债务融资、成长性与企业投资行为——对A股和香港上市公司的比较研究

Debt Financing,Growth,and Corporate Investment

本文以A股和香港上市公司为研究对象,考察债务融资和成长性对企业投资行为的影响。实证结果表明,企业债务与投资支出显著负相关,在低成长性公司中这一关系尤为显著。在低成长性公司中,A股上市公司的债务融资与投资支出的负相关关系比香港上市公司显著,香港中资上市公司的债务融资与投资支出的负相关关系比香港本地上市公司显著。

This paper examines the impact of debt financing and growth on investment behavior for listed companies in A-share and Hong Kong market.The empirical results show that there is a significantly negative correlation between the debt and the investment of listed firms in A-share and Hong Kong market,in particular for low growth firms.For low growth firms,this negative correlation in A-share market is more significant than in Hong Kong market,and this negative correlation of Chinese firms listed in Hong Kong is more significant than of Hong Kong local firms.