南华大学学报（社会科学版）
南華大學學報（社會科學版）
남화대학학보（사회과학판）
JOURNAL OF NANHUA UNIVERSITY(SOCIAL SCIENCE EDITION)
2015年
2期
38-43
,共6页
股权结构%财务杠杆%ST公司投资行为
股權結構%財務槓桿%ST公司投資行為
고권결구%재무강간%ST공사투자행위
Equity Structure%Financial Leverage%ST Companies Investment Behavior
ST公司的投资行为是资本市场所关注的重要问题。基于此，从股东和债权人的视角，分别检验了公司股权结构和财务杠杆对ST公司投资支出的影响。以2005－2012年被ST的A股上市公司为背景，研究发现：股权集中度和长期负债均促进了企业投资，而股权制衡和短期负债抑制了企业投资。此外，规模越大的ST公司投资越少，自由现金流则与投资支出正相关。
ST公司的投資行為是資本市場所關註的重要問題。基于此，從股東和債權人的視角，分彆檢驗瞭公司股權結構和財務槓桿對ST公司投資支齣的影響。以2005－2012年被ST的A股上市公司為揹景，研究髮現：股權集中度和長期負債均促進瞭企業投資，而股權製衡和短期負債抑製瞭企業投資。此外，規模越大的ST公司投資越少，自由現金流則與投資支齣正相關。
ST공사적투자행위시자본시장소관주적중요문제。기우차，종고동화채권인적시각，분별검험료공사고권결구화재무강간대ST공사투자지출적영향。이2005－2012년피ST적A고상시공사위배경，연구발현：고권집중도화장기부채균촉진료기업투자，이고권제형화단기부채억제료기업투자。차외，규모월대적ST공사투자월소，자유현금류칙여투자지출정상관。
The investment behavior of ST companies is the vital issue which capital market concerns.Based on this fact, this ar-ticle, from the perspective of shareholders and creditors, examines the effect of corporate ownership structure and financial leverage on ST corporate investment spending. The selected data is from the background of listed companies in A-stock market titled with ST between year 2005 and year 2012. According to our research, we believe that ownership concentration as well as long-term liabilities can promote corporate investment, whilst the balance of equity and short-term debt do the opposite.Additionally, we find that the larger the scale of the ST companies, the less their corporate investment while free cash flow keeps positive correlation with investment spending.
