负债融资对于投资支出影响的研究——基于企业成长性的视角会计学专业论文.docxVIP

山东财经大 山东财经大学硕士学位论文 Ab Abstract i i PAGE PAGE iv 摘 要 融资活动和投资活动属于企业的两项基本财务活动，在企业财务资金管理过程中 占有重要地位。负债融资对投资的影响有两方面，一方面负债融资会减少股东和经理 层的代理冲突，抑制过度投资行为，发挥负债的相机治理作用；另一方面，负债融资 会增加股东和债权人的代理冲突，引发投资不足或过度投资的非效率投资行为，产生 代理成本效应。对于负债融资对于投资支出的影响，本文从代理理论的角度，将企业 成长性作为调节变量，具体进行实证研究。 在总结国内外相关文献的基础上，基于代理理论，本文选取了 2008 年-2011 年 沪市上市公司作为研究样本，采用实证研究方法，重点研究不同成长性的企业总体负 债水平、融资期限结构以及融资来源结构对于投资支出的影响，并进一步探究负债的 作用机制。研究结论显示，在高低成长性企业中负债与投资支出是负相关，负债抑制 了投资行为。从期限结构的角度，高低成长性企业中，短期负债都与投资支出显著负 相关，对投资支出产生抑制作用，相对于长期负债而言。从来源结构的角度，高低成 长性企业中，商业信用与投资支出显著负相关，而银行借款对投资的影响则不显著。 在研究结论的基础上，针对我国特殊的市场环境，提出相关的建议和对策。 关键词：负债融资 投资支出 代理冲突 相机治理 Abstract Financing activities and investing activities play a crucial role in the process of enterprise financial fund management，belonging to the two basic financial activities of enterprises. Debt financing has two aspects on the investment influence. On the one hand, debt financing can reduce the agency conflict shareholders and managers, curb excessive investment behavior, bring into play the function of debt governance camera; Debt financing, on the other hand, will increase the agent conflict of shareholders and creditors, lead to underinvestment or overinvestment inefficient investment behavior, agent cost effect. For the effects of debt financing on investment spending, this article from the perspective of agency theory, the enterprise growth as regulating variable, specific for empirical research. On the basis of summarizing the related literature at home and abroad, based on agency theory, this paper selected the 2008-2011 Shanghai listed companies as research samples, empirical research methods, focus on different growth enterprise overall debt levels, the financing structure and financing structure for the influence of investment spending, and further explore the mechanism of action of liabilities. Study conclusion shows that in high and low growth in the enterprise is negatively related to the investment spending is in debt, and debt inhibits investment behavior. From the p