上市公司发行公司债券对企业投资行为影响的研究

发布时间：2018-06-13 10:39

本文选题：公司债券 + 长期债务融资　；参考：《山东大学》2012年硕士论文

【摘要】：公司债券作为面向上市公司的新兴债务融资方式,能否为企业发展带来福音?既往以来,企业债务融资的理论研究主要包括债务融资类型结构、债务期限结构、债务水平结构等问题。本文重点关注属于债务融资类型之一的公司债券,研究讨论企业的债务融资方式,通过公司债券发行对企业投资行为影响的实证分析,检验公司债券发行对企业非效率性投资行为的影响。本文在回顾和梳理国内外相关文献基础上,选取已成功发行过公司债券的125家A股上市公司(截至2011年12月31日)从2005至2010年度的共681组年度数据,通过对比公司债券发行前后债务融资对企业非效率性投资行为影响,建立非效率投资动因的解释模型,研究债务融资方式对企业投资行为的影响。四组模型分别从资产负债率、长期借款和短期借款存量、长期借款和短期借款增量、公司债券规模等解释变量出发探讨债务融资方式和期限结构对非效率投资的影响。在得出整体样本表现出长期投资不足与投资过度并存的非效率性投资环境的基础上,进一步研究了债务融资与非效率投资之间的制约关系。实证检验发现,企业的长期债务融资和短期债务融资与非效率投资之间存在负相关关系,即负债对非效率投资行为产生抑制作用,而且长期债务抑制作用更为明显,当检验对象变为当期新增长期负债和短期负债时,这种负相关关系更加显著,长期负债融资的拟合优度高于短期负债,即长期负债更能约束企业的投资行为。虽然我国资本市场长期存在短期债务融资替代长期债务融资的问题,但是研究长期债务与企业投资行为的联系将有利于拓展资本市场的融资外沿；另一方面,公司债券作为长期债务融资方式的一种,其对非效率投资能发挥抑制作用。鉴于长期债务融资对非效率投资制约的效应,推动公司债券发展有利于提高企业的投资效率,促进有效投资。
[Abstract]:Corporate bonds, as a new debt financing method for listed companies, can bring good news for the development of enterprises? In the past, the theoretical research of corporate debt financing mainly includes debt financing type structure, debt maturity structure, debt level structure and so on. This paper focuses on corporate bonds, one of the types of debt financing, studies and discusses the debt financing methods of enterprises, and analyzes the impact of corporate bond issuance on corporate investment behavior through empirical analysis. To examine the impact of corporate bond issuance on the non-efficient investment behavior of enterprises. On the basis of reviewing and combing the relevant literature at home and abroad, this paper selects 125 A-share listed companies (as of December 31, 2011), which have successfully issued corporate bonds, from 2005 to 2010, with a total of 681sets of annual data. By comparing the influence of debt financing on enterprises' non-efficient investment behavior before and after the issuance of corporate bonds, this paper establishes an explanatory model of the inefficiency investment motivation, and studies the influence of debt financing mode on enterprises' investment behavior. The four groups of models discuss the influence of debt financing mode and maturity structure on non-efficient investment from the explanatory variables of asset-liability ratio, long-term borrowing and short-term borrowing stock, long-term borrowing and short-term borrowing increment, corporate bond size and so on. On the basis of the conclusion that the whole sample shows the inefficiency investment environment in which long-term underinvestment and over-investment coexist, the restriction relationship between debt financing and inefficient investment is further studied. The empirical results show that there is a negative correlation between long-term debt financing and short-term debt financing and inefficient investment, that is, debt has an inhibitory effect on inefficient investment behavior, and long-term debt inhibition is more obvious. The negative correlation is more significant when the object is the new long-term liabilities and short-term liabilities, and the goodness of fit of long-term debt financing is higher than that of short-term liabilities, that is, long-term liabilities can more constrain the investment behavior of enterprises. Although there is a long-term problem of short-term debt financing instead of long-term debt financing in China's capital market, studying the relationship between long-term debt and enterprise investment behavior will help to expand the financing externalities of the capital market; on the other hand, As one of the long-term debt financing methods, corporate bonds can inhibit the non-efficient investment. In view of the effect of long-term debt financing on inefficient investment, promoting the development of corporate bonds is conducive to improving the investment efficiency of enterprises and promoting effective investment.
【学位授予单位】：山东大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F832.51;F224

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