成长性高低对企业负债与投资行为的影响研究  

Effects of Growing Opportunity on Debt and Investment Behavior

作　　者：岳续华[1] 

机构地区：[1]上海财经大学会计学院,上海200433

出　　处：《财经论丛》2008年第2期59-64,共6页Collected Essays on Finance and Economics

基　　金：上海市教委重点资助项目(07ZS1751);教育部人文社科研究青年基金资助项目(06JC630021)

摘　　要：本文以沪深两市A股上市公司为研究对象,从企业成长性高低角度来考察负债与企业投资行为之间相关关系的强弱,同时考察了成长性不同,大股东控制下的控制权与现金流权分离的情况下企业的投资行为。实证结果表明:对于低成长性企业而言,其负债与投资规模之间的负相关关系比高成长性企业更显著;低成长性企业大股东的控制权与现金流权分离越大,企业的负债越多,投资也越大。The paper examined listed companies of A shares in China and discloses the relationship between leverage and investment with different growth opportunity. The empirieal results show that the degree of the negative relation between leverage and investment is significantly stronger in eompanies with low growth opportunity, compared with that with high growth opportanity. The paper also finds that in companies with low growth opportunity, if the separation between control fights and cash flow rights is bigger, the leverage and investment are bigger.

关 键 词：股东/经理-债权人冲突 股东-经理冲突 企业成长性 控制权与现金流权分离 

分 类 号：F230[经济管理—会计学]