多年前，我国上市公司利用闲置资金购买理财产品被明令禁止，但2012年底随着相关政策的放开，上市公司购买理财产品呈现爆发之势，而且超过一半来自于募集资金，这种投资乱象对公司、股东和社会都会造成严重的危害。但由于上市公司大量投入理财产品于近几年才兴起，国内针对这一现象的研究相对匮乏，部分研究只停留在现象的简单描述上且数据陈旧。

本文选取了2013年至2015年国内上市公司购买理财产品的数据进行分析，利用多元线性模型对影响上市公司购买理财产品规模的因素进行了深入论证，通过研究发现，上市公司购买理财产品的规模与公司规模、现金流比例、控股股东持股比例和资产负债率存在明显的相关关系。若要解决上市公司过度投资理财产品的问题，在政策和实施中，都需要在加强对上市公司再融资的监管、加强对控股股东的监管、大力发展债券市场等方面做出努力。

关键词：上市公司;理财产品;影响因素

It was prohibited that listed companies used idle funds to purchase financial products in China years ago. However, with the permission of regulatory policy in the end of 2012, a great number of idle funds, more than half of which are from raised money, have poured into financial markets. The investment chaos will do harm to the companies, shareholders and the society. Because the over-investment got popular recently, research related is relatively scarce, part of which only describes the phenomenon by obsolete data.

We use the data of listed companies that have purchased financial products from 2013 to 2015. We study the factors that influence the over-investment of financial products by multiple linear regression model. We find that the over-investment of financial products is highly correlated with the size of the company, the cash flow ratio, the holding proportion of large shareholders and the asset-liability ratio. To solve the problem of over-investment, the government needs to strengthen the supervision of the refinancing of listed companies and the action of the controlling shareholder and develop the bond market.

Key words: Listed Companies;Financial Products;Influencing Factors

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