摘要
本文以投融资一体化为视角，在投融资效率的分析框架下，以我国上市公司2007～2011年的年度数据为样本，探讨投融资效率对公司发展的影响，研究发现：投融资效率对企业发展影响显著且具有两面性，一方面投融资一体化有利于缓解因资金短缺引起的投资不足，但另一方面，现金流的增加亦可能加剧公司过度投资。进一步按产权性质分组检验表明：投融资一体化可能会显著加剧国有企业过度投资，但对民营企业过度投资无显著影响。
Under the analytical framework of efficiency of investment and financing,this paper selects the integration of financing and investment as a research perspective and investigates the impact of the efficiency of investment and financing on the development of company.Based on the experimental data of the listed companies from 2007 to 2011,we find that the impact of the efficiency of investment and financing on economic development of company is significant.The impact has two sides:on the one hand,integration of investment and financing will help reduce underinvestment due to shortage of funds;on the other hand,the increased cash flow may also result in overinvestment in the company.Further grouped test according to the nature of the ownership showed that the integration of investment and finance may significantly exacerbate overinvestment of stateowned enterprises.However,it has no significant effect for overinvestment of private companies.
出处
《中南财经政法大学学报》
CSSCI
北大核心
2014年第6期60-67,共8页
Journal of Zhongnan University of Economics and Law
基金
国家社会科学基金重点项目"基于产权配置与交易的环境审计问题研究"(11AZD030)
国家社会科学基金青年项目"国家经济安全体系中审计监督功能定位与实施路径研究"(11CJY013)
关键词
投融资一体化
投融资效率
过度投资
投资不足
Integration of Investment and Financing
Efficiency of Investment and Financing
Over-investment
Underinvestment
