债务期限与企业投资行为:一项理论分析  

Theoretical Analysis of Debt Maturity and Corporate Investment

作　　者：袁卫秋[1] 

机构地区：[1]南京财经大学会计学院,江苏南京212001

出　　处：《河北经贸大学学报》2009年第5期68-74,共7页Journal of Hebei University of Economics and Business

基　　金：国家自然科学基金项目(项目批准号:70872003);教育部人文社科基金项目(项目批准号:06JC790022)资助成果

摘　　要：在单时期模型和企业投资决策中的实物期权思想的基础上构建的两时期模型,证明了短期债务其实有可能使得企业发生过度投资行为,短期债务也有可能使得企业发生投资不足行为,长期债务总是导致企业发生投资不足行为,短期债务对企业投资不足的影响较长期债务要轻,以及平均债务期限与企业投资呈负向关系等重要结论。This paper constructs double temporal model on the basis of single temporal model and real options in corporate investment decision in order to prove that the short-term debt is likely to lead to overinvestment or underinvestment by enterprises, that long-term debt always results in anderinvestment by enterprises, that short-term debt is less likely than longterm debt to induce underinvestment. and that the average debt maturity is negatively related to corporate investment.

关 键 词：债务期限 投资不足 过度投资 

分 类 号：F273.4[经济管理—企业管理]