负债融资对投资行为影响的实证研究  

Empirical Study on the Impact of Debt Financing on Investment

作　　者：汪平[1] 胡静[1] WANG Ping HU Jing(Anhui Industrial Vocational and Technical College, Tongling, Anhui 244000, Chin)

机构地区：[1]安徽工业职业技术学院管理工程系,安徽铜陵244000

出　　处：《盐城师范学院学报（人文社会科学版）》2017年第3期15-18,共4页Journal of Yancheng Teachers University（Humanities & Social Sciences Edition)

基　　金：安徽省人文社科重点项目"经济新常态模式下的新农村金融市场均衡发展研究"(SK2017A0924)

摘　　要：负债融资不仅抵制大规模企业的投资支出,同时也约束了小规模企业的投资支出。以第一大股东持股比例对样本值进行分组,研究在不同股权集中度下负债融资对投资行为的影响。在股权较分散的企业,无论企业规模大小,负债的相机治理作用都占有主导地位;而在股权集中的企业,大规模的企业负债抵制了企业的投资支出,小规模的企业则存在过度投资行为。Debt financing not only resists the investment of large-scale enterprises, but also constraints the investment of small-scale enterprises. This paper researches the influence of debt financing on investment in different ownership categories, according to the largest shareholder＇ s stake. For those enterprises whose equity is evenly shared, the debt plays a dominant role, regardless of their scale. For those enterprises whose equity is centered, the debt resists the investment of large-scale enterprises, but encourages excessive investment of small-scale enterprises.

关 键 词：负债融资 负债相机治理 非效率投资 

分 类 号：F08[经济管理—政治经济学]