债务杠杆与企业投资:双重预算软约束视角
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财经研究 2006 年 第 32 卷第 07 期, 页码：74 - 84
摘要
参考文献
摘要
文章以我国2000~2004年的上市公司为样本,在政府、银行和企业三方的预算软约束框架内实证检验了企业投资支出和债务杠杆之间的关系。研究发现,企业投资支出整体上同债务杠杆呈负相关。但在国有绝对控股的上市公司中,企业投资支出对于负债水平不敏感,并且,随着国有股权比例的上升,企业投资支出对债务杠杆的敏感度逐渐下降。基于此,文章认为,政府对国有企业和国有商业银行同时实施的双重预算软约束是导致国有企业投资行为扭曲和债务治理机制失效的重要原因。
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①关于投资和现金流量关系的理论争论参见Kaplan、Zingales(1997)和Fazzari、Hubbard、Petersen(1996)的研究。
[2]林毅夫,李志赟.政策性负担、道德风险与预算软约束[J].经济研究,2004,(2):17~27.
[3]施华强,彭兴韵.商业银行软预算约束与中国银行业改革[J].金融研究,2003,(10):1~16.
[4]田利辉.国有产权、预算软约束和中国上市公司杠杆治理[J].管理世界,2005,(7):123~128.
[5]魏锋,刘星.融资约束、不确定性对公司投资行为的影响[J].经济科学,2004,(2):35~45.
[6]易纲,林明.理解中国经济增长[J].中国社会科学,2003,(2):45~60.
[7]郑江淮,何旭强,王华.上市公司投资的融资约束———从股权结构角度的实证分析[J].金融研究,2001,(11):92~99.
[8]张翼,李辰.股权结构、现金流与资本投资[J].经济学(季刊),2005,19:229~246.
[9]Cleary S.The relationship between firm investment and financial status[J].Journal ofFinance,1999,54:673~692.
[10]Fazzari S M,Hubbard R G,Petersen B.Financing constraints and corporate investment[J].Brooking Papers on Economic Activity,1988,1:141~196.
[11]Handlock J.Ownership,liquidity and investment[J].Rand Journal of Economics,1998,29:487~508.
[12]Hart O,Moore J.Debt and seniority:An analysis of the role of hard claims in constrai-ning management[J].American Economic Review,1995,85:567~585.
[13]Hart O D,Shleifer A,Vishny R.The proper scope of government:Theory and an appli-cation to prisons[J].Quarterly Journal of Economics,1997,112:1127~1161.
[14]Jensen M,Meckling W.Theory of the firm:Managerial behavior,agency costs andownership structure[J].Journal of Financial Economics,1976,3:305~360.
[15]Jensen M.Agency costs of free cash flow,corporate finance,and take-overs[J].Ameri-can Economic Review,1986,76:323~329.
[16]Jensen M.Eclipse of the public corporation[J].Harvard Business Review,1989,67:74~81.
[17]Kornai J.Resource-constrained versus demand-constrained systems[J].Econometrica,1979,47:801~819.
[18]Lang L,Ofek E,Stulz R.Leverage,investment and firm growth[J].Journal of FinancialEconomics,1996,40:3~29.
[19]Li D,Liang M.Causes of the soft budget constraint:Evidence on three explanations[J].Journal of Comparative Economics,1998,26:104~116.
[20]Modigliani F,M Miller.The cost of capital,corporation finance and the theory of in-vestment[J].American Economic Review,1958,48:261~297.
[21]Stein J.Agency,information and corporate investment[EB/OL].Working Paper,ht-tp://www.nber.org,2001-06-10.
[22]Stigliz J,Whither socialism?[M].Cambridge,Mass,The MIT Press.1994.
[23]Stulz R.Managerial discretion and optimal financing policies[J].Journal of Financial E-conomics,1990,26:3~27.
①关于投资和现金流量关系的理论争论参见Kaplan、Zingales(1997)和Fazzari、Hubbard、Petersen(1996)的研究。
引用本文
辛清泉, 林斌. 债务杠杆与企业投资:双重预算软约束视角[J]. 财经研究, 2006, 32(7): 74–84.
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