数量经济技术经济研究
數量經濟技術經濟研究
수량경제기술경제연구
The Journal of Quantitative & Technical Economics
2009年
4期
80~92
,共null页
债务期限结构 短期债务 投资效率
債務期限結構 短期債務 投資效率
채무기한결구 단기채무 투자효솔
Debt Maturity Structure; Short-term Debt; Investment Efficiency
债务期限结构与投资效率之间不是简单的线性关系，它们的关系在很大程度上依赖于项目风险水平。投资非效率“程度”与短期债务比例呈类U形关系，即债务期限结构较为均衡时，投资非效率程度较低。我国上市公司短期债务主导型债务期限结构使得公司在面对较高和中等风险项目时，表现出过度投资倾向；而面对低风险项目，则表现出投资不足倾向。并且，短期债务比例与投资非效率程度正相关，较高的短期债务比例会引起较大的投资扭曲。
債務期限結構與投資效率之間不是簡單的線性關繫，它們的關繫在很大程度上依賴于項目風險水平。投資非效率“程度”與短期債務比例呈類U形關繫，即債務期限結構較為均衡時，投資非效率程度較低。我國上市公司短期債務主導型債務期限結構使得公司在麵對較高和中等風險項目時，錶現齣過度投資傾嚮；而麵對低風險項目，則錶現齣投資不足傾嚮。併且，短期債務比例與投資非效率程度正相關，較高的短期債務比例會引起較大的投資扭麯。
채무기한결구여투자효솔지간불시간단적선성관계，타문적관계재흔대정도상의뢰우항목풍험수평。투자비효솔“정도”여단기채무비례정류U형관계，즉채무기한결구교위균형시，투자비효솔정도교저。아국상시공사단기채무주도형채무기한결구사득공사재면대교고화중등풍험항목시，표현출과도투자경향；이면대저풍험항목，칙표현출투자불족경향。병차，단기채무비례여투자비효솔정도정상관，교고적단기채무비례회인기교대적투자뉴곡。
The relationship between debt maturity structure and investment efficiency is not simple linear and depends on the risk level of companies＇ assets at a great extent. And the relationship between the degree of non-efficiency of investment and the ratio of short-term debt of a company is like U shape. For the listed company in China with a high risk level of assets, the high ratio of short-term debt would lead the company to over-invest, while for the company with a low risk level of assets, the high ratio of short-term debt would lead it to under-invest. And the ratio of the short-term debt of the companies and the degree of non-efficiency of investment is positively related, which means that high ratio of short-term debt will lead to great non-efficiency of investment.
