【作者】 张雯；

【导师】 王富炜；

【作者基本信息】 北京林业大学 ， 会计学， 2014， 硕士

【副题名】以国内A股制造业上市公司为例

【摘要】 投资和融资作为企业最基本的两项经济活动,看似相互独立实际上有着密不可分的关系。新古典投资理论认为技术偏好和产出是企业进行投资活动的决定因素,企业的任何投资活动都与金融因素无关。因此,有观点认为投资和融资是相互独立,没有相关关系的。但是,二十世纪六十年代以后,学者们开始将投资和融资活动联系起来进行研究,去探究企业融资活动是否会影响其投资行为。负债融资作为现代企业最重要的一项融资活动,必定是学者们研究的重点,并且它对企业的投资行为一定会有所影响。因此,本文就是从负债期限结构和负债来源出发,去探讨负债融资对企业投资行为的影响。负债期限结构主要是从以下三个方面去影响企业的投资行为。首先,企业负债中的短期负债可以有效缓解股东-债权人冲突引发的投资不足问题；其次,与长期负债相比短期负债还可以有效减轻股东-管理者冲突引起的过度投资问题；最后,短期负债由于面临到期还款付息的特点,会在一定程度上降低资产替代的问题。前一种影响会导致负债期限结构与企业投资行为呈现负相关关系,而后两种影响会导致负债期限结构与投资行为呈现正相关关系。因此,究竟哪种影响的程度最深、范围最广,这都是本文需要解决的问题。负债来源作为负债融资的另一个组成部分,近年来也受到国内外学者的广泛关注,尤其以银行借款和商业信用最为突出。实际上,不同来源的负债对企业投资行为的影响也不仅相同。比如,与商业信用相比,银行借款对企业贷款的约束力更强,银行可以通过添加限制性条款来筛选贷款企业的贷款等级,数量等等。而商业信用的融资成本低又成为它普遍存在于当今市场的原因之一。因此,从负债来源出来探讨负债融资对企业投资行为的影响,也具有重要的实践意义。本文首先对论文选题背景与研究意义、研究方法以及写作创新之处做了归纳总结。其次,回顾了以往国内外学者对负债期限结构和负债来源对企业投资行为影响的理论和实证研究,在分析了负债结构的理论基础和负债结构对企业投资行为影响机理的基础之上提出了本文的四个研究假设。接着按照一定的标准选取了2008年到2012年411家制造业上市公司的数据,建立了实证模型。按照成长性高低对总体企业数据样本进行分组,对总体样本和分组样本进行描述性分析及回归分析后根据实证结果得出相关政策性建议。更多还原

【Abstract】 Debt maturity structure is mainly to affect the investment behavior of enterprises from the following three aspects.firstly,short-term debt can reduce the problem of excessive investment which caused by shareholder and managers conflict.Secondly, short-term debt can ease the problem of undercapitalize.Finally,duing to the characteristics of the face of debt repayment,it can Reduce the asset substitution problem.Therefore which influence can affect most is our target to get solved. Investment and financing as the two basic economic activities of enterprises are both independent and relative. The new classical investment theory believe technology preferences and output are the decisive factor in enterprise investment activities,they are not relative with financial factor.Therefore, In twentieth Century sixty years later scholars were going to research the relation between investment and financing movement and to explore if the Financing activities can affect the investment.Thus,this paper is going to explore the effect of debt financing on corporate investment behavior.The sources of debt as the debt financing of another component arepopulatlately,especiallybank loans and commercial credit.Infact,differ sources of debt can cause different influence on the investment behavior of enterprises.Forexample,bank loans are restrictive on enterprises loans than commercial credit.Besides,the character of low financing cost becomes one of the reasons which is prevalent in today’s market.Firstly,this paper summarize why I choose this topic and how to write this paper.Secondly,we review the previous theoretical and empirical studies of domestic and foreign scholars on the debt maturity structure and the sources of debt on investment behavior.Then I Put forward four hypotheses and establish an empirical model.Finally I Draw conclusions and policy recommendations.更多还原