债务融资来源异质性与企业投资--基于宏观经济政策视角

Heterogeneity of Debt Sources and Corporate Investment——Based on Macroeconomic Policy Perspectives

基于债务异质性假说和债务契约理论,从货币政策和税收政策两个角度对我国非金融类上市公司样本进行实证研究,结果表明:在债务融资来源异质性指数与企业投资指标之间存在显著相关关系的基础上,货币政策和财政政策代理变量分别对上述相关关系存在不同的影响。从不同层面探索宏观经济政策因素对企业投融资的作用机理,为植入中国情境的企业财务行为提供了新的视角和经验证据。

The force of macroeconomic policy on the financial behavior of enterprises exists objectively and cannot be ignored.Based on the debt heterogeneity hypothesis and debt contract theory,the purpose of this paper is to investigate the influence mechanism of debt source heterogeneity on enterprise investment decision after the introduction of macroeconomic policy factors.The empirical study finds that,on the basis of the significant correlation between the heterogeneity index of debt sources and the enterprises’investment index,the monetary policy and the fiscal policy have different regulatory effects on the relationship between the debt source heterogeneity and micro-enterprise investment expenditure,as well as the relationship between debt source heterogeneity and enterprise investment efficiency.This paper explores the mechanism of macroeconomic factors on enterprise investment and financing from different levels,which is for enterprises embedded in Chinese situation;and provides a new perspective and empirical evidence for the Chinese enterprises’financial behaviors.