银行借款、商业信用与公司投资行为  

A Study on Bank Debt,Commercial Credit and Corporate Investment Behavior Based on Evidence of China′s Manufacturing Listed Companies

作　　者：王鲁平[1] 毛伟平[1] 

机构地区：[1]西安交通大学管理学院,陕西西安710049

出　　处：《西安交通大学学报（社会科学版）》2009年第1期6-11,共6页Journal of Xi'an Jiaotong University：Social Sciences

基　　金：国家自然科学基金项目(70572039);国家"985"工程二期建设项目(07200701)

摘　　要：运用中国300家制造业上市公司1999-2005年的平行面板数据,就其银行借款、商业信用与公司投资行为之间的关系进行了实证检验。研究发现,总体上银行借款与商业信用均与投资支出负相关,且银行借款与投资的负相关性显著强于商业信用。在引入投资机会集与负债比率的交互项并细分样本之后,发现相对于低成长的公司,高成长公司中商业信用与投资的负相关程度更强,而银行借款与投资的负相关程度在高低成长公司中差异不显著。This study empirically examines the relationship among bank debt, commercial credit and corporate investment behavior using panel data from 1999 to 2005 of China＇s manufacturing listed companies. The results show that, as a whole, bank debt and commercial credit are negatively related to investment, and this negative effect between bank debt and investment is significantly stronger than between commercial credit and investment. After the interactive term is included in the model and the samples are divided according to IOS, it is disclosed that compared to the firms with low growth opportunities, the negative effect between commercial credit and investment is stronger than the firms with high growth opportunities. But the difference in the negative effect of bank debt on investment decision between the firms with high and low growth opportunities is not significant.

关 键 词：银行借款 商业信用 投资行为 公司治理 

分 类 号：F275.5[经济管理—企业管理]