摘要负债融资会影响企业的资本结构，一个企业所持有的负债比率会影响企业的投资决策。融资与投资是资金运动的两项最基本的财务活动。企业融资决策是筹集资金，投资决策要做的是有效配置企业筹集到的资金。不同的负债融资结构的安排，可能促进企业的某种投资，也可能抑制企业的某种投资，这使得负债融资的决策与治理情况的好坏密切相关。企业自身的成长、壮大需要借助负债来增加营运资本，同时负债会带来杠杆效用，但是另一方面负债结构的不合理，如负债过多也会让企业产生危机。本文通过研究我国非国有控股上市公司是否存在投资不足的非效率投资行为，并在负债融资基础上，研究不同的负债期限结构和负债来源结构是否会对非效率投资行为产生影响及产生什么影响。通过本文的研究，之后从事相关研究的学者们可以从中得到一些理论铺垫，同时我国非上市公司在做负债融资决策时也可以参照本文，得到一些好的建议。23764
关键词 非国有控股 投资不足 负债融资 负债来源结构 负债期限结构
毕业论文外文摘要
Title An empirical study about how debt financing effects
investment expenditure for the non-state-owned listed
company
Abstract
Financing and investment are two main aspects of the modern enterprise capital movement, and they are the two basic financial activities of the enterprise, modern capital structure theory is that debt has both positive and negative influence on investment behaviors, so it is directly related to the performance of corporate governance. Growth and development of enterprise itself needs to use debt to increase the working capital, meanwhile，debt financing can make leverage effect, but on the other hand, unreasonable debt structure also can let enterprise faces a crisis. From the perspective of debt financing, we research on whether there is a lack of investment of the inefficient investment behavior in non-state-owned holding of the listed company in China, and then under the condition of debt financing, we study whether different sources of debt maturity structure and debt structure will affect the efficiency of investment behavior and what the impact is. It can benefit scholars to do relative
study ,and it can also give good advice to the non-listed company.
Keywords Non- state-owned holding insufficient investment
debt financing liabilities source structure debt maturity structure
目 次
1 绪论 1
1.1 研究背景与研究意义 1
1.2 研究内容与方法 2
1.3 文献综述 2
2 概念界定与相关理论 5
2.1 概念界定 5
2.2 相关理论 5
3 理论分析与研究假设 8
3.1 负债融资对投资支出影响的理论分析 8
3.2 负债融资对投资支出影响的研究假设 8
4 实证设计 10
4.1 样本选择与数据来源 10
4.2 变量定义 10
4.3 模型设计 11
5 实证结果与分析 13
5.1 描述性统计 13
5.2 实证结果与分析 13
5.3 小结 17
6 政策与建议 19
6.1 加快我国债券市场的发展 19
6.2 银行与公司应更好地发展共同治理模式 19 非国有控股上市公司负债融资对投资支出影响的实证研究:http://www.751com.cn/kuaiji/lunwen_16987.html