产权性质、负债融资与公司投资行为  

Nature of Property Right,Debt Financing and Company Investment Behavior

作　　者：佟爱琴[1] 洪棉棉[1] 

机构地区：[1]同济大学经济与管理学院,上海200092

出　　处：《南京审计学院学报》2015年第2期73-80,共8页journal of nanjing audit university

基　　金：国家自然科学基金资助项目(71202032)

摘　　要：利用我国上市公司2008—2013年数据,从负债治理视角探究负债融资对不同产权性质公司投资行为的影响,结果表明:整体负债融资水平与投资支出显著负相关,但不是所有负债都可以有效约束过度投资;短期借款和商业信用的负债治理作用显著,长期借款不具有负债治理作用,而是更多地表现出对投资的资金支持功能;非国有控股公司短期借款的治理作用更显著,国有控股公司长期借款的投资支持功能更为突出。Taking the sample data of Chinese listed companies from 2008 to 2013,this paper,from the perspective of debt governance,studies the debt financing＇s effect on the investment behavior of different companies with different property rights.The result shows that whole debt financing level is negatively related with company investment,but not all kinds of debt financing can effectively curb excessive investment. Short-term loans and commercial credit both have significant debt governance effect. Long-term loans shows a strong fund support function but with no debt governance effect on investment. And the governance effect of short-term loans in state-owned holding enterprises is more effective than the one in non-state-owned holding enterprises; while long-term loans in non-state-owned holding enterprises show stronger fund support function on investment than the one in state-owned holding enterprises.

关 键 词：负债融资 治理作用 公司投资 产权性质 非效率投资 负债治理 资金配置效率 低效率投资 

分 类 号：F230[经济管理—会计学]