| 债务融资对企业过度投资约束的分析 |
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| 引用本文： | 何进日,周艺.债务融资对企业过度投资约束的分析[J].湘潭师范学院学报(社会科学版),2004,26(5):43-45. |
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| 作者姓名： | 何进日 周艺 |
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| 作者单位： | 湖南大学,会计学院,湖南,长沙,410079 |
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| 摘 要： | 企业融资行为的差别将对企业投资决策和效率产生重大影响。有关研究表明我国上市企业偏好股权融资并存在股权融资使用效率偏低。通过简单的模型分析出股权融资和债务融资是如何影响企业的投资决策,进而得出债务融资虽然不能完全消除企业过度投资的行为,但是它能提高企业的投资决策点,从而在抑制企业过度投资和非效率投资方面发挥着作用。并对如何促使债务融资发挥以上作用进行了初步探讨。
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| 关 键 词： | 过度投资 债务融资 戳穿公司面纱 有限责任制度 企业债券市场 |
| 文章编号： | 1009-4482(2004)05-0043-03 |
| 修稿时间： | 2004年4月18日 |
Debt Financing Restriction to Over-investment in Corporation |
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| HE Jin-ri & ZHOU Yi.Debt Financing Restriction to Over-investment in Corporation[J].Journal of Xiangtan Normal University(Social Science Edition),2004,26(5):43-45. |
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| Authors: | HE Jin-ri & ZHOU Yi |
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| Abstract: | The difference of financing behavior affects the decision and efficiency of investment in corporation greatly. Some researches indicate that listed companies in China have a preference for equity financing, and do not make full use of these funds efficiently. Analyzing how debt financing and equity financing affect the decision of investment separately by a simple model, we find that debt financing cannot eliminate over-investment in corporation thoroughly, but it can raise the cut-off level. So we think that debt financing plays a role in restraining over-investment and inefficient investment. And then we put forward some suggestions on how to realize the active role of debt financing. |
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| Keywords: | over-investment debt financing piercing corporations' veil incorporated liability corporation bond market |
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