边际融资成本对公司投资的影响研究:理论与实证  

Theoretical and Empirical Research into the Effect of Marginal Financing Cost on Corporate Investment

作　　者：曹书军[1] 李娜[1] 罗平[2] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044 [2]重庆理工大学会计学院,重庆400061

出　　处：《系统工程》2010年第6期17-24,共8页Systems Engineering

基　　金：国家自然科学基金资助项目(70772100);教育部博士点基金资助项目(教技发中心函(2006)226);教育部人文社会科学研究基金资助项目(09XJC790021)

摘　　要：公司内外融资成本差异对公司投资决策的影响一直是理论和实务界的重要话题,其主要体现为融资约束。本文从公司边际融资成本着手,构造理论模型来刻画公司边际融资成本对公司投资行为的影响,并用公司治理水平指数和权益资本成本指标来代替公司边际融资成本对模型进行实证检验。研究结果表明,公司外部边际融资成本与公司投资负相关,与投资-现金流敏感系数显著正相关,并且这一相关性随边际融资成本的增大而降低。同时发现,较密切的政企关系和市场竞争不足会软化公司的融资约束的影响。As an important topic in corporate finance research,how the financial cost influences corporate investment has been arousing much attention from academia and practice.This paper conceives a theoretic model to describe how the marginal financing cost affects corporate investments and make an empirical test with corporate governance index and equity capital cost instead of the marginal financing cost.We find that the marginal financing cost negatively correlates with corporate investment,and significantly positively correlates with corporate investment-cash flow sensitivity,and that closer relationship with government and less market competitiveness will soften the effect of corporate financial constraints.

关 键 词：边际融资成本 投资-现金流敏感性 公司投资 融资约束 

分 类 号：F830[经济管理—金融学]