金融发展、债务结构与上市公司过度投资

发布时间：2018-12-06 11:49

【摘要】：债务作为治理过度投资的有效手段之一,债务在我国的特殊环境下发挥着怎样的作用?据此,本文利用非金融类上市公司2003-2012年的非平衡面板数据,通过Richardson模型对过度投资进行估计,然后区分出过度投资的公司。在过度投资的公司样本中研究债务来源和债务期限对过度投资的作用,以及这种作用因公司最终控制人和公司所在行业竞争程度的不同所存在的差异。并且也研究债务约束作用在金融发展的影响下所发生的变化,同时也考虑了银行贷款期限和商业信用来源对公司过度投资的作用,以及这种作用在金融发展影响下所发生的变化。得出的主要结论如下：(1)银行贷款和商业信用对过度投资均有约束作用,并且商业信用的约束作用较银行贷款略强。商业信用和银行贷款的约束作用在金融发展水平高的地区得到加强。(2)长期债务对过度投资的约束不显著,而短期债务对过度投资的约束显著并且在金融发展水平高的地区更加显著。(3)银行贷款和短期债务的约束作用在非国有企业更加显著。银行贷款和短期债务的约束作用在金融发展水平高的地区表现的更加显著这一情况在国有企业更加明显。(4)商业信用和银行贷款对过度投资的约束作用在竞争程度较强的行业表现得较显著,商业信用和银行贷款对过度投资的约束作用在金融发展水平较高地区更显著这一特征在竞争程度较弱的行业更加明显。(5)短期银行贷款对过度投资的约束作用较长期贷款更明显,商业信用来源之一的应付款项对过度投资的约束作用较预付款项的约束作用要强。短期贷款和应付款项的约束作用在金融发展水平高的地区得到显著加强。
[Abstract]:Debt as one of the effective means to control overinvestment, what role does debt play in the special environment of our country? Based on this, this paper uses the non-equilibrium panel data of non-financial listed companies from 2003 to 2012, estimates the overinvestment by Richardson model, and then distinguishes the over-invested companies. This paper studies the effects of debt sources and debt maturity on overinvestment in a sample of overinvested firms, and the differences in this effect due to the degree of competition between the firm's ultimate controller and the firm's industry. It also studies the changes of debt restraint under the influence of financial development, and also considers the effect of bank loan maturity and commercial credit sources on corporate overinvestment. And this role in the financial development under the influence of changes. The main conclusions are as follows: (1) Bank loans and commercial credit have restraint on overinvestment, and commercial credit is slightly stronger than bank loans. The constraints of commercial credit and bank loans have been strengthened in areas with high levels of financial development. (2) the constraints of long-term debt on overinvestment are not significant. The constraint of short-term debt on overinvestment is more significant in areas with high level of financial development. (3) the constraint of bank loans and short-term debt is more significant in non-state-owned enterprises. Bank loans and short-term debt constraints are more pronounced in areas with high levels of financial development than in state-owned enterprises. (4) Commercial credit and bank loans play a more important role in over-investment. Industries with a stronger degree of competition have performed more prominently. The constraints of commercial credit and bank loans on overinvestment are more significant in areas with higher levels of financial development. (5) the constraints of short-term bank loans on overinvestment are more evident in less competitive industries. With longer-term loans, One of the sources of commercial credit, payables, has a stronger constraint on overinvestment than prepayment. The constraint on short-term loans and payables has been significantly strengthened in areas with high levels of financial development.
【学位授予单位】：南京财经大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F275;F830.5

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