经济转型背景下制造业企业资本结构与投资行为研究——来自沪深两市上市公司的证据

Manufacturing Enterprises' Capital Structure and Investment Behavior on the Background of Economic Restructuring

以沪深两市616家制造业上市公司为研究样本,以其2011~2012年年报数据为基础,实证检验了资本结构与投资行为的关系以及资本结构对投资行为的影响。结果显示：负债水平与投资水平及新增投资之间存在显著的负相关关系;负债带来的股东-债权人冲突使企业容易发生非效率投资行为;制造业上市公司普遍存在非效率投资行为,且主要表现为投资不足。

This paper investigates the relation between capital structure and investment behavior for manufacturing enterprises on the background of economic restructuring,and discusses their inefficient investment.And then,this paper chooses 616 manufacturing listed companies in China's capital market as a sample,and tests the relation between capital structure and investment behavior on the base of the data of the annual reports of these firms from 2011 to 2012.The result shows that there is a significant negative correlation between debt and the level of investment or new investment,the conflicts between shareholders and creditors bring enterprises inefficient investment with liabilities,and the most manufacturing listed companies have the efficiency investment that means mainly lack of investment.