大股东控制、负债水平与企业投资

First Shareholders、Level of Liability and Investment Expenditure

实证检验了我国国有上市公司中负债水平与投资支出之间的关系,结果表明,企业投资支出整体上同负债水平呈负相关关系,投资支出与负债水平的关系受大股东持股比例的影响,此外,本文还发现在成长性较低的企业中投资支出对负债水平的敏感性更低,这些结果均支持了过度投资假说。

This paper examines the relations between level of liability and investment in China＇s listed firms, the result shows that there is wholely a significantly negative relation between level of liability and investment expenditure,the ratio of first shareholders inflenee the relation between debt and investment expenditure. Moreover,this paper also finds the negative relation between leve of liability and investment is weaker in firms with low grow opportunities, the results insist an overinvestment hypothesis.