企业生命周期、债务异质性与非效率投资

Firm Life Cycle,Debt Heterogeneity and Non-Efficiency Investment

突破债务同质性假设,将企业负债在来源和期限结构两个维度上划分异质性,并基于企业生命周期的视角,研究异质性债务对企业非效率投资影响的动态演变。同时,考虑投资过度和投资不足两种情形,实证检验的结果表明：整体上,商业信用、长期借款、短期借款三种异质性债务对企业非效率投资产生的影响不同;动态视角下,其影响均会随企业生命周期的推进而变化。本研究对处于不同发展阶段的企业进行债务融资工具的选择具有借鉴意义。

Breaking the debt-homogeneity assumption, this paper divides corporate debt by maturity structure and origin structure under debt-heterogeneity hypothesis to study the dynamic effects of heterogeneous corporate debt on non-efficiency investment. Con- sidering both over-investment and under-investment situations, the empirical research results show that heterogeneous debt, including trade credit, long-term bank loans and short-term bank loans, has different influences on corporate non-efficiency investment. From the perspective of firm life cycle, above influences change along with the developing of firms. This paper helps companies choose ap- propriate debt financing tools basing on their specific life cycle stage.