| 中国银行借款与商业信用融资的治理效应：过度投资视角 |
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| 引用本文： | 唐炳南,刘东皇,樊士德.中国银行借款与商业信用融资的治理效应：过度投资视角[J].财经理论与实践,2018(2):22-27. |
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| 作者姓名： | 唐炳南 刘东皇 樊士德 |
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| 作者单位： | 江苏理工学院 商学院,江苏 常州,213001
南京大学 商学院,江苏 南京,210093
南京审计大学 经济与贸易学院,江苏 南京,211815 |
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| 基金项目： | 教育部人文社会科学研究规划基金，江苏高校哲学社会科学研究重点项目，江苏省"青蓝工程"青年骨干教师培养项目 |
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| 摘 要： | 依据沪深 A股主板市场2007-2015年样本数据,考量中国银行借款与商业信用融资的治理效应.结果显示:无论是国有控股公司还是民营公司,银行借款均对其过度投资行为存在诱发作用;与短期借款相比,长期借款对公司过度投资的诱发作用更加突出.结果表明,商业信用融资有助于抑制公司过度投资,且市场化程度越高的地区这种抑制作用越突出.
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| 关 键 词： | 过度投资 银行借款 商业信用融资 预算软约束 bank credit commercial credit overinvestment |
Bank Credit, Commercial Credit and Overinvestment Behavior of Listed Enterprises |
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| Tang Bingnan,Liu Donghuang,Fan Shide.Bank Credit, Commercial Credit and Overinvestment Behavior of Listed Enterprises[J].The Theory and Practice of Finance and Economics,2018(2):22-27. |
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| Authors: | Tang Bingnan Liu Donghuang Fan Shide |
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| Abstract: | This paper discusses the governance effect of debt on overinvestment behavior of state-owned enterprises from two angles of view of debt source and debt structure.The results show that bank loans do not have a significant inhibitory effect on the excessive investment behavior of the company,and even the positive effect is induced.Among them,the long term loan induces the excessive investment be-havior of the company more than the short-term borrowing,and the higher the ratio of commercial credit financing,the more help to curb excessive investment.At the same time,compared with the central and western regions,the commercial credit financing of listed companies in the eastern region has a greater inhibitory effect on the over investment. |
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| Keywords: | bank credit commercial credit overinvestment |
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