债务融资、债务结构与公司过度投资行为--来自我国上市公司的经验证据  

Debt financing,debt structure and overinvestment of listed companies in China

作　　者：李枫[1] 杨兴全[1] 

机构地区：[1]石河子大学经贸学院,新疆石河子832003

出　　处：《大连理工大学学报（社会科学版）》2008年第4期46-51,共6页Journal of Dalian University of Technology(Social Sciences)

基　　金：国家社会科学基金项目(05CJY008)

摘　　要：文章以我国A股市场上市公司为研究对象,实证研究了债务融资对过度投资行为的抑制作用。研究发现:我国上市公司普遍存在着严重的过度投资现象,债务融资及其构成特征整体上并未对公司的过度投资行为起到抑制作用。通过进一步按最终控制人性质分组检验发现,债务融资比例与银行借款在国有控股公司不但没起到抑制过度投资行为的作用,反而还恶化了公司的过度投资行为,债务融资比例与银行借款在非国有控股公司中起到了制约过度投资的作用,商业信用和长短期债务在国有与非国有控股公司中仍没起到制约公司过度投资行为的作用。This paper conducts an empirical study of the impact of debt financing on overinvestment behavior based on listed companies of A-share market in our country.The research findings show that there has been substantial overinvestment behavior in listed companies of our country,while debt financing and its characteristics have no control over the firms' overinvestment behavior generally.But for the further study that divides the sample into two groups based on the last controller,the result shows that debt financing ratio and bank debt ratio have worsened the overinvestment behavior in state-controlled firms and controlled the overinvestment behavior in non-state controlled firms.And credit debt,long debt and short debt have had no impacts on overinvestment behavior both in state controlled firms and in non-state controlled firms.

关 键 词：过度投资 债务融资 债务来源结构 债务期限结构 

分 类 号：F275[经济管理—企业管理]