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ID:33910709
大小:2.16 MB
页数:52页
时间:2019-03-01
《负债期限结构对企业固定资产投资规模影响的研究——来自中国制造业上市公司经验证据》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、西方学者研究的那样,发挥出其应有的相机治理作用。关键词:负债期限结构;固定资产投资规模;短期负债;长期负债ARESEARCHONTHEIMPACTOFDEBTMATURITYSTRUCTUREONCOMPANYINVESTMENTlNFlXEDASSETS:EVIDENCEFROMCHINESEMANUFACTURINGLISTEDCOMPANIESABSTRACTThemodemwestemresearchesontheimpactoffinancingoncorporateinvestmentbehaviorscanbedividedintothefollowingtwo
2、aspects.Ontheonehand,theystudytheinfluenceofconflictsbetweenshareholdersandcreditorsoncorporateinvestmentbehaviors,thatis,theinterestconflictsbetweenshareholdersandcreditorslcadtoinsufficientinvestmentandassetsubstitutionproblems.They,ontheotherhand,studythedebtgovernancethatliabilitycanred
3、ucetheover-investmentproblemswhichoriginfromtheinterestconflictsofmanagerandshareholders.Themajorityoftheexistingliteraturesconcentrateontheimpactsofdebtfinancingoncorporateinvestment,andtheyconsiderofthevarioussourcesofliabilitiesastobehomogeneous.Asamatteroffact,ceterisparibus,theimpactof
4、debtmaturitystructure,whichconsistsofshort—termliabilitiesandlong-termdebt,oncorporateinvestmentisdifferent.ThispapertakesthedatasetofChineselistedcompanies,whosecorebusinessismanufacturing,asthestudywindow.Thisdatasetiscomposedofthedatafrom2004through2009.Thenthisresearchmodels3哪4Ⅲ—●Ⅲ4耋苎2Ⅲ
5、6M8¨刖”i●■-ⅢYtheexpenditureofproperties,plantandequipment,anddebtmaturitystructure,andcontrolsLagphaseofinvestment,sales,Financingconstraints,andgrowth.Thispapercontributestoexistingliteraturesoninteractionbetweendebtmaturitystructureandcorporateinvestmentsinthreedirections.First,generallysp
6、eaking,theinteractionbetweenshort—termdebtandinvestmentinfixedassetsisnegatively,theinteractionbetweenlong-termdebtandinvestmentinfixedassetsispositively.Manufacturingoflistedcompanieswithinvestmentinlow-risk,theinteractionbetweenshort—term1iabilitiesandfixedassetsinvestmentscaleisnegativel
7、y,andSOislong—termdebt,Manufacturingoflistedcompanieswithinvestmentinhigh-risk,theinteractionbetweenshort-termliabilitiesandfixedassetsinvestmentscaleispositively,andSOislong—termdebt.ThereisnotSOmuchdebtgovemanceofshort-termdebtaswhatwesternclassicliter
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