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本文从债务融资方式着手,分析不同债务融资方式对企业投资支出的影响,及这种影响是否会因终极控制人的产权和行政属性而异。通过对2002～2006年我国上市公司数据的实证研究发现:不同债务融资方式对企业投资支出的影响有显著差异;非国有控股公司中银行借款对投资支出的制约作用更显著,而国有控股公司中商业信用对投资支出的制约作用更强;在中央和地方控股公司中,银行借款和商业信用对投资支出的抑制作用没有显著差异。
This paper starts with the debt financing method and analyzes the impact of different debt financing methods on corporate investment expenditures, and whether this effect will vary with the ultimate controller’s property rights and administrative attributes. Through empirical research on the data of listed companies in China from 2002 to 2006, it is found that there are significant differences in the effect of different debt financing methods on corporate investment expenditures; in non-state-owned holding companies, bank loans have a more significant restrictive effect on investment expenditure, while state-owned holding companies Commercial credit has a stronger restrictive effect on investment spending; in central and local holding companies, there is no significant difference in the inhibitory effect of bank borrowings and commercial credits on investment spending.