CAJ | 학술논문

债务异质性表现为企业债务具有不同的规模结构、期限结构和来源结构，而债务来源异质性为研究投资扭曲问题（包括投资过度和投资不足）提供了一个较好的视角。以2008年至加13年沪、深A股上市公司为研究对象，通过聚类分析方法证实中国上市公司中债务来源异质性较为普遍，构建债务来源异质性程度指标，选择债务来源异质性程度较高的样本（研究样本）和较低的样本（两组随机样本），对研究样本与随机样本配对后形成的样本进行组间比较分析、相关系数分析和回归分析，实证检验债务来源异质性对企业投资扭曲行为的影响。研究结果表明，债务来源异质性程度与企业投资扭曲程度显著负相关，即债务来源异质性程度越高，企业投资扭曲程度越低；企业债务来源异质性程度越高，投资过度程度和投资不足程度均越低，且债务来源异质性对企业投资扭曲的约束程度介于其对投资过度和对投资不足的约束程度之间。债务来源异质性程度越高，债务来源的多元化程度越高。研究结果对约束企业投资扭曲行为具有一定的积极作用。
채무이질성표현위기업채무구유불동적규모결구、기한결구화래원결구，이채무래원이질성위연구투자뉴곡문제（포괄투자과도화투자불족）제공료일개교호적시각。이2008년지가13년호、심A고상시공사위연구대상，통과취류분석방법증실중국상시공사중채무래원이질성교위보편，구건채무래원이질성정도지표，선택채무래원이질성정도교고적양본（연구양본）화교저적양본（량조수궤양본），대연구양본여수궤양본배대후형성적양본진행조간비교분석、상관계수분석화회귀분석，실증검험채무래원이질성대기업투자뉴곡행위적영향。연구결과표명，채무래원이질성정도여기업투자뉴곡정도현저부상관，즉채무래원이질성정도월고，기업투자뉴곡정도월저；기업채무래원이질성정도월고，투자과도정도화투자불족정도균월저，차채무래원이질성대기업투자뉴곡적약속정도개우기대투자과도화대투자불족적약속정도지간。채무래원이질성정도월고，채무래원적다원화정도월고。연구결과대약속기업투자뉴곡행위구유일정적적겁작용。
Recently, there have been increasingly severe problems of investment distortion for Chinese listed companies. The re- search on enterprise behavior of investment distortion has become the focus of attention by many financial scholars. Debt hetero- geneity displays in different debt size structure, maturity structure and source structure, while debt source heterogeneity provides a good perspective for the study of investment distortion problem （including over-investment and under-investment）. This paper, taking Shanghai and Shenzhen A-sharc listed companies from 2008 to 2013 as research objects, firstly confirms that debt source heterogeneity is widely prevalent in Chinese listed companies by clustering analysis, then constructs the Debt Source Heterogenei- ty Index（ DSHI）. By choosing the higher degree of debt source heterogeneity samples as research samples and the lower degree of debt source heterogeneity samples as two groups of random samples and based on group comparison analysis, correlation coeffi- cient analysis and regression analysis between research matched and random sample groups, this paper empirically tests the corre- lation between debt source heterogeneity and enterprise behavior of investment distortion. The result shows that： Firstly, degree of debt source heterogeneity has significant negative correlation with degree of enterprise investment distortion, that is, the higher degree of debt source heterogeneity, the lower degree of enterprise investment distortion. In Chinese context, it is difficult for the enterprise to play the role in restraining enterprise behavior of investment distortion by holding a single type of debt. However, diversified portfolio of debt financially obtained by increasing degree of debt source heterogeneity could restrain enterprise behav- ior of investment distortion more effectively. Secondly, the higher degree of enterprise debt source heterogeneity, the lower degree of over-investment and under-investment. And the restraint degree of enterprise investment distortion by debt source heterogeneity lies between the restraint degree of over-investment and under-investment by debt source heterogeneity. The way of increasing de- gree of debt source heterogeneity is universally applicable to both over-investment enterprise and under-investment enterprise, which is able to make the actual investment level return to the normal level. The practical significance of the result lies in the higher degree of debt source heterogeneity, the higher degree of diversification for debt source, which plays a certain positive role in the restraint of enterprise behavior of investment distortion. In the future research, we can build dynamic multiple equation models to study the inter-temporal correlation between debt source heterogeneity and enterprise behavior of investment distortion. Furthermore, we need to combine debt size structure and maturity structure with source structure in order to seek the rational combination of debt optimal scale from multiple sources in different periods, so as to restrain enterprise behavior of investment distortion more effectively.