非效率投资与债务结构:来自中国的实证证据  

Inefficient Investment and Debt Structure: Evidence from China Stock Market

作　　者：李强[1] 纪佳君[2] 巨航宇 

机构地区：[1]电子科技大学经济与管理学院 [2]电子科技大学

出　　处：《投资研究》2014年第3期66-79,共14页Review of Investment Studies

基　　金：国家自然科学基金资助项目(71102054);教育部高等学校博士点基金项目(20090185120001);教育部人文社科项目(13YJC630019);中央高校基本科研业务费项目(ZYGX2010J124)

摘　　要：债务融资会导致并影响企业的非效率投资行为。本文以我国1999-2011年间上证A股企业为样本,实证考察新、旧债务水平及其相对比例对非效率投资的影响。结果显示:新增债务相对于已有债务的比例越高,越可能引发过度投资;反之,越可能引发投资不足。进一步,新增债务水平越高,过度投资越严重,而高的已有债务能够显著缓解过度投资;相反,投资不足随着已有债务的增加而加重,而新增债务的提高有助于缓解投资不足。The level and structure of debt are the key determinants of overinvestment and underinvestment. Based on the firms listed on Shanghai Stock Exchange from 1999 to 2011, this paper examines how new and existing debt affect firms＇ inefficient investment. Our results show that the probability of overinvestment increases as the ratio of new debt over existing debt improves. Further, using subsamples of overinvestment and underinvestment, we find that overinvestment is more serious for higher new debt level, while increasing existing debt can significantly relieve this problem. Instead, existing debt will aggregate underinvestment, but we can relieve it by improving the level of new debt.

关 键 词：投资不足 过度投资 债务融资 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F224