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本文以我国2005-2013年A股上市公司为研究样本,研究公司重要的债务融资来源——银行贷款与非效率投资的关系。结合产权性质、债务期限和金融危机后的变化三方面因素,检验公司银行贷款对非效率投资的影响。研究表明:银行贷款加剧公司非效率投资行为,不同产权公司下差异不明显;长期银行贷款加剧公司非效率投资行为,短期银行贷款对公司非效率投资无显著影响;金融危机后公司非效率投资显著上升,国有公司比非国有公司非效率投资行为更加明显。
In this paper, a 2005-2003 A-share listed company in China as a sample to study the company’s source of debt financing - the relationship between bank loans and inefficient investment. Combined with the nature of property rights, debt maturity and changes after the financial crisis, the paper examines the impact of corporate bank loans on inefficient investment. The research shows that bank loans aggravate the inefficient investment behavior of the company, and there is no obvious difference under different property rights companies. Long-term bank loans aggravate the inefficient investment behavior of the company, short-term bank loans have no significant impact on the inefficient investment of the company, and the inefficient investment of the company after the financial crisis is significant Rise, the inefficient investment behavior of state-owned companies is more obvious than that of non-state-owned companies.