本文關(guān)鍵詞：不同成長性公司負(fù)債融資對投資行為影響的實(shí)證研究　出處：《江蘇科技大學(xué)》2013年碩士論文　論文類型：學(xué)位論文

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【摘要】：現(xiàn)代資本結(jié)構(gòu)理論認(rèn)為負(fù)債對投資行為具有正反兩方面的作用。其中，正面作用表現(xiàn)為：負(fù)債能夠約束管理者投資過度，具有相機(jī)治理作用。負(fù)面作用表現(xiàn)為：負(fù)債引發(fā)股東——債權(quán)人沖突，導(dǎo)致管理者產(chǎn)生資產(chǎn)替代和投資不足。當(dāng)公司的成長程度不同，其對資金的需求量、資金來源、對融資成本的承受能力、投資的方向和規(guī)模都不盡相同。因此，了解不同成長性公司的負(fù)債融資情況及其對投資所發(fā)揮的作用，能夠進(jìn)一步加深對負(fù)債融資的認(rèn)識(shí)，指導(dǎo)企業(yè)建立恰當(dāng)資本結(jié)構(gòu)，充分利用財(cái)務(wù)杠桿，提高負(fù)債融資效率和效果，具有現(xiàn)實(shí)意義。 文章首先分析了研究的背景，提出研究目的及意義，對相關(guān)概念進(jìn)行解釋，明確寫作結(jié)構(gòu)和創(chuàng)新點(diǎn)。接下來，對文獻(xiàn)進(jìn)行綜述，總結(jié)國內(nèi)外學(xué)者就此問題進(jìn)行研究的角度、內(nèi)容、方法和結(jié)論，了解到目前對“不同成長性公司負(fù)債對投資的影響”這一問題，還沒有一致結(jié)論，仍具有研究價(jià)值。在相關(guān)理論支持下，分析了不同成長性公司的負(fù)債融資、投資行為特征，分析不同成長性公司、不同負(fù)債期限對投資的作用。 根據(jù)理論分析結(jié)果，文章提出實(shí)證研究假設(shè)，對回歸變量、回歸模型進(jìn)行介紹。對以往研究評價(jià)公司成長性所采用的方法進(jìn)行評述，介紹了衡量公司成長性的新方法——“投資機(jī)會(huì)集”指標(biāo)，說明采用這種方法的原因，介紹其替代變量的選取方法。 文章的實(shí)證研究部分以2010-2011年滬深A(yù)股制造業(yè)上市公司為樣本，收集時(shí)間和截面空間上的二維面板數(shù)據(jù)，首先，通過“投資機(jī)會(huì)集”的替代變量，采用因子分析衡量公司的“未來投資機(jī)會(huì)”即“成長性”，再對總體樣本和各分組樣本進(jìn)行描述性統(tǒng)計(jì)分析、相關(guān)分析及回歸分析，研究不同成長性公司負(fù)債融資對投資行為的影響。文章得出以下研究結(jié)論： 第一，關(guān)于負(fù)債融資與投資支出的相關(guān)性研究結(jié)論。在整體樣本中，負(fù)債水平與投資支出呈顯著負(fù)相關(guān)關(guān)系。對于低成長性公司，負(fù)債能夠約束管理者投資過度，具有相機(jī)治理作用。對于高成長性公司，則表現(xiàn)為負(fù)債抑制投資支出，導(dǎo)致投資不足。 第二，關(guān)于不同負(fù)債期限與投資支出的相關(guān)性研究結(jié)論。整體樣本中，短期負(fù)債與投資支出負(fù)相關(guān)，長期負(fù)債與投資支出正相關(guān)。對于低成長公司，是負(fù)債中的短期負(fù)債發(fā)揮了正面的相機(jī)治理作用。對于高成長性公司，短期負(fù)債則抑制企業(yè)投資。而長期負(fù)債對高、低成長性公司的投資支出，都起到了促進(jìn)作用。 第三，關(guān)于不同負(fù)債來源與投資支出的相關(guān)性研究結(jié)論。整體樣本中，商業(yè)信用（應(yīng)付賬款、應(yīng)付票據(jù)、預(yù)收賬款）及銀行借款均與投資支出負(fù)相關(guān)，其中商業(yè)信用影響更顯著。對于低成長性公司，商業(yè)信用發(fā)揮了對投資支出的約束作用，，具有相機(jī)治理功能。對于高成長性公司，商業(yè)信用（應(yīng)付賬款、應(yīng)付票據(jù)、預(yù)收賬款）抑制企業(yè)投資支出，導(dǎo)致投資不足。 根據(jù)以上實(shí)證研究結(jié)論，文章提出以下幾點(diǎn)建議： 第一，公司應(yīng)當(dāng)建立恰當(dāng)資本結(jié)構(gòu)，合理利用負(fù)債，充分發(fā)揮其正面作用，減少負(fù)面作用； 第二，公司應(yīng)合理、適度利用短期負(fù)債； 第三，債權(quán)人應(yīng)考慮不同成長性公司負(fù)債對投資的不同作用機(jī)制，制定具有靈活性的契約； 第四，合理、適度發(fā)展我國債券市場。
[Abstract]:The modern capital structure theory that debt has two aspects of positive and negative effects on investment behavior. The positive effects as follows: debt can restrain the managers of excessive investment, has a governance role. The negative effects are as follows: liabilities arising shareholder creditor conflicts, lead managers to produce asset substitution and underinvestment. When the growth rate of the company the demand for capital, the amount and sources of funds, for the cost of financing capacity, direction and scale of investment are not the same. Therefore, understanding the different growth firms debt financing on investment role, to further deepen our understanding of debt financing, the establishment of an appropriate capital structure to guide enterprises to make full use of financial leverage increases the financing efficiency and effectiveness, is of practical significance.
This paper first analyzes the research background, the purpose and significance of the research, interpretation of the relevant concepts, clear writing structure and innovation. Then, the literature review of the research, summarizes the domestic and foreign scholars on the issue of angle, content, method and conclusion, the present solution to the problem of "the influence of different growth firms debt on investment, there is no consistent conclusion, still has research value. In theory support, analysis of different growth firms debt financing, investment behavior, analysis of different growth firms, the effect of different debt maturity of the investment.
