper´s empirical test showed that Chinese companies over-investment and low cost of capital is closely related, and the relationship is more significant in the state-owned companies than non-state-owned companies, the reason for which is that state-owned companies´ corporate governance is lower than those of private-owned companies.
Keywords
investment; Chinese companies; capital cost; equity financing; investment efficiency; over-investment behaviors; pecking order theory; Artificial neural networks; Biological system modeling; Educational institutions; Investments; Cost of Capital; Overinvestment; Soft constraint;
fLanguage
English
Publisher
ieee
Conference_Titel
Future Information Technology and Management Engineering (FITME), 2010 International Conference on
Conference_Location
Changzhou
Print_ISBN
978-1-4244-9087-5
Type
conf
DOI
10.1109/FITME.2010.5654886
Filename
5654886
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