经济与管理研究
經濟與管理研究
경제여관리연구
Research on Economics and Management
2013年
2期
72~78
,共null页
创业板上市公司 负债融资 过度投资 相互关系
創業闆上市公司 負債融資 過度投資 相互關繫
창업판상시공사 부채융자 과도투자 상호관계
Companies Listed on GEM ; Debt Financing ; Overinvestment ; Interplay
本文以中国创业板公司为研究对象，依据企业代理理论，采用联立方程组模型研究了创业板公司在非效率投资和风险特征背景下过度投资与负债融资之间的双向关系。实证结果表明，过度投资增加了企业的负债融资，而负债的增加又对企业过度投资起到了抑制作用。本文的研究为规范创业板企业投资行为，完善企业内部治理与外部债权人治理机制，优化企业融资结构等提供了理论依据。
本文以中國創業闆公司為研究對象，依據企業代理理論，採用聯立方程組模型研究瞭創業闆公司在非效率投資和風險特徵揹景下過度投資與負債融資之間的雙嚮關繫。實證結果錶明，過度投資增加瞭企業的負債融資，而負債的增加又對企業過度投資起到瞭抑製作用。本文的研究為規範創業闆企業投資行為，完善企業內部治理與外部債權人治理機製，優化企業融資結構等提供瞭理論依據。
본문이중국창업판공사위연구대상，의거기업대리이론，채용련립방정조모형연구료창업판공사재비효솔투자화풍험특정배경하과도투자여부채융자지간적쌍향관계。실증결과표명，과도투자증가료기업적부채융자，이부채적증가우대기업과도투자기도료억제작용。본문적연구위규범창업판기업투자행위，완선기업내부치리여외부채권인치리궤제，우화기업융자결구등제공료이론의거。
With simultaneous equations model, this paper studies the interplay between debt - financing and over - in- vestment based on agency theory and the data from listed companies on GEM in the context of non - efficient investment and risk characteristics. The empirical results show that the over - investment increases enterprise＇s debt financing, while an increasing new debt - financing restrains the enterprise＇s over - investment. The paper can be regarded as an important theoretical basis for regulating the investment behavior of listed companies on GME,improving the internal corporate gov- ernance and external creditors governance,optimizing the structure of corporate finance.
