预算软约束下债务杠杆与企业投资分析-analysis of debt leverage and enterprise investment under soft budget constraint.docxVIP

REASERCHONSOFTBUDGETCONSTRAINTOFDEBTLEVERGEANDCORPORATEINVESTMENTABSTRACTRecentyears,withrapiddevelopmentofeconomyaswellasthequickexpansionofthescaleofinvestmentinChinaasawhole,asacommonphenomenoninsocialiststate,softbudgetconstrainisalsoinevitableinourcountry,whichisevenmoreoutstanding,duringthecriticaltransitionphaseofmarketeconomy.Somescholarsnote,intheframeworkofcapitalstructure,budgeconstraincanbehardenedeffectivelybydebtfinancing,economicefficiencycanbeimproved;thecapitalstructureoftheenterprisecanbeoptimizedmeanwhile.Debtfinancing,asanefficaciousfinancingtool,itsmanagementfunctionhasbeenproved.And“hardbudgetconstraint”isconsideredtobethemostsignificantelementwhichimplementthefunctionofdebtmanagement,whichisregulardebtpaymentandinterest.Inthetransformationofeconomicsystem,creditorsstillsticktoplannedeconomywayofthinking,whichcouldleadtomanyproblems,suchaskeepputtingmoneyinorprovidesupporttothoselosingenterprise.Thosespecificbehaviorsofsoftbudgetconstraintsmentionedabovedefinitelywillcompromisetheeffectivenessofdebtmanagement.InChina,softbudgeconstraintcancausemanynegativeimpacts,forinstances,impairingthecreditofstate-ownedenterprises,impedingthedevelopmentofmarketeconomy,thusthebiggestobstacletocapitalstructureoptimizing.Basedonthestudyoftherelationshipbetweenenterprisedebtandinvestmentefficiency,wefoundthatitisthebenefitsofcontrolrightthattriggeredoraggravateconstraintofsoftbudget.Controlrightseizedbyenterprisemanagercouldgiverisetoexcessiveinvestmentbehavior,consequently,resultingexpansionindebt,generatingandaggravatingthesoftbudgetconstraintbehavior.Inthispaper,theauthorcomparedenterpriseswithdifferentpropertiesanddifferentcontrollevelssoastoputforwardandstudythepropositionofthethesisperdescriptivestatisticsandregressionmethod.Thecontrolrightsarethemainreasonforsoftbudgetconstraints.Theauthorfound,privateenterprises预算软约束下债务杠杆与企业投资研究ABSTRACTandenterpriseinvestmentisnegativelyrelatedtodebtratio,debtratioofstate-ownedenterpriseispositivelyrelatedtoenterprisein