超额现金持有对过度投资行为的影响研究——债务异质性的调节作用  

A Study on the Impact of Excess Cash Holding on Over-investment Behavior— The Moderating Effect of Debt Heterogeneity

作　　者：殷钱茜[1] 胡建雄[2] 

机构地区：[1]南京大学商学院,江苏南京210093 [2]南京财经大学会计学院,江苏南京210046

出　　处：《华东经济管理》2016年第9期143-149,共7页East China Economic Management

基　　金：国家自然科学基金面上项目(71472091);国家自然科学基金青年项目(71102025);江苏省2015年度普通高校研究生科研创新计划项目(KYLX15_0006)

摘　　要：文章系统分析企业投融资决策的关联性问题,基于债务异质性视角,通过构建债务类别异质性程度等手段探讨了债务相机治理机制发挥的有效性。研究表明:超额现金持有水平与过度投资程度之间正相关;从债务数量看,剩余负债能力对此关系起正向调节作用;从债务类别看,不同债务来源对此关系的影响是不同的;债务类别异质性程度对此关系具有显著的负向调节作用。该研究结论对于企业管理者、广大投资者及相关监管机构具有一定的启示意义。This essay discusses the related questions of firm investment decision systematically. From the perspective of debtheterogeneity,we explore the effectiveness of contingent governance mechanism of debt by constructing the degree of debt het-erogeneity. We find that excess cash holding has a positive effect on over-investment. Remaining debt capacity positively mod-erates the relationship between excess cash holding and remaining debt capacity in terms of debt quantity. Debt type heteroge-neity degree significantly positively moderates the relationship between excess cash holding and remaining debt capacity interms of debt category. It offers guidelines on managers,extensive investors and related supervisory organizations.

关 键 词：超额现金持有 过度投资 债务异质性 剩余负债能力 债务类别异质性程度 

分 类 号：F275[经济管理—企业管理]