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债务异质性表现为企业债务具有不同的规模结构、期限结构和来源结构,而债务来源异质性为研究投资扭曲问题(包括投资过度和投资不足)提供了一个较好的视角。以2008年至2013年沪、深A股上市公司为研究对象,通过聚类分析方法证实中国上市公司中债务来源异质性较为普遍,构建债务来源异质性程度指标,选择债务来源异质性程度较高的样本(研究样本)和较低的样本(两组随机样本),对研究样本与随机样本配对后形成的样本进行组间比较分析、相关系数分析和回归分析,实证检验债务来源异质性对企业投资扭曲行为的影响。研究结果表明,债务来源异质性程度与企业投资扭曲程度显著负相关,即债务来源异质性程度越高,企业投资扭曲程度越低;企业债务来源异质性程度越高,投资过度程度和投资不足程度均越低,且债务来源异质性对企业投资扭曲的约束程度介于其对投资过度和对投资不足的约束程度之间。债务来源异质性程度越高,债务来源的多元化程度越高。研究结果对约束企业投资扭曲行为具有一定的积极作用。
Debt heterogeneity is characterized by different size structures, term structures and source structures of corporate debt, while the heterogeneity of debt sources provides a better perspective for studying investment distortions, including overinvestment and underinvestment. Taking Shanghai and Shenzhen A-share listed companies from 2008 to 2013 as the research object, the heterogeneity of debt sources in listed companies in China is proved by cluster analysis. The index of heterogeneity of debt sources is constructed, and the heterogeneity of debt sources is selected (Sample) and the lower sample (two random samples) of the sample, the comparative analysis between groups and the regression analysis of the samples formed after the pairing of the sample and the random sample, and the empirical test of the source of the difference of the debt The Influence of Qualitative on Corporate Investment Distortion. The results show that there is a significant negative correlation between the degree of heterogeneity of debt sources and the degree of distortions in corporate investment, ie, the higher degree of heterogeneity of debt sources and the lower degree of distortions in corporate investment, the higher degree of heterogeneity of corporate debt sources, The lower the degree of underinvestment, and the heterogeneity of debt sources disturbs the degree of restraint in the investment of enterprises from the degree of restraint to overinvestment and underinvestment. The higher the degree of heterogeneity of debt sources, the higher the diversification of debt sources. The results of the study have some positive effects on restraining the distorted investment of enterprises.