CAJ | 학술논문

运用中国300家制造业上市公司1999—2005年的平行面板数据，就其银行借款、商业信用与公司投资行为之间的关系进行了实证检验。研究发现，总体上银行借款与商业信用均与投资支出负相关，且银行借款与投资的负相关性显著强于商业信用。在引入投资机会集与负债比率的交互项并细分样本之后，发现相对于低成长的公司，高成长公司中商业信用与投资的负相关程度更强，而银行借款与投资的负相关程度在高低成长公司中差异不显著。
운용중국300가제조업상시공사1999—2005년적평행면판수거，취기은행차관、상업신용여공사투자행위지간적관계진행료실증검험。연구발현，총체상은행차관여상업신용균여투자지출부상관，차은행차관여투자적부상관성현저강우상업신용。재인입투자궤회집여부채비솔적교호항병세분양본지후，발현상대우저성장적공사，고성장공사중상업신용여투자적부상관정도경강，이은행차관여투자적부상관정도재고저성장공사중차이불현저。
This study empirically examines the relationship among bank debt, commercial credit and corporate investment behavior using panel data from 1999 to 2005 of China＇s manufacturing listed companies. The results show that, as a whole, bank debt and commercial credit are negatively related to investment, and this negative effect between bank debt and investment is significantly stronger than between commercial credit and investment. After the interactive term is included in the model and the samples are divided according to IOS, it is disclosed that compared to the firms with low growth opportunities, the negative effect between commercial credit and investment is stronger than the firms with high growth opportunities. But the difference in the negative effect of bank debt on investment decision between the firms with high and low growth opportunities is not significant.