摘要
本文以中国上市公司为样本,检验了融资结构对企业投资决策的影响。研究发现:总体而言,融资结构与企业投资显著负相关;但是,在分类检验中表现有所不同,高成长企业的融资结构与投资支出的负相关关系进一步提高,而在低成长企业中没有发现融资结构与企业投资支出显著负相关的证据。结果支持了负债代理成本理论,尤其为负债融资对高成长企业的投资不足影响提供了有力证据。
The paper examines the impact of financing structure on the firm＇ investment decisions using information on Chinese publicly traded companies. It shows that financing structure is negatively related to investment as a whole; this negative effect is significantly stronger for firms with high growth opportunities but insignificantly for low-growth firms. The results provide support to agency theories of corporate leverage, and especially evidence for the impact of financing structure on the underinvestment of firms with high growth opportunities.
出处
《预测》
CSSCI
2006年第3期33-37,共5页
Forecasting
基金
国家自然科学基金资助项目(70372041)
关键词
融资结构
投资
代理成本
financing structure
investment
agency cost
