债务期限结构与企业投资行为的实证研究

Empirical Research on the Debt Maturity Structure and Enterprise Investment Behavior

现行的债务期限结构与企业投资行为关系的研究通常认为,短期债务不会导致企业的过度投资行为。然而,以2007—2010年我国沪深股市的892家制造业上市公司为研究对象并利用面板数据模型进行计量分析显示:这一方面具有一定的合理性,另一方面也表明我国上市公司的过度投资行为至少有部分原因是由于债务期限偏短所导致的。

The current debt maturity structure and enterprise investment behavior relationship studies show that short-term debt will not lead to excessive investment behavior of the enterprise.However,the measurement analysis using panel data model and taking 892 manufacturing listed companies in Shanghai and Shenzhen stock exchange from 2007 to 2010 as the research object argues that the aspect of proposed hypothesis has certain rationality,on the other hand also shows that our listed company＇s excessive investment behavior at least is partly caused by the partial short of the debt term.