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本文采用我国机械行业上市公司的数据分析了负债融资与企业投资行为之间的关系。在界定了投资不足与过度投资后,通过实证分析得出结果:机械行业上市公司的短期负债对过度投资行为能有效地约束,对投资不足不能有效约束;长期负债所占比例与管理层的过度投资行为并无显著关系,与投资不足行为显著正相关;银行借款和商业信用能有效约束管理层的过度投资行为,不能有效约束其投资不足行为,商业信用的敏感度低于银行借款。
This article uses the data of China’s machinery industry listed companies to analyze the relationship between debt financing and corporate investment behavior. After defining the underinvestment and overinvestment, the empirical analysis shows that the short-term debt of listed companies in machinery industry can effectively restrain overinvestment and can not effectively restrict the underinvestment. The proportion of long-term debt and management over-management There was no significant relationship between investment behavior and underinvestment. Bank loans and commercial credit can effectively restrain management overinvestment, which can not effectively restrain their underinvestment. The sensitivity of commercial credit is lower than that of bank loan.