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我国上市公司银行贷款与投资行为的关系研究——基于终极控制人性质调节效应的分析
引用本文:李胜楠. 我国上市公司银行贷款与投资行为的关系研究——基于终极控制人性质调节效应的分析[J]. 管理学报, 2011, 8(3): 464-470
作者姓名:李胜楠
作者单位:天津大学管理学院
摘    要:主要研究不同终极控制人上市公司的银行贷款数量和期限结构对其投资行为的影响,以揭示股东-债权人代理冲突和银行贷款作为治理机制在公司投资方面所带来的综合后果。研究结果表明,银行贷款与投资支出显著负相关,短期贷款比长期贷款对投资扩张的约束力更大;无论是国家终极控制还是非国家终极控制的上市公司中,短期贷款对投资扩张起到明显的制约作用,但是在国家终极控制的上市公司中,长期贷款对决策者产生了更大的过度投资激励;中央终极控制的上市公司中短期贷款发挥了约束作用,长期贷款作用并不明显;地方终极控制的上市公司中短期贷款的约束作用不显著,但是其长期贷款产生了明显的过度投资激励。

关 键 词:银行贷款  期限结构  投资行为  终极控制人  治理机制

Relationship between Bank Loans and Investment Behavior in China Listed Companies:Moderating Effect of the Nature of the Ultimate Controller
LI Shengnan. Relationship between Bank Loans and Investment Behavior in China Listed Companies:Moderating Effect of the Nature of the Ultimate Controller[J]. Chinese JOurnal of Management, 2011, 8(3): 464-470
Authors:LI Shengnan
Affiliation:LI Shengnan(Tianjin Uuiversity,Tianjin,China)
Abstract:This paper studies the moderating effect of different ultimate controller of listed companies on the relationship between the quantity and the maturity structure of bank loans and their investment behavior in order to reveal the integrative effects of the shareholder-creditor agency conflict and the bank loans as a governance mechanism on the investments.Studies have shown that: i) in general,there is a significant negative correlation between bank lending and investment spending,and short-term borrowing ca...
Keywords:bank loans  term structure of the loan  investment behaviors  ultimate controller  governance mechanisms  
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