政治关系、债务融资与企业投资行为——来自我国上市公司的经验证据  被引量:90

Political Relations,Debt Financing and Enterprise Investment:Empirical Evidence from Listed Companies of China

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作  者:张兆国[1] 曾牧[1] 刘永丽[1] 

机构地区:[1]华中科技大学管理学院,湖北武汉430074

出  处:《中国软科学》2011年第5期106-121,共16页China Soft Science

基  金:教育部哲学社会科学基金项目(07JHQ0054)

摘  要:从我国的市场与制度背景出发,对政治关系、债务融资与投资行为之间的关系进行了理论分析,并以我国上市公司2005-2009年的经验数据为样本进行了实证检验。结果发现,有政治关系的企业能够以较低的成本获得更多的银行借款;从总投资看,有政治关系的企业的银行借款更容易导致投资过度;从各类别投资看,有政治关系的企业的银行借款更容易导致无形资产和长期股权投资的投资过度,而对固定资产和研发投资的非效率投资则未产生实质性影响;不同类别投资之间存在挤占问题,即有政治关系的企业对不同类别投资的偏好顺序是无形资产投资、长期股权投资、固定资产投资和研发投资。这些研究结论丰富了企业投融资以及政企关系和银企关系方面的研究,同时也为进一步完善社会资源的市场交易机制、建立健全债务约束机制、规范企业投资行为提供了理论与经验依据。From the angle of Chinese market and institution background,this paper analyzes the relevance of political relations,debt financing and enterprise investment based on the experimental data from 2004 to 2008 of Chinese listed companies.This study shows that the enterprises with political relations are more easily to obtain debt financing from banks at lower costs.The debt capital of the enterprises with political relations is easily to be over invested by analyzing the entire investment,especially the intangible assets and long-term equity investment.However,it doesn't affect the inefficient part of fixed assets and RD investment.The investment structure is altered by the crowd-out problems of the different investments,that is to say,the investment preference order of those enterprises is intangible assets,long-term equity,fixed assets and RD.The result enriches the research on financing and investment,relationship between government and enterprises,as well as relationship between banks and enterprises.Also,it provides the theoretical and empirical basis of completing transaction mechanism of social resources,constructing and consummating the debt constriction mechanism and regulating corporate investment behaviors

关 键 词:政治关系 债务融资 投资过度 投资不足 投资挤占 

分 类 号:F276.6[经济管理—企业管理]

 

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