财务杠杆对企业投资的影响——股权集中背景下的经验研究

The Impact of Leverage on Firm Investment——The Empirical Study with Centralized Shares

不同于以往建立在股权分散背景下的研究,本文讨论了股权集中的上市公司中财务杠杆与企业投资之间的关系以及控股股东持股比例对这一关系的影响。研究结果表明,财务杠杆对企业投资具有显著的抑制作用,并且这种抑制作用随着控股股东持股比例的提高而减弱。本文还发现,财务杠杆对企业投资的抑制作用在成长机会较小的企业中表现得更为突出。这些结果均支持了过度投资假说。

Different from the previous researches based on decentralized shares,this paper discusses the relationship between financial leverage and firms' investment of those listed companies with centralized shares,and the influence of controlling shareholders' proportion on this relationship.The result shows that financial leverage has a significant negative effect on firms' investment and this effect will be weakening along with the increase of controlling shareholders' proportion in the firms.In addition,we find that this restrictive effect of financial leverage on firms' investment is more prominent in the enterprises having less chance to grow.This result provides support to over-investment hypothesis.