上市公司债务融资与投资支出关系研究

The Effect of Debt Financing on Corporate Governance

本文使用2002-2004年的上市公司面板数据,研究了实际控制人、财务杠杆与投资支出之间的关系。研究发现,负债水平,尤其是以银行借款比率表示时,与投资支出负相关,并且上市公司的实际控制人影响了这种负相关关系,在非国有控制上市公司中,投资支出和负债水平的负相关关系尤为显著。

With the sample data of China’s Listed Companies from 2002 to 2004, this paper proceeds to an empirical research on the relationship between corporate investment and debt leverage, we find that there is a negative relationship between investment and leverage, especially when substituting the variable debt leverage for LEVB, and the ownership of corporate also affects this relationship. In our regressive testing, the governance of debt has been undermined in SOC, while proves to be insensitive to corporate investment in non-SOC.