不同成长性公司负债融资对投资行为影响的实证研究

发布时间：2018-01-01 22:30

本文关键词：不同成长性公司负债融资对投资行为影响的实证研究　出处：《江苏科技大学》2013年硕士论文　论文类型：学位论文

【摘要】：现代资本结构理论认为负债对投资行为具有正反两方面的作用。其中，正面作用表现为：负债能够约束管理者投资过度，具有相机治理作用。负面作用表现为：负债引发股东——债权人冲突，导致管理者产生资产替代和投资不足。当公司的成长程度不同，其对资金的需求量、资金来源、对融资成本的承受能力、投资的方向和规模都不尽相同。因此，了解不同成长性公司的负债融资情况及其对投资所发挥的作用，能够进一步加深对负债融资的认识，指导企业建立恰当资本结构，充分利用财务杠杆，提高负债融资效率和效果，具有现实意义。文章首先分析了研究的背景，提出研究目的及意义，对相关概念进行解释，明确写作结构和创新点。接下来，对文献进行综述，总结国内外学者就此问题进行研究的角度、内容、方法和结论，了解到目前对“不同成长性公司负债对投资的影响”这一问题，还没有一致结论，仍具有研究价值。在相关理论支持下，分析了不同成长性公司的负债融资、投资行为特征，分析不同成长性公司、不同负债期限对投资的作用。根据理论分析结果，文章提出实证研究假设，对回归变量、回归模型进行介绍。对以往研究评价公司成长性所采用的方法进行评述，介绍了衡量公司成长性的新方法——“投资机会集”指标，说明采用这种方法的原因，介绍其替代变量的选取方法。文章的实证研究部分以2010-2011年沪深A股制造业上市公司为样本，收集时间和截面空间上的二维面板数据，首先，通过“投资机会集”的替代变量，采用因子分析衡量公司的“未来投资机会”即“成长性”，再对总体样本和各分组样本进行描述性统计分析、相关分析及回归分析，研究不同成长性公司负债融资对投资行为的影响。文章得出以下研究结论：第一，关于负债融资与投资支出的相关性研究结论。在整体样本中，负债水平与投资支出呈显著负相关关系。对于低成长性公司，负债能够约束管理者投资过度，具有相机治理作用。对于高成长性公司，则表现为负债抑制投资支出，导致投资不足。第二，关于不同负债期限与投资支出的相关性研究结论。整体样本中，短期负债与投资支出负相关，长期负债与投资支出正相关。对于低成长公司，是负债中的短期负债发挥了正面的相机治理作用。对于高成长性公司，短期负债则抑制企业投资。而长期负债对高、低成长性公司的投资支出，都起到了促进作用。第三，关于不同负债来源与投资支出的相关性研究结论。整体样本中，商业信用（应付账款、应付票据、预收账款）及银行借款均与投资支出负相关，其中商业信用影响更显著。对于低成长性公司，商业信用发挥了对投资支出的约束作用，，具有相机治理功能。对于高成长性公司，商业信用（应付账款、应付票据、预收账款）抑制企业投资支出，导致投资不足。根据以上实证研究结论，文章提出以下几点建议：第一，公司应当建立恰当资本结构，合理利用负债，充分发挥其正面作用，减少负面作用；第二，公司应合理、适度利用短期负债；第三，债权人应考虑不同成长性公司负债对投资的不同作用机制，制定具有灵活性的契约；第四，合理、适度发展我国债券市场。
[Abstract]:The modern capital structure theory that debt has two aspects of positive and negative effects on investment behavior. The positive effects as follows: debt can restrain the managers of excessive investment, has a governance role. The negative effects are as follows: liabilities arising shareholder creditor conflicts, lead managers to produce asset substitution and underinvestment. When the growth rate of the company the demand for capital, the amount and sources of funds, for the cost of financing capacity, direction and scale of investment are not the same. Therefore, understanding the different growth firms debt financing on investment role, to further deepen our understanding of debt financing, the establishment of an appropriate capital structure to guide enterprises to make full use of financial leverage increases the financing efficiency and effectiveness, is of practical significance.
This paper first analyzes the research background, the purpose and significance of the research, interpretation of the relevant concepts, clear writing structure and innovation. Then, the literature review of the research, summarizes the domestic and foreign scholars on the issue of angle, content, method and conclusion, the present solution to the problem of "the influence of different growth firms debt on investment, there is no consistent conclusion, still has research value. In theory support, analysis of different growth firms debt financing, investment behavior, analysis of different growth firms, the effect of different debt maturity of the investment.
According to the results of theoretical analysis, this paper put forward research hypothesis, the regression variables, regression models are introduced. Review the previous research methods used by the growth of the evaluation, this paper presents a new method to measure the growth of the company's "investment opportunity set" index, said Ming by this method, the selection of the alternative variable the method.
The part of empirical research on 2010-2011 Shanghai and Shenzhen A shares of listed manufacturing companies as the sample, the two-dimensional panel data collection time and space on the first section, the substitute variables of "investment opportunities set", using factor analysis to measure the company's "future investment opportunities" or "growth", and then carry out descriptive statistical analysis on the the overall sample and the sample groups, correlation analysis and regression analysis to study the effect of different growth firms debt financing on investment behavior. This paper draws the following conclusions:
First, study on the relationship of debt financing and investment. In the whole sample, there was a significant negative correlation between the level of debt and investment expenditure. For the low growth firms, debt managers can restrain the excessive investment, has a governance role. For high growth firms is in debt to curb investment spending, resulting in inadequate investment.
Second, research conclusion on the relationship of different debt maturity and investment spending. The whole sample, short-term liabilities and investment expenditure negatively related to long-term debt and investment expenditure is positively related. For the low growing company, is short-term debt liabilities play a positive governance role. For high growth firms, short-term debt and inhibited investment in Enterprises. Long term liabilities of growth firms, low investment spending, have played a role in promoting.
Third, conclusions on the relationship of different sources of debt and investment spending. The whole sample, commercial credit (accounts payable, notes payable, accounts receivable) and bank borrowings are associated with negative investment spending, including commercial credit has more obvious impact. For the low growth firms, commercial credit has played a constraint on investment spending. The camera has the governance function. For high growth firms, commercial credit (accounts payable, notes payable, accounts receivable in advance) restrain enterprise investment expenditure, resulting in lack of investment.
According to the conclusions of the above empirical research, the following suggestions are put forward.
First, the company should establish proper capital structure, make use of debt reasonably, fully play its positive role, and reduce the negative effect.
Second, the company should make reasonable use of short-term debt;
Third, the creditor should consider the different mechanisms of the different growth firms liabilities to the investment, and establish a flexible contract.
Fourth, reasonable and moderate development of China's bond market.

【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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