债务期限结构对过度投资的影响研究——基于非金融类上市公司的数据

债务期限结构对公司治理绩效有着非常重要的影响，通过就948家A股非金融类上市公司债务期限结构对过度投资的影响进行实证分析后发现：从债务期限结构治理功能的静态视角来看，债务期限结构可以减少“内部人”的资产替代行为，抑制过度投资，进而有利于保护投资者的利益；股权结构同债务期限结构的‘‘组合机制”可以有效抑制企业的过度投资行为；随着市场化程度的深入，债务期限结构的治理绩效得到逐步优化；随着自由现金流水平的提高，公司过度投资行为会变得更加严重。

The Research of the Effect of Debt Maturity Structure on the Overinvestment in the Chinese Listed Companies

The debt maturity structure has a special significant effect on the performance of the corporate governance. This pa- per adopts the dynamic panel data approach to carry out an in-depth study on the relationship between the debt maturity struc- ture and the overinvestment by taking Chinese listed companies as samples. An empirical study shows that debt maturity struc- ture can reduce the occurrence of asset substitution among ＇ the insider＇ and control excessive investment in order to protect the interests of the investors. The combination of equity structure and debt maturity structure can control the overinvestment of en- terprises. Along with the market-based reform, the governance performance of debt maturity structure has also been continu- ously optimized. With the improvement of cash flow, the overinvestment behavior of enterprises will be more serious.