制造业上市公司债务期限结构对投资行为影响的实证研究

发布时间：2018-06-05 08:52

本文选题：债务期限结构 + 投资行为　；参考：《沈阳理工大学》2013年硕士论文

【摘要】：债务融资与投资关系的研究，一直是财务领域的基本问题，而其中关于债务期限结构对投资行为影响的研究也逐渐成为了研究热点。在资本市场不完善的情况下，债务期限结构主要通过三种机理影响着企业的投资行为：第一，缩短债务期限即短期负债可以缓解由股东与债权冲突引起的投资不足问题；第二，短期负债可以缓解股东与管理者冲突引起的过度投资问题；第三，负债融资加剧了股东与债权人冲突引起的资产替代问题，其中短期负债比长期负债在增加资产替代行为上的作用更小。由于上述三方面的影响，债务期限结构与投资行为可能呈现正相关或负相关，这就需要判断哪种作用更强，从而判断出债务期限结构与投资行为的关系。本文以我国制造业上市公司2009-2011年的数据为研究样本，构建了以融资约束、成长性、销售收入、滞后一期的投资为控制变量的多元线性回归模型。在对总体样本回归探究我国资本市场中债务期限结构与投资行为的关系基础上，以企业的成长性高低为标准对样本分组，探讨成长性对两者关系的影响，以判断债务期限结构通过哪种因素对投资行为产生影响；然后以投资风险的高低对样本进行分组，探讨投资风险对两者关系的影响；最后通过以国有为标准分组，来验证我国上市公司特殊的股权结构对两者关系的影响。实证研究结果表明总体上短期负债与投资规模显著负相关，长期负债与投资规模显著正相关；在高成长性企业中，短期负债与投资规模显著负相关，长期负债与投资规模显著正相关，在低成长性企业中，，这种相关性不显著；在投资风险高的企业中，长短期负债均与投资规模正相关，在投资风险低的企业中，长短期负债均与投资规模负相关；在非国有股制造业企业中，负债与投资规模的关系比国有企业显著，说明国有公司在缓解投资不足的问题上并没有过多的利用债务期限工具，短期债务并没有对股东与债权人冲突产生的投资不足发挥有效的抑制。
[Abstract]:The research on the relationship between debt financing and investment has always been a basic problem in the financial field, and the research on the influence of debt maturity structure on investment behavior has gradually become a hot research topic. Under the condition of imperfect capital market, debt maturity structure mainly influences the investment behavior of enterprises through three mechanisms: first, shortening debt maturity that is short-term debt can alleviate the problem of insufficient investment caused by the conflict between shareholders and creditor's rights; second, Short-term liabilities can alleviate the problem of excessive investment caused by the conflict between shareholders and managers. Third, debt financing exacerbates the problem of asset substitution caused by the conflict between shareholders and creditors. Among them, short-term liabilities have less effect on increasing asset substitution than long-term liabilities. As a result of the above three aspects, debt maturity structure and investment behavior may be positive or negative correlation, which needs to judge which role is stronger, and then determine the relationship between debt maturity structure and investment behavior. Taking the data of Chinese manufacturing listed companies from 2009-2011 as the research sample, this paper constructs a multivariate linear regression model with financing constraints, growth, sales income, and investment in a lag period as controlling variables. On the basis of analyzing the relationship between debt maturity structure and investment behavior in China's capital market, the paper groups the samples according to the growth of enterprises, and probes into the influence of growth on the relationship between the two. In order to judge which factors the debt maturity structure has influence on the investment behavior, and then group the samples with the level of the investment risk, discuss the influence of the investment risk on the relationship between the two; finally, by taking the state-owned as the standard group, the paper discusses the influence of the investment risk on the relationship between the two. To verify the impact of the special ownership structure of listed companies on the relationship between the two. The empirical results show that there is a significant negative correlation between short-term liabilities and investment scale in general, a significant positive correlation between long-term liabilities and investment scale, and a significant negative correlation between short-term liabilities and investment scale in high-growth enterprises. Long-term liabilities are positively correlated with investment scale, but not significant in low-growth enterprises. In high-risk enterprises, long-term and short-term liabilities are positively correlated with investment scale, while in low-risk enterprises, long-term and short-term liabilities are positively correlated with investment scale. In non-state-owned manufacturing enterprises, the relationship between debt and investment scale is more significant than that in state-owned enterprises, indicating that state-owned companies do not make too much use of debt maturity tools to alleviate the problem of underinvestment. Short-term debt does not effectively curb underinvestment resulting from shareholder-creditor conflicts.
【学位授予单位】：沈阳理工大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51;F426

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