资本结构对投资行为的影响——对相关文献的研究综述

Influence of Capital Structure on Investment Behavior: An Overview on Relevant Literature

资本结构直接影响投资行为。通过系统梳理研究国内外相关重要文献发现,国外学者认为资本结构对投资行为的影响主要表现在负债和融资方式两个方面;国内学者则认为负债比例、负债类型和负债融资的约束性是影响投资行为的重点因素。但是,很多学者以股东、债权人、经理人等相关利益者之间的矛盾冲突作为切入点的研究,忽视了负债本身对投资行为的影响。

Capital structure will affect investment behavior directly. The research on important literatures at home and abroad shows that the foreign scholars think that the influence of capital structure on investment behavior lies in liability and financing ways, while the domestic scholars consider that the important factors influencing investment behavior are restriction on ratio, type and financing of liability. In fact, many scholars research capital structure from the contradictions and conflicts among shareholders, creditors and managers, but ignore the influence of debt itself on investment behavior.