摘要
从流动性风险的角度研究了债务期限结构与企业投资之间的关系。研究发现,由于缩短债务期限结构增加了企业的流动性风险,而流动性风险的增加会遏制企业投资,债务期限结构与企业投资之间表现出显著的倒U型关系,而不是简单的负相关关系。本文还发现,具有增长机会的企业往往倾向于先缩短债务期限结构,当缩短债务期限结构带来的流动性风险成本高于投资带来的收益时,管理者会转而通过降低杠杆促进企业投资。这意味着在缓解企业投资不足方面,债务期限结构与杠杆之间即非替代的关系也非互补的关系,两者的关系存在动态的转移。
This paper investigates the relationship between debt maturity and firm investment from the aspect of liquidity risks.The result shows that shortening debt maturity may result in liquidity risk which has a negative effect on firm investment,so there is a significant quadratic linear but not simple negative relationship between debt maturity and firm investment.The result also shows that high-growth firms prefer controlling underinvestment incentives by shortening debt maturity,until the liquidity risk cost is higher than the benefit from alleviating underinvestment the manager will turn to reducing leverage,which means there is neither substitution effect nor complementary effect,but a dynamic transfer relationship between leverage and debt maturity in alleviating underinvestment.
出处
《系统工程》
CSSCI
CSCD
北大核心
2015年第4期24-31,共8页
Systems Engineering
