债务异质性对投资行为的影响研究

发布时间：2018-02-25 22:13

本文关键词： 债务期限异质性债务来源异质性投资规模非效率投资　出处：《首都经济贸易大学》2017年硕士论文　论文类型：学位论文

【摘要】：中国经济目前处于转型改革的关键时期,改善中国企业的投资现状,提高投资效率已刻不容缓,而融资政策、尤其是债务融资,对投资行为的影响客观存在且影响深刻,从债务融资角度探索其对投资行为的影响进而指导实践具有重要意义。学术界虽早已介入债务融资与投资行为的关系研究,结论却并不一致,一些研究证明债务融资将加剧投资过度,另一些研究却得出了完全相反的结论,还有一些研究表明债务融资将引发投资不足,这些研究的不同结果表明,仅从债务整体角度进行研究还不够全面。近些年来,部分学者开始关注债务异质性,但对异质性的划分主要集中在期限结构上,整体来看,对债务异质性与投资行为关系的研究还不够全面,有待挖掘。文章以中国上市公司2000-2015年的数据作为研究样本,采用实证研究方法,分别从债务期限异质性和债务来源异质性两个角度研究了债务异质性与投资行为的关系,研究所涉及的债务对总债务的解释度达到了90%以上,其中,债务期限异质性就长期债务和短期债务分别进行了研究,债务来源异质性则根据中国国情基础划分为了经营性债务和金融性债务,投资行为的定义也全面地包含了投资规模和投资不足、投资过度以及整体非效率投资。实证研究结果表明,长期债务、金融性债务均促进了企业的投资规模扩张并加剧了企业的非效率投资,短期债务、经营性债务均抑制了企业的投资规模扩张并减缓了企业的非效率投资,且相较而言,长期债务、金融性债务对非效率投资的促进作用要强于短期债务、经营性债务对非效率投资的抑制作用,这一结论经过稳健性回归检验得到了验证。文章末尾,通过分析实证研究的结论,提出了改善上市公司融资现状,提高企业投资效率的几点建议,并指出了文章研究的不足之处和未来的研究展望。
[Abstract]:China's economy is now in a critical period of transformation and reform. It is urgent to improve the investment situation and efficiency of Chinese enterprises. However, financing policies, especially debt financing, have an objective and profound impact on investment behavior. It is of great significance to explore its influence on investment behavior from the perspective of debt financing and to guide practice. Although the academic community has already been involved in the study of the relationship between debt financing and investment behavior, the conclusions are not consistent. Some studies have shown that debt financing contributes to overinvestment, others have come to the opposite conclusion, and others have shown that debt financing leads to underinvestment. In recent years, some scholars have begun to pay attention to the heterogeneity of debt, but the division of heterogeneity is mainly focused on the term structure. The research on the relationship between debt heterogeneity and investment behavior is not comprehensive enough and needs to be excavated. This paper takes the data of Chinese listed companies from 2000 to 2015 as the research sample and adopts the empirical research method. The relationship between debt heterogeneity and investment behavior is studied from the perspectives of debt maturity heterogeneity and debt source heterogeneity respectively. The heterogeneity of debt maturity is divided into long-term debt and short-term debt, and the heterogeneity of debt sources is divided into operating debt and financial debt according to China's national conditions. The definition of investment behavior also covers investment scale and underinvestment, overinvestment and overall inefficient investment. Financial debt promotes the expansion of enterprise's investment scale and intensifies the enterprise's inefficient investment. Short-term debt and operating debt both inhibit the expansion of enterprise's investment scale and slow down the enterprise's inefficiency investment, and compared with each other, the financial debt and the operating debt both inhibit the expansion of the enterprise's investment scale and slow down the enterprise's inefficient investment. The effect of long-term debt and financial debt on non-efficient investment is stronger than that of short-term debt, and the effect of operating debt on non-efficient investment is inhibited. This conclusion is verified by robust regression test. By analyzing the conclusions of the empirical research, this paper puts forward some suggestions for improving the financing status of listed companies and improving the investment efficiency of enterprises, and points out the deficiencies of this paper and the future research prospects.
【学位授予单位】：首都经济贸易大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F275;F832.51

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