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

《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