后危机时代负债融资与投资规模的实证研究——来自中国制造业上市公司的经验证据

Empirical Study on Debt Financing and Investment at Post Crisis Time ——Evidence from Chinese Manufacturing Listed Companies

负债融资与投资规模的关系研究是财务理论研究的重要课题之一。现代财务理论基于委托-代理理论和信息不对称理论的考虑,认为负债融资影响到企业的投资规模。负债融资、负债期限通过不同的传导机制影响着企业的投资规模。本文采用2008-2010年我国制造业上市公司数据,在控制对投资有影响的销售收入、托宾Q和现金流量等变量的基础上,实证检验了负债融资、负债期限与企业投资规模的关系及其影响机制。检验结果表明,负债融资总体上与投资规模负相关;然后,又按企业利润总额的标准差作为衡量企业风险的大小进行了分组检验,结果显示,短期负债、长期负债对投资规模的影响不尽相同,高风险企业随着负债的增加与低风险企业相比减少投资的幅度较小。这些结论对我国当前调整经济结构、制定宏观经济政策提供了有益启示。

A central issue in finance is whether debt financing affects investment policies.Considering the agency problems and informational asymmetries,modern finance theory accepts the view that debt financing affects investment policies.Debt financing and debt maturity structure affects investment policies by different mechanism.Based on manufacturing listed companies＇ data from 2008 to 2010.The paper researches the relationship between debt financing,debt maturity structure and investment,controlling for the variables that influence a firm＇ investment such as sales income,Tobin＇s Q and cash.The results of empirical study indicate it is a remarkable negative relationship between debt financing and investment,after dividing the database into different groups by the standard deviation of profit,short-term debt and long-term debt influence the investment differently,and comparing with lower risk project,investment declines more slowly as debt ratio rises with higher risk project.It is useful to adjust economic structure and make macro-economic policies at present.