股权再融资、信贷融资与投资效率——基于林业上市公司的研究

发布时间：2018-03-05 13:08

  本文选题：林业上市公司　切入点：股权再融资　出处：《林业经济》2016年12期 　论文类型：期刊论文

【摘要】：文章以2006~2014年林业类上市公司数据为样本,分析了融资方式与投资效率之间的关系。结果表明,股权再融资和信贷融资能够缓解国有林业企业的投资不足,但股权再融资对非国有林业企业的投资不足没有显著影响,信贷融资会导致非国有林业企业的投资不足。从整体上来讲,股权再融资对过度投资没有影响,长期信贷融资会导致林业企业的过度投资。
[Abstract]:Based on the data of forestry listed companies from 2006 to 2014, this paper analyzes the relationship between financing mode and investment efficiency. The results show that equity refinancing and credit financing can alleviate the insufficient investment of state-owned forestry enterprises. However, equity refinancing has no significant impact on the underinvestment of non-state-owned forestry enterprises. Credit financing will lead to underinvestment of non-state-owned forestry enterprises. Overall, equity refinancing has no effect on over-investment. Long-term credit financing will lead to overinvestment of forestry enterprises.
【作者单位】： 西京学院会计学院;天津商业大学商学院;
【基金】：国家自然科学基金“抵消作用还是传导作用——商业信用在货币政策传导中的作用研究”(编号:71340026)
【分类号】：F326.25
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本文编号：1570370