State Ownership,Firm Performance,and Firm Investment
研究中国上市公司中，国有与非国有企业在亏损和盈利时投资行为的差异，发现两类企业都倾向过度投资，但特征不同：亏损的非国企比盈利的非国企更易过度投资，而盈利的国企比亏损的国企更易过度投资，且这两类过度投资均损害企业价值。
Using the data of Chinese listed companies,this paper studies the difference of the investment behaviors between state-owned firms and non-state-owned firms when they face loss and profit respectively.It is found that both state-owned firms and non-state-owned firms have tendency to over-invest but they take on different characteristics. Lost non-state-owned firms are more likely to over-invest than profitable non-state-owned firms.On the contrary,profitable state-owned firms are more likely to over-invest than lost state-owned firms.The over-investments of both profitable state-owned firms and lost non-state-owned firms have negative influence on firms' value.