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本文以2006年12月31日之前上市的民营企业为研究对象,结合国外文献中的投资和融资理论,建立面板数据的多元线性回归模型。本文运用固定效应模型、FGLS、滞后一阶回归方法研究民营企业负债和投资行为,同时加入ST样本作为稳健性检验。最后得出以下结论:第一,民营上市企业负债和投资行为呈负相关关系,现金流量、企业规模和企业投资有显著的正相关关系;第二,在高成长民营企业中,负债和投资有显著负相关关系,波动性高的民营上市企业负债和投资显著负相关;第三,同一个行业内部,负债率高的民营企业具有较低的投资比例,资产负债率的高低影响企业在行业内的成长速度和地位。
In this paper, private enterprises listed before December 31, 2006 as the research object, combined with foreign investment in the literature and financing theory, the establishment of multiple linear regression panel data model. In this paper, fixed-effects model, FGLS and lagged first-order regression methods are used to study the liabilities and investment behavior of private enterprises. At the same time, ST samples are added as the robustness test. Finally, the following conclusions are drawn: First, there is a negative correlation between debt and investment behavior in private listed companies, and there is a significant positive correlation between cash flow, firm size and corporate investment. Second, among high-growth private enterprises, Significant negative correlation, high volatile volatility of listed companies and liabilities of listed companies significantly negatively related to investment; third, within the same industry, high debt-funded private enterprises have a lower investment ratio, the level of assets and liabilities of enterprises in the industry The growth rate and status.