南京审计学院学报
南京審計學院學報
남경심계학원학보
2015年
2期
73~80
,共null页
负债融资 治理作用 公司投资 产权性质 非效率投资 负债治理 资金配置效率 低效率投资
負債融資 治理作用 公司投資 產權性質 非效率投資 負債治理 資金配置效率 低效率投資
부채융자 치리작용 공사투자 산권성질 비효솔투자 부채치리 자금배치효솔 저효솔투자
debt financing; governance effect; investment behavior; nature of property right; inefficient investment; debt governance; capital allocation efficiency; inefficient investment
利用我国上市公司2008—2013年数据,从负债治理视角探究负债融资对不同产权性质公司投资行为的影响,结果表明：整体负债融资水平与投资支出显著负相关,但不是所有负债都可以有效约束过度投资;短期借款和商业信用的负债治理作用显著,长期借款不具有负债治理作用,而是更多地表现出对投资的资金支持功能;非国有控股公司短期借款的治理作用更显著,国有控股公司长期借款的投资支持功能更为突出。
利用我國上市公司2008—2013年數據,從負債治理視角探究負債融資對不同產權性質公司投資行為的影響,結果錶明：整體負債融資水平與投資支齣顯著負相關,但不是所有負債都可以有效約束過度投資;短期藉款和商業信用的負債治理作用顯著,長期藉款不具有負債治理作用,而是更多地錶現齣對投資的資金支持功能;非國有控股公司短期藉款的治理作用更顯著,國有控股公司長期藉款的投資支持功能更為突齣。
이용아국상시공사2008—2013년수거,종부채치리시각탐구부채융자대불동산권성질공사투자행위적영향,결과표명：정체부채융자수평여투자지출현저부상관,단불시소유부채도가이유효약속과도투자;단기차관화상업신용적부채치리작용현저,장기차관불구유부채치리작용,이시경다지표현출대투자적자금지지공능;비국유공고공사단기차관적치리작용경현저,국유공고공사장기차관적투자지지공능경위돌출。
Taking the sample data of Chinese listed companies from 2008 to 2013,this paper,from the perspective of debt governance,studies the debt financing＇s effect on the investment behavior of different companies with different property rights.The result shows that whole debt financing level is negatively related with company investment,but not all kinds of debt financing can effectively curb excessive investment. Short-term loans and commercial credit both have significant debt governance effect. Long-term loans shows a strong fund support function but with no debt governance effect on investment. And the governance effect of short-term loans in state-owned holding enterprises is more effective than the one in non-state-owned holding enterprises; while long-term loans in non-state-owned holding enterprises show stronger fund support function on investment than the one in state-owned holding enterprises.