According to the results of theoretical analysis, this paper put forward research hypothesis, the regression variables, regression models are introduced. Review the previous research methods used by the growth of the evaluation, this paper presents a new method to measure the growth of the company's "investment opportunity set" index, said Ming by this method, the selection of the alternative variable the method.
The part of empirical research on 2010-2011 Shanghai and Shenzhen A shares of listed manufacturing companies as the sample, the two-dimensional panel data collection time and space on the first section, the substitute variables of "investment opportunities set", using factor analysis to measure the company's "future investment opportunities" or "growth", and then carry out descriptive statistical analysis on the the overall sample and the sample groups, correlation analysis and regression analysis to study the effect of different growth firms debt financing on investment behavior. This paper draws the following conclusions:
First, study on the relationship of debt financing and investment. In the whole sample, there was a significant negative correlation between the level of debt and investment expenditure. For the low growth firms, debt managers can restrain the excessive investment, has a governance role. For high growth firms is in debt to curb investment spending, resulting in inadequate investment.
Second, research conclusion on the relationship of different debt maturity and investment spending. The whole sample, short-term liabilities and investment expenditure negatively related to long-term debt and investment expenditure is positively related. For the low growing company, is short-term debt liabilities play a positive governance role. For high growth firms, short-term debt and inhibited investment in Enterprises. Long term liabilities of growth firms, low investment spending, have played a role in promoting.
Third, conclusions on the relationship of different sources of debt and investment spending. The whole sample, commercial credit (accounts payable, notes payable, accounts receivable) and bank borrowings are associated with negative investment spending, including commercial credit has more obvious impact. For the low growth firms, commercial credit has played a constraint on investment spending. The camera has the governance function. For high growth firms, commercial credit (accounts payable, notes payable, accounts receivable in advance) restrain enterprise investment expenditure, resulting in lack of investment.
According to the conclusions of the above empirical research, the following suggestions are put forward.
First, the company should establish proper capital structure, make use of debt reasonably, fully play its positive role, and reduce the negative effect.
Second, the company should make reasonable use of short-term debt;
Third, the creditor should consider the different mechanisms of the different growth firms liabilities to the investment, and establish a flexible contract.
Fourth, reasonable and moderate development of China's bond market.

【學(xué)位授予單位】：江蘇科技大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2013
【分類號(hào)】：F275;F832.51

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