Research on Excessive Investment with DEA Analysis for Chinese Listed Companies
This paper measured level of corporate over-investment with DEA method. In this paper, the empirical research tested the excessive levels of investment in listed companies. Studies have been shown by investment-cash flow sensitivity and growth function in metrics when excessive levels of investment in listed companies in China. Tobin Q values are not objective enough in China's capital market, while DEA method can be more scientific measure of Chinese listed companies for the level of over-investment.
Helen Zhang, Gang Shen and David Jin
J. Long and Y. X. Li, "Research on Excessive Investment with DEA Analysis for Chinese Listed Companies", Advanced Materials Research, Vols. 225-226, pp. 1208-1211, 2011