负债、负债结构与企业投资行为——来自中国上市公司的经验证据被引量：26

The Debt,Debt Structure and Corporates'Investments:An Empirical Analysis of the Chinese Listed Companies

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摘要基于我国制度背景,利用上市公司的财务数据,实证检验了负债及负债结构对企业投资行为的影响。研究表明,相对投资不足行为,国有控股企业的过度投资行为更为显著,而非国有控股企业的这两种行为均较为显著;负债一方面可以抑制企业的过度投资,另一方面也使得企业投资不足问题更为严重;短期负债并没有降低企业的投资不足问题,但能够抑制企业的过度投资问题;银行借款并没有发挥其应有的相机治理作用。 This paper offers an empirical analysis of the impact of the debt and debt structure exerted upon corporate investment of listed companies in China. The analysis indicates that over-investment is more evident in state-owned companies whereas both under-investment and over-investment are frequent occurrences in shareholding companies. On the one hand, debts cause constraints over-investment. On the other hand, they exacerbate the problem of under-investment. Although short-term debts do not lower under-investments, they restrict over-investments. The paper also suggests that bank loans fail to exercise its role of governance.

作者王治周宏琦

机构地区长沙理工大学管理学院沅江市城关职高

出处《海南大学学报（人文社会科学版）》 CSSCI 2007年第2期169-175,共7页 Journal of Hainan University （Humanities & Social Sciences）

关键词自由现金流投资不足过度投资负债负债结构 free cash flow under-investment over-investment debts debt structure

分类号 F830.59 [经济管理—金融学]

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