作　　者： ; ;

机构地区： 北京大学光华管理学院会计系

出　　处： 《中国注册会计师》 2004年第6期54-57,共4页

摘　　要： 一般认为,股东-债权人冲突会引起资产替代与投资不足问题。这一领域的研究对我们理解和认识上市公司在不同资本结构下的投资行为,进而完善公司治理和加强公司监管,具有理论指导意义。本文回顾与评述了西方学术文献中有关股东-债权人冲突对企业投资决策影响的主要研究及其发现。 The conflict between shareholders and creditorsfirst came into being as a theory to explain the capitalstructure. Later on, how such conflict can impact cor-porate investment decision-making entered the visionof the researchers. The general view is that the share-holder-creditor conflict may lead to questions relatingto asset substitution and insufficient investment. Thearticle reviewed and commented on the key studies andfindings of western literatures on the impact of theshareholder-creditor conflict on corporate investmentdecision-making. The studies and findings in this areahave an important significant theoretical guidance forour understanding of the investment behaviors of listedcompanies under different capital structure and couldenhance corporate governance and corporate regulation.

关 键 词： 股东 债权人 企业 投资决策 负债代理成本 债务契约

领　　域： [经济管理] [经济管理]