文章摘要
公司债券对上市公司非效率投资的影响
The Influence of Corporate Bonds over the Listed Companies’ Ineffective Investment
  
DOI:
中文关键词: 公司债券  过度投资  投资不足  自由现金流量
英文关键词: corporate bonds  overinvestment  underinvestment  free cash flow
基金项目:
作者单位
李慧1,2 1.中央财经大学 会计学院北京 1000812.广西财经学院 会计与审计学院广西 南宁 530003 
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中文摘要:
      公司债券融资逐渐成为上市公司外部债务融资的重要渠道,借鉴Richadson的投资模型,以沪深两市非金融类上市公司2007~2011年的数据为样本,实证考察公司债券融资对上市公司非效率投资的影响。结果显示:我国上市公司非效率投资现象普遍存在。公司债券融资对上市公司“股东—债权人”冲突的加剧作用大于对“股东—管理者”冲突的缓解作用,从而加剧了上市公司的过度投资行为;同时公司债券融资改善了上市公司的外部融资环境,缓解了其投资不足。
英文摘要:
      Corporate bond financing has become an importantly external debt financing channel of the Chinese listed companies. This paper draws Richardson s investment model, and uses the data of the listed companies from 2007 to 2011 as samples to examine the influences of corporate bonds over the listed companies’ ineffective investment. Results show that the ineffective investment in the Chinese listed companies is widespread. Corporate bond financing has brought more impacts on “shareholders–creditors” conflicts than on those of “shareholders–manager”. Thus, it has exacerbated the over-investment behavior of the listed companies, while the corporate bond financing has improved the external financing environment to ease the underinvestment of the listed companies.
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