作　　者： (童梓）;

机构地区： 湖南财政经济学院,湖南长沙410006

出　　处： 《湖南财政经济学院学报》 2017年第3期85-93,共9页

摘　　要： 以我国A股市场非金融类上市公司2007-2015年的数据为样本,借鉴Richardson经典投资效率模型,实证分析了公司债券融资对企业投资效率的影响,结果发现:样本公司普遍存在非效率投资现象;公司债券融资一方面加剧了股东与债权人的矛盾,另一方面缓解了股东与管理者的矛盾,然而前者的作用大于后者,从而导致企业的过度投资。上市公司采取发行债券的方式进行融资能够优化其外部融资环境,进而缓解其投资不足。 This paper puts our non -financial listed company＇ s data of A -share market from 2007 to 2015 as sample, in the basis of Richardson classical model of investment efficiency, empirically analyzes the effect of corporate bond financing for corporate investment efficiency. The results show that： sample companies generally exist inefficient investment; on the one hand, corporate bonds exacerbated the conflict between shareholders and creditors; on the other hand, they eased the contradiction between shareholders and managers. However, the effect of the former beats that of the latter which re- suits in corporate overinvestment. At the same time, corporate bonds improved the listed companies＇ external finan- cing environment, which inhibits its underinvestment.

关 键 词： 公司债券 过度投资 投资不足 自由现金流