负债结构与投资影响:上市公司选择性例证

The Debt Structure and the Investment Effect: Selective Examples of Listing Corporation

对1998～2012年我国深沪两市上市公司的长期负债率和资本负债率对企业各项投资的影响的研究发现：国有控股上市公司虽然在长期负债融资市场上占据明显的优势，但存在对生产性投资不足而对金融性投资过度的问题；非国有控股上市公司的负债水平对其投资的影响非常显著，过高的短期负债率抑制了其金融性投资。

This paper investigates the impact of long-term debt ratio and debt leverage on Chinese listed firms from 1998 to 2002. It is found that listed state-owned enterprises （SOE） and listed private enterprises show different patterns of investment behaviors. Even though it is known that the listed SoEs occupy a distinct advantage in the long-term debt financing market, they underinvest in productive investment but overinvest in financial investment. On the contrary, highly short-term debt ratio reduces financial investment of listed private enterprises whose debt leverage is significantly negative with firm investment.