资本结构对企业投资的影响研究

A Study on the Influence of the Capital Structure on Corporate Investment

从理论上看,资本结构对企业投资具有正反两方面的影响。基于中国制造业上市公司数据的实证研究发现,从整体上看,资本结构对企业投资没有统计上显著的影响。然而,进一步分析表明,在自由现金流不足的企业里,资本结构对企业投资具有显著的负向作用;对增长机会低的企业来说,资本结构对企业投资则具有显著的正向作用。这就意味着在不同的条件下,资本结构对企业投资具有不同的影响,考察资本结构和企业投资之间关系的调节因素具有重要意义。

Theoretically speaking, the capital structure has both positive and negative effects on the investment of enterprises. After analyzing the real data of the listed companies in China s manufacturing industry, it is found that the influence of the capital structure oncorporate investment are not statistically significant from the overall perspective. However, further analysis shows that the capital structure has a significantly negative effect on corporate investmentin the enterprises of inadequate free cash flow.Besides, the capital structure has a significantly positive effect on corporate investmentin the enterprises with less growth opportunities. All these suggest that the capital structure has different influence on corporate investmentunder different conditions, and it is of great significance to investigateinto the factors which influence the relationship between the capital structure and corporate investment.