本文關鍵詞： 公司債券 銀行貸款 創(chuàng)新投入 企業(yè)績效　出處：《金融理論與實踐》2017年04期 　論文類型：期刊論文

【摘要】：以發(fā)行債券的上市公司為樣本,通過對比分析銀行貸款和公司債券這兩種負債來源對公司創(chuàng)新投入以及公司績效的影響,發(fā)現(xiàn)雖然銀行貸款與公司債券對公司創(chuàng)新投入都是顯著負相關,而且公司債券對創(chuàng)新投入的影響大于銀行貸款對創(chuàng)新投入;但是銀行貸款與創(chuàng)新投入的交互影響對公司績效顯著負相關,而公司債券與創(chuàng)新投入的交互影響對公司績效卻不會產(chǎn)生統(tǒng)計意義上的影響,即銀行貸款最終成為公司的不利因素,而公司債券卻不會對公司產(chǎn)生不利影響。雖然銀行貸款與公司債券都不關心公司的創(chuàng)新投入,但是銀行貸款最終成為公司的不利因素,而公司債券卻沒有。因此,管理層發(fā)展公司債券是有利于公司的決策。
[Abstract]:Taking the listed companies issuing bonds as a sample, this paper analyzes the impact of bank loans and corporate bonds on innovation investment and corporate performance. It is found that although bank loans and corporate bonds have a significant negative correlation with corporate innovation investment, the impact of corporate bonds on innovation investment is greater than that of bank loans on innovation investment. However, the interaction between bank loans and innovation investment has a negative correlation with corporate performance, while the interaction between corporate bonds and innovation investment does not have a statistical impact on corporate performance. That is, bank loans eventually become a negative factor for the company, while corporate bonds do not adversely affect the company. Although bank loans and corporate bonds do not care about the innovative investment of the company, bank loans eventually become a negative factor for the company. Therefore, management development of corporate bonds is conducive to the company's decisions.
【作者單位】： 江蘇師范大學商學院;
【基金】：教育部人文社會科學研究規(guī)劃基金項目“企業(yè)過度負債背景下機構(gòu)投資者替代負債監(jiān)督的機制與路徑研究”(項目批準號:15YJA630043) 國家自然科學基金青年項目“產(chǎn)品市場競爭、政治關聯(lián)與銀行貸款契約”(項目批準號:71602079)的階段性成果
【分類號】：F271;F832.51;F275

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