债务杠杆、所有权特征与中国上市公司投资行为研究

发布时间：2018-04-10 22:13

本文选题：债务杠杆 + 所有权　；参考：《经济与管理研究》2011年02期

【摘要】：本文以我国2001～2008年上市公司的经验数据为样本,对债务杠杆、所有权特征以及公司投资决策行为之间的相互关系进行了实证研究。结果发现,就上市公司整体而言,债务杠杆表现出对公司治理的正向效用,但这种效用会伴随着所有权结构的趋于集中而发生变化。对国有产权上市公司,债务杠杆总体表现出对过度投资的抑制作用,并且这种效用随着股权集中度的提高呈现出先减弱后增加的趋势,而在所有权集中状态下,没有证据显示债务杠杆会对国有产权上市公司的投资不足产生激励;对非国有产权上市公司,债务杠杆同时表现出对过度投资的抑制作用与对投资不足的激励作用,并且对投资不足的激励会随着股权集中度的提高而逐渐减弱,没有证据表明负债的破产威胁同样会缓解公司的投资不足问题,而相对于国有产权上市公司来说,在非国有产权上市公司中债务杠杆对过度投资的抑制作用更为显著。此外,就债务的期限结构来说,不论是对过度投资的抑制作用,还是对投资不足的激励作用,相对于长期债务而言,短期债务对投资的影响更为显著。
[Abstract]:Based on the empirical data of China's listed companies from 2001 to 2008, this paper makes an empirical study on the relationship among debt leverage, ownership characteristics and corporate investment decision-making behavior.The results show that, on the whole, debt leverage has positive effect on corporate governance, but this utility will change with the concentration of ownership structure.For the listed companies with state-owned property rights, debt leverage has a restraining effect on overinvestment, and this utility tends to weaken first and then increase with the increase of equity concentration, and in the state of ownership concentration,There is no evidence that debt leverage can stimulate the underinvestment of listed companies with state-owned property rights. For non-state-owned equity listed companies, debt leverage has both the inhibitory effect on overinvestment and the incentive effect on underinvestment.And the incentive to underinvestment will gradually weaken with the increase of equity concentration. There is no evidence that the threat of debt bankruptcy will also alleviate the underinvestment problem of the company, and compared with the state-owned property rights listed companies,In non-state-owned listed companies, debt leverage has a more significant effect on overinvestment.In addition, in terms of the maturity structure of debt, whether it is the inhibition of overinvestment or the incentive to underinvestment, short-term debt has a more significant impact on investment than long-term debt.
【作者单位】：重庆大学经济与工商管理学院;武汉科技大学;
【基金】：国家自然科学基金项目(70772100) 教育部博士点基金项目(教技发中心函[2006]226号) 重庆大学2010“{9川良——优秀青年奖学基金”
【分类号】：F275;F832.51

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