發(fā)布時間：2018-06-05 08:52

  本文選題：債務期限結構 + 投資行為　； 參考：《沈陽理工大學》2013年碩士論文

【摘要】：債務融資與投資關系的研究，一直是財務領域的基本問題，而其中關于債務期限結構對投資行為影響的研究也逐漸成為了研究熱點。在資本市場不完善的情況下，債務期限結構主要通過三種機理影響著企業(yè)的投資行為：第一，縮短債務期限即短期負債可以緩解由股東與債權沖突引起的投資不足問題；第二，短期負債可以緩解股東與管理者沖突引起的過度投資問題；第三，負債融資加劇了股東與債權人沖突引起的資產替代問題，其中短期負債比長期負債在增加資產替代行為上的作用更小。由于上述三方面的影響，債務期限結構與投資行為可能呈現(xiàn)正相關或負相關，這就需要判斷哪種作用更強，從而判斷出債務期限結構與投資行為的關系。 本文以我國制造業(yè)上市公司2009-2011年的數據為研究樣本，構建了以融資約束、成長性、銷售收入、滯后一期的投資為控制變量的多元線性回歸模型。在對總體樣本回歸探究我國資本市場中債務期限結構與投資行為的關系基礎上，以企業(yè)的成長性高低為標準對樣本分組，探討成長性對兩者關系的影響，以判斷債務期限結構通過哪種因素對投資行為產生影響；然后以投資風險的高低對樣本進行分組，探討投資風險對兩者關系的影響；最后通過以國有為標準分組，來驗證我國上市公司特殊的股權結構對兩者關系的影響。 實證研究結果表明總體上短期負債與投資規(guī)模顯著負相關，長期負債與投資規(guī)模顯著正相關；在高成長性企業(yè)中，短期負債與投資規(guī)模顯著負相關，長期負債與投資規(guī)模顯著正相關，在低成長性企業(yè)中，，這種相關性不顯著；在投資風險高的企業(yè)中，長短期負債均與投資規(guī)模正相關，在投資風險低的企業(yè)中，長短期負債均與投資規(guī)模負相關；在非國有股制造業(yè)企業(yè)中，負債與投資規(guī)模的關系比國有企業(yè)顯著，說明國有公司在緩解投資不足的問題上并沒有過多的利用債務期限工具，短期債務并沒有對股東與債權人沖突產生的投資不足發(fā)揮有效的抑制。
[Abstract]:The research on the relationship between debt financing and investment has always been a basic problem in the financial field, and the research on the influence of debt maturity structure on investment behavior has gradually become a hot research topic. Under the condition of imperfect capital market, debt maturity structure mainly influences the investment behavior of enterprises through three mechanisms: first, shortening debt maturity that is short-term debt can alleviate the problem of insufficient investment caused by the conflict between shareholders and creditor's rights; second, Short-term liabilities can alleviate the problem of excessive investment caused by the conflict between shareholders and managers. Third, debt financing exacerbates the problem of asset substitution caused by the conflict between shareholders and creditors. Among them, short-term liabilities have less effect on increasing asset substitution than long-term liabilities. As a result of the above three aspects, debt maturity structure and investment behavior may be positive or negative correlation, which needs to judge which role is stronger, and then determine the relationship between debt maturity structure and investment behavior. Taking the data of Chinese manufacturing listed companies from 2009-2011 as the research sample, this paper constructs a multivariate linear regression model with financing constraints, growth, sales income, and investment in a lag period as controlling variables. On the basis of analyzing the relationship between debt maturity structure and investment behavior in China's capital market, the paper groups the samples according to the growth of enterprises, and probes into the influence of growth on the relationship between the two. In order to judge which factors the debt maturity structure has influence on the investment behavior, and then group the samples with the level of the investment risk, discuss the influence of the investment risk on the relationship between the two; finally, by taking the state-owned as the standard group, the paper discusses the influence of the investment risk on the relationship between the two. To verify the impact of the special ownership structure of listed companies on the relationship between the two. The empirical results show that there is a significant negative correlation between short-term liabilities and investment scale in general, a significant positive correlation between long-term liabilities and investment scale, and a significant negative correlation between short-term liabilities and investment scale in high-growth enterprises. Long-term liabilities are positively correlated with investment scale, but not significant in low-growth enterprises. In high-risk enterprises, long-term and short-term liabilities are positively correlated with investment scale, while in low-risk enterprises, long-term and short-term liabilities are positively correlated with investment scale. In non-state-owned manufacturing enterprises, the relationship between debt and investment scale is more significant than that in state-owned enterprises, indicating that state-owned companies do not make too much use of debt maturity tools to alleviate the problem of underinvestment. Short-term debt does not effectively curb underinvestment resulting from shareholder-creditor conflicts.
【學位授予單位】：沈陽理工大學
【學位級別】：碩士
【學位授予年份】：2013
【分類號】：F275;F832.51;F426

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本文編號：1981407