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文章主要研究法律环境和债权治理对我国上市公司过度投资的影响,以我国2011—2014年A股上市公司数据为初始研究样本,通过模型分析得出相应的研究结果 :我国上市公司长期债务和银行贷款比例的增加会加剧过度投资,而短期债务的增加可以有效抑制过度投资;进一步研究后发现,在我国法律环境较差的地区,较多的长期债务和银行贷款可以更有效地抑制上市公司的过度投资,而在法律环境较好的地区,较多的短期债务可以更有效地抑制上市公司的过度投资。
The article mainly studies the influence of legal environment and debt governance on overinvestment of listed companies in our country. Taking the data of A-share listed companies in China from 2011 to 2014 as the initial research sample, the author finds out the corresponding research results through the model analysis: the long-term debt of our listed companies and banks The increase of loan ratio will exacerbate overinvestment, and the increase of short-term debt can restrain overinvestment effectively. After further research, it is found that more long-term debt and bank loans in our country’s legal environment are more effective in inhibiting listed companies Over-investment, while in the legal environment of the region, more short-term debt can more effectively curb over-investment in listed companies.