摘要
本文以我国上市公司为研究对象,考察负债融资及负债来源对企业投资行为的影响,从而揭示我国上市公司中股东-债权人冲突和负债作为治理机制所带来的经济后果。实证结果表明,负债比例越高的企业,企业投资规模越小,且两者之间的相关程度受新增投资项目风险与投资新项目前企业风险大小关系的影响———低项目风险企业比高项目风险企业,投资额随负债比例上升而下降得更快。此外,本项研究还发现,不同来源负债对企业投资规模的影响程度不尽相同。
To disclose the economic effects of the stockholder-bondholder conflic ts and debt as an element of corporate governance, this paper examined the impac t of debt financing and the sources of debt on the firms' investment behavior fo r listed companies in China. The empirical results show that the higher debt rat io, the less firm's investment size, and the sensitivity of two variables is af fected by the relative size between the new project risk and the original firm o perating risk. Comparing with firms with higher project risk, investment decline s more quickly as debt ratio rises in firms with lower project risk. Moreover, t he different sources of debt has the different impact on investment size.
出处
《经济研究》
CSSCI
北大核心
2005年第5期75-84,126,共11页
Economic Research Journal
基金
国家自然科学基金项目"股东 -债权人利益冲突与企业投资行为研究"的成果之一
项目批准号 70 2 72 0 0 3。
