债务融资对非效率投资行为的影响作用——基于中国民营上市公司的实证研究

The Impact of Debt Financing on Non-efficient Investment-Based on an Empirical Study of Private Listed Companies in China

从总体债务、债务期限(短期和长期)、债务来源(银行借款和商业信用)三个方面进行实证检验,结果表明:(1)我国民营上市公司普遍存在过度投资与投资不足现象,债务融资总体上能够抑制过度投资行为,发挥债务的相机治理作用;(2)短期债务在民营上市公司中能够抑制过度投资和投资不足行为,发挥债务治理功效,而长期债务由于在债务期限结构中所占比例非常小,所以未能对非效率投资行为产生影响;(3)银行借款在民营上市公司中能够抑制过度投资行为,发挥债务的相机治理作用,并且商业信用能够抑制投资不足行为,发挥一定的债务治理功效。

This paper taking private listed company as the research object,studies the influence of debt financing on Non-efficient investment activity.The paper will carry on empirical tests from the perspectives of debt,debt maturity(short-term debt and long-term debt) and the source of debt(bank borrowing and trade credit).The results show that(1) over-investment and ninsufficient investment are a common problem among private listed busineres;by effecting the contingent governance function,debt financing generally can inhibit overinvestment activity.(2) Short-term debt can inhibit overinvestment and insufficient investment activity;whereas long-term investment occupies a small proportion in debt structure,therefore,it shows no effect on Non-efficient investment activity.(3) By affecting the contingent governance function of debt,Over-investment activities can be inhibited by bank debt;and Non-efficient investment activities can be inhibited by commercial credit which plays the debt governance function.