摘要
基于信息对称的视角,通过建立持续时间模型,并用杠杆比率表示为投资项目进行融资的总成本中债务融资所占的比重来研究债务融资对过度投资和公司业绩的影响。结果发现:当信息是对称的情况下,公司如果发生过度投资便不会出现投资不足,并且债务融资占投资项目总成本的比重越高公司过度投资程度越大。
In a symmetric information continuous-time model,this paper uses leverage as way to finance a fraction of the investment cost,and for the purpose of researching on the impact of debt financing on overinvestment and firm’s performance.The results showed that： when the information is symmetrical to the case,if company has excessive investment that will not be lack of investment,and debt financing for investment projects with a total cost of the higher proportion of corporate investment more.
出处
《经济与管理》
CSSCI
2012年第10期44-48,共5页
Economy and Management
基金
国家自然科学基金(711721120)
辽宁省社会科学规划基金项目(L11DGL021)
关键词
债务融资
过度投资
获利性
市账比
杠杆比率
Debt financing
Over investment
Profitability
Market-to-book ratio
Leverage ratio
