债务杠杆与企业投资:双重预算软约束视角

文章以我国2000~2004年的上市公司为样本,在政府、银行和企业三方的预算软约束框架内实证检验了企业投资支出和债务杠杆之间的关系。研究发现,企业投资支出整体上同债务杠杆呈负相关。但在国有绝对控股的上市公司中,企业投资支出对于负债水平不敏感,并且,随着国有股权比例的上升,企业投资支出对债务杠杆的敏感度逐渐下降。基于此,文章认为,政府对国有企业和国有商业银行同时实施的双重预算软约束是导致国有企业投资行为扭曲和债务治理机制失效的重要原因。

Debt Leverage and Corporate Investment: A Duplicate Soft Budget Constraint Perspective

With the sample data of China's listed companies from 2000 to 2004,this paper investigates the relationship between corporate investment and debt leverage under the framework of duplicate soft budget constraint among the government,banks and the firms.The authors find that there is a negative relationship between investment and leverage,but not for the absolute state-controlling firms whose corporate investment is insensitive to debt leverage.Furthermore,the sensitivity of investment to leverage decreases as the proportion of state ownership increases.