外部治理环境、财务杠杆与过度投资——基于深交所上市公司的实证检验

External Governance Environment,Financial Leverage and Over-investment:Based on the Shenzhen Stock Exchange Listed Companies

研究我国企业的财务杠杆对过度投资是否存在抑制作用,以及外部治理环境如何影响财务杠杆对过度投资治理效应的发挥,具有重要的理论和现实意义。通过选取深交所2008—2011年2 251个观察样本,并运用模型实证检验我国上市公司外部治理环境、财务杠杆和过度投资之间的关系,其结果表明,财务杠杆对过度投资具有抑制效应;企业所在的产品市场竞争激烈程度、信息披露质量、所在地区的市场化进程与过度投资水平呈负相关,而企业所在地区的政府干预程度与过度投资水平呈正相关。

Research on the relationship between financial leverage and over-investment,as well as how external governance environment influences the effect which the financial leverage exerts on over-investment,has important theoretical and practical significance. In this paper,2251 observation samples from the listedcompanies in Shenzhen Stock Exchange from 2008 to 2011 are selected to analyze the relationship among external governance environment,financial leverage and over-investment. Through the empirical research,we find that financial leverage has inhibitory effect on over-investment. And there is a negative correlation between over-investment and local product market competition,information disclosure quality,local degree of marketization,while a positive correlation between over-investment and local government intervention.