负债融资对投资行为的影响研究

The Impact of Debt Financing on Investment Behavior

利用中国A股上市公司数据,研究在不同股权集中度下负债融资对投资行为的影响,结果表明:在股权分散企业,不管是高成长性还是低成长性的企业,负债都表现为抑制过度投资行为,即负债的相机治理起主导作用;股权集中的低成长性公司,负债不仅会产生相机治理效应,而且产生过度投资行为,在两者共同作用下,后者作用大于前者,企业最终出现过度投资行为;股权集中的高成长性企业,负债融资会导致企业的投资不足.

Using the data of listed companies of a share in China,this paper studies the impact of debt financing on investment behavior under different ownership concentration.The results show that the dispersion of enterprises in the ownership,whether high growth or low growth enterprises,debt showed inhibition over investment behavior,which play a dominant role in the governance of debt;equity concentration low growth firms,liabilities will not only produce governance effect,and excessive investment behavior in the interaction between the two,the latter effect is greater than the former,the enterprise will appear over investment behavior;high growth enterprises focus on equity,debt financing will lead to insufficient investment.