自由现金流、负债融资与企业过度投资——基于中国上市公司的实证研究被引量：42

Free Cash Flow,Debt Financing and Corporate Over-investment——An Empirical Research of Chinese Listed Companies

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摘要实证研究发现,上市公司过度投资程度与短期负债水平负相关,与长期负债正相关;总体而言,在预算软约束条件下,负债融资无法对企业"过度投资"发挥其应有的约束效用。 The empirical research of Chinese listed companies proves that, the over - investment degree of listed company has negative correlation with current liabilities and positive correlation with longterm liabilities. As a whole, debt financing could not play its role to restrict corporate over - investment under soft budget constraint condition.

作者徐向艺李鑫

机构地区山东大学管理学院

出处《软科学》 CSSCI 2008年第7期124-127,139,共5页 Soft Science

关键词过度投资自由现金流预算软约束负债融资企业投资 over- investment free cash flow soft budget constraint debt financing company investment

分类号 F276 [经济管理—企业管理]

作者简介徐向艺（1956-），男，山东鄄城人，管理学院院长、教授、博士生导师，研究方向为公司治理、企业战略管理与组织管理；李鑫（1980-），男，山东龙口人，博士研究生，研究方向为公司治理与公司金融。

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