债务结构与非效率投资：基于我国上市公司的实证研究.docVIP

债务结构与非效率投资：基于我国上市公司的实证研究 中国科技论文在线 //.paper.edu 债务结构与非效率投资：基于我国上市公司的实证研究# 记佳君，李强，巨航宇**5 （电子科技大学经济与管理学院，成都 61005#0046994） 摘要：企业债务水平及其结构会造成和影响过度投资与投资不足的非效率投资。本文以我国1999-2011年间上证A股企业为样本，在估算企业合理投资进而测度非效率投资额的基础上，实证考察新、旧债务比例及其水平对非效率投资的影响。研究结果表明：企业新增债务相对10 于已有债务的比例可以作为过度投资与投资不足的一种辨别条件，新增债务相对于已有债务的比例越高，企业越可能发生过度投资；反之，越可能发生投资不足。进一步关于过度投资和投资不足两类子样本的实证结果显示：新增债务占比越高，过度投资越严重，而已有债务占比的提高能够显著缓解过度投资；相反，投资不足随着已有债务占比的提高而加重，而新增债务占比能够一定程度上缓解投资不足。 15 关键词：投资不足；过度投资；债务融资 中图分类号： F830.59 Debt Structure and Inefficient Investment: Evidence from China Stock Market 20 JI Jiajun, LI Qiang, JU Hangyu (School of Management and Economics, University of Electronic Science and Technology of China, Chengdu 61005#0046994) Abstract: Debt level and structure may result in inefficient investment including overinvestment and underinvestment. Based on a database of listed firms in Shanghai Stock Exchange during 25 1999 to 2011, this paper estimates the normal level of investments, referring to the method of Richardson（2006）and then measures inefficient investments. Further, we discuss the influence of ratio of newly increaased debt to existing debt on the inefficient investments. The results show that this ratio can be used to distinguish overinvestment and underinvestment. The higher this ratio is, it is more likely for enterprises to over-invest. Otherwise, it is more likely to be 30 underinvestment. Regression results based on the subsamples of overinvestment and underinvestment show that, the higher the ratio is, overinvestment will be more serious, but the existing debt will significantly relieve this overinvestment problem. However, increasing existing debt will aggregate underinvestment, while the newly increased debt will relieve underinvestment to some degree. 35 Key words: Underinvestment, Overinvestment, Debt Financing 0 引言 融资和投资是企业的两大核心财务活动，对二者作用关系，尤其是企业债务融资与非效率投资关系的讨论一直是理论界关注的焦点。非效率投资是相对正常、合理投资而言，因企业代理问题和融资约束等不完美资本市场摩擦因素的存在，企业可能投资于净现值为负的项目，进而表现为过度投资；或者，企业拒绝投资净现值为正的项目，进而表现为投资不足。 Jen