Based on principal-agent,free cash flow,and incentive theory,this study investigates the correlation be-tween management incentives and overinvestment.Research has found that non-state-owned enterprises enhance the correlation between management incentives and overinvestment,while state-owned enterprises weaken the negative correlation between management incentives and overinvestment compared to private enterprises,This may be due to significant differences between the assessment of economic and profitability indicators by the management of state-owned enterprises and the maximization of shareholder wealth or enterprise value in private enterprises,resulting in a certain degree of discount effect on the governance effect of overinvestment behavior;The more dispersed the equi-ty,the stronger the negative correlation between management incentive policies and overinvestment behavior.
ownership structuremanagement incentiveenterprise over investment
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