【摘要】 以中国上市公司2001-2004年的数据为样本,实证分析了财务杠杆相对于治理环境的内生性以及治理环境对财务杠杆与企业投资之间关系的影响。研究结果显示:治理环境的确是影响企业财务杠杆的因素之一,企业所在地的治理环境越好,其杠杆水平越低;财务杠杆对企业过度投资具有显著的抑制作用,并且该抑制作用随着企业所在地治理环境的改善而增强;高管持股对过度投资具有治理效应,且该治理效应随着国有股比例的上升而增强。更多还原

【Abstract】 Based on the sample data of China’s listed companies for the period of 2001-2004, this paper carries an empirical analysis of the endogencity of financial leverage relative to governance environment, and the impacts of governance environment on the relationship between financial leverage and corporate investment. The study shows that governance environment is truly one of the factors affecting corporate financial leverage. The better the local governance environment is, the lower the financial leverage is. Financial leverage can significantly restrain corporate overinvestment, and this effect will be strengthened with the improvement of local governance environment. The executive shareholding has governance effect on overinvestment which will be intensified with the rise of the proportion of state-owned shares.更多还原