公司债能抑制企业无效投资吗?——基于中国上市公司的实证研究

Do Corporate Bond Restrain Ineffective Investment?——An Empirical Study Based on Chinese Listed Companies

以2007~2013年A股发行公司债上市公司为研究对象,实证检验了公司债发行与企业投资效率之间的关系。研究发现,公司债的发行可以显著抑制上市公司的无效投资行为;由于以市场为导向的公司债具有预算硬约束的特点,其相对于银行贷款能更好发挥债务治理功能,降低企业的无效投资。进一步的研究还发现,对处于不同生命周期的企业,公司债能有效改善成长期和衰退期企业的投资效率。

This paper aims to find the relation between the issuing of corporate bonds and the effectiveness of corporate investments based on an empirical study by studying the relative listed companies during the period from 2007 to 2013. The results show that the issuing of corporate bonds can evidently constrain the ineffective investment because the bonds have budget restrains compared with bank loans. Further analysis reveals that for those companies which are in developing or retrogressing stage in particular,corporate bonds can help to improve the investment effectiveness.