摘要
使用我国上市公司2000～2005年间非平衡面板数据,本文检验了控股股东控制下负债融资对企业投资的影响。研究表明:企业负债与投资规模显著负相关,但负债对国有控股公司投资水平抑制作用较弱;负债抑制了低成长公司的过度投资,而对于高成长公司,负债抑制了其正常投资;短期负债相比长期负债相机治理作用较强;银行借款对非国有控股企业投资支出抑制作用更强;企业投资与银行借款的负相关关系随着国有控股股东持股比例的增加而减弱,而非国有控股企业控股股东的持股比例变化不会对投资与银行借款之间的关系产生显著影响。
Using an unbalanced panel data of the listed firms during 2000-2005, this paper analyzes and demonstrates the impact of debt financing on investment decisions about listed company with controlling shareholders. The results show that there is a significantly negative relation between debt ratio and investment expenditure. In the statecontrolled firm, it shows a weak relation between debt ratio and investment. In the firm with low growth opportunity, it shows significantly negative relations between debt ratio and investment which means that debt ratio restrains corporate investment spending. There are significantly negative relations between short-term debt and investment. In the respect of the source of debt, there are negative relations between bank loan and investment to non state-controlled firms.
出处
《证券市场导报》
CSSCI
北大核心
2008年第5期69-77,共9页
Securities Market Herald
关键词
控股股东
企业投资
负债融资
公司治理
Controlling shareholders, investment behavior, debt financing, corporate governance
