基于成长性的公司债务融资与投资相关性研究——来自我国上市公司的经验证据

Research on the Relationship between Indebted Financing and Investment of Companies Based on Growth——Empirical Evidence from Listed Companies of China

以我国A股市场上市公司为研究对象,分析不同成长性以及不同股权性质企业中负债及其结构与投资的相关性及其差别,结果表明:负债融资总体上减少了我国上市公司的投资,债务发挥了治理作用,但在低成长性企业中,负债融资比例与投资规模并没有显著的负相关关系,负债没有发挥治理作用;债务期限结构(短期负债/总负债)与投资规模在低成长性企业中显著正相关,说明短期债务比重较少的债务期限结构约束了低成长性企业的过度投资;在国有控股上市公司中,债务来源结构(银行借款/总负债)与投资规模显著正相关,说明其银行借款不仅不能发挥出负债应有的治理作用,反而还加重了过度投资。因此,应关注企业的成长阶段对于其融资方式选择的影响;深化企业和银行的改革,尤其要注重国有企业银行贷款的合理性;并通过加强对债权权益的保护来进一步规范企业融资行为。

Taking China＇ s listed companies of A-share market as research objects, this paper analyzes the relationship between the debt and its structure and investment as well as their differences of the companies with different growth and different ownership types, the results show that the indebted financing decreases the investment of China＇ s listed companies as a whole and debt plays governance role, however, in low growth enterprises, there is no obvious negative relationship between indebted financing ratio and investment scale, and debt does not play governance role, and that debt maturity structure （short-term debt/total debt） is obviously positively related to investment scale in low growth enterprises, which indicate that the debt maturity with small proportion of short-term debt restricts excessive investment of low growth enterprises. In state-owned listed companies, the correlation between debt sources structure （bank loan/total debt） and investment is significantly positive, which reveal that bank loan can not play governance role which debt should have but intensifies excessive investment. Thus, China should address the influence of enterprises growth on their financing method choices, deepen the reform of enterprises and banks, especially, pay attention to the rationality of bank loan of state-owned enterprises and further standardize enterprise financing behavior by consolidating protection for creditor＇ s rights.