| 债务期限结构对公司投资行为的影响——来自制造业上市公司的证据 |
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| 引用本文： | 谢军,朱倩渝.债务期限结构对公司投资行为的影响——来自制造业上市公司的证据[J].上海商学院学报,2010,11(1):87-90. |
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| 作者姓名： | 谢军 朱倩渝 |
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| 作者单位： | 华南师范大学,经济与管理学院,中国,广州,510631 |
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| 基金项目： | 广东省自然科学基金项目"投资者保护的区域研究" |
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| 摘 要： | 本文以我国制造业的上市公司为研究对象，实证考察了负债融资的债务期限结构对公司投资行为的影响，从而揭示了负债作为治理机制所带来的经济后果。实证结果表明：短期负债约束公司长期投资活动；在一定负债程度上，长期负债有利于公司的长期投资行为；公司的资产规模和融资活动的现金流会影响公司投资活动的现金支出，进而影响公司的投资活动选择。
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| 关 键 词： | 债务期限结构 短期负债 长期负债 过度投资 投资不足 |
Debt Maturity Structure and Corporation Investment Expenditure Evidence from Manufacturing Public Corporation |
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| Authors: | XIE Jun ZHU Qianyu |
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| Institution: | XIE Jun & ZHU Qianyu (Economics , Management School,South China Normal University,Guangzhou 510631,China) |
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| Abstract: | To disclose the economic effects of debt as an element of corporate governance,this paper examines the impact of the debt financing on Debt Maturity Structure and the Firms' Investment Behavior for listed manufacturing companies in China.Empirical results show that while short-term debt restrains long-term investments,long-term debt boosts long-term investments and the size of capital and the cash flow of Financing Behavior expense affect the Firms' Investment Behavior. Therefore,the results illuminate how ... |
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| Keywords: | debt maturity structure short-term debt long-term debt overinvestment underinvestment |
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