债务保守、市场竞争与上市公司资本投资  

Relationship among Debt Conservation,Investment Opportunity and Capital Investment in Chinese Listed Companies

作　　者：张洪辉[1] 王宗军[1] 

机构地区：[1]华中科技大学管理学院

出　　处：《管理学报》2011年第8期1230-1237,共8页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(70872033)

摘　　要：运用1999~2008年中国上市公司的不平衡动态面板数据模型进行实证分析。研究结论表明：公司的债务保守行为与公司未来的资本投资显著相关;公司的债务保守行为与公司面临的市场竞争激烈程度不存在显著性相关。同时,股利分配会促进公司的资本投资;公司规模对公司的投资具有正面作用。这些都表明公司债务保守的目的是为了未来的资本投资,而并非由产品市场竞争所导致。By the unbalanced panel data from 1999 to 2008 of Chinese listed companies,we use dynamics panel data to find out the reasons for debt conservatism.The results show that the financial conservatism is highly positively related to future investment;however it is not significantly related to product market competition.Meanwhile,the dividend is helpful to corporate investment and the corporate size has positive impact on investment.All these testify that debt conservatism policy is employed for future investing,rather than caused by market competition.

关 键 词：债务保守 市场竞争 资本投资 上市公司 

分 类 号：C93[经济管理—管理学]