股权分置改革对上市公司投资的影响——基于负债来源结构的实证分析

以我国上市公司为研究对象,考察实施一年多的股权分置改革是否对负债融资与企业投资行为的关系产生影响,从而揭示股权分置改革的成效。实证结果表明,改革加强了负债融资与企业投资的显著负相关关系;对于拥有低成长机会的企业来说,商业信用表现出对投资的约束作用;对于拥有高成长机会的企业来说,商业信用表现出对投资的抑制作用。而银行借款表现了预算软约束现象。

An Empirical Test on the Impact of the Sources of Debt Financing and Listed Companies Investment from Shareholding Division Reformation

To disclose the effects of the shareholding division reformation,this paper examined the impact of debt financing on the firm’s investment for listed companies in China. The empirical results show that the reformation strengthens the significantly negative relationship between debt financing and investment,strengthens business credit’s restraining role on "high-growth" firms’ investment and disciplinary role on "low-growth" firms’ investment. And bank credit looks "soft budget" for the samples.