地方国企非效率投资来源选择:债权资金优先还是股权资金优先?  

The Sources of Non-efficient Investment Funds in Local State-owned Enterprises: Debt Capital or Equity Capital in Priority?

作　　者：曹春方[1] 吴澄澄[1] 周大伟[1] 

机构地区：[1]西南财经大学会计学院,四川成都611130

出　　处：《南京审计学院学报》2015年第4期45-56,共12页journal of nanjing audit university

基　　金：国家自然科学基金青年基金项目(71302181);教育部人文社会科学青年基金项目(13XJC630001)

摘　　要：以2001—2009年地方国有上市公司为样本对地方国企非效率投资来源选择进行研究,结果显示:地方国企非效率投资来源选择首先是债权资金,其次才是股权资金;当拥有较多长期贷款时,企业会更倾向使用债权资金代替股权资金,并且这种选择是理性和不可逆的;在产权保护较强和信贷配置市场化程度较低的地区,企业选择债权资金替代股权资金的动机更强;随着政府干预的增强,债权资金对股权资金的替代作用减弱。With the sample of A-shared local state-owned listed companies in China from 2001 to 2009,this paper makes a research on the sources of non-efficient investment funds in local stated-owned enterprises. We find that non-efficient investment funds in the local state-owned companies first comes from debt capital,followed by equity capital; and the equity capital is more inclined to be replaced by debt capital in the companies with more long-term loans,which is rational and irreversible.Further,companies have stronger motivation to replace equity capital by debt capital in the area with a higher level of investor protection and a lower level of marketization of credit allocation. And in the area where there exists stronger local governments intervention,the role of debt capital replacing equity capital is weakening.

关 键 词：政府干预 融资优序 长期贷款 募资变更 投资者保护 投资效率 非效率投资 股权融资 债权融资 

分 类 号：F275[经济管理—企业管理]