过度投资作为企业非效率投资的一种,直接降低企业价值,影响企业的可持续发展。本文分析控制性股权结构对过度投资行为的影响,论文主要从控股股东持股比例、现金流量权两方面展开,高比例的控制权和现金流量权能够抑制过度投资行为,两权分离度对投资过度的影响效应取决于控股股东是否为绝对控股。 Overinvestment, as a kind of inefficient investment in enterprises, directly reduces the value of enterprises and affects the sustainable development of enterprises. This paper analyzes the impact of controlling ownership structure on overinvestment behavior. The dissertation starts with controlling shareholder’s shareholding proportion and cash flow right. A high proportion of controlling and cash flow rights can restrain overinvestment behavior. Excessive effect depends on whether the controlling shareholder is absolutely controlling.