货币政策、债务结构对煤炭企业非效率投资影响研究
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摘要
在分析债务结构对煤炭企业投资效率作用的基础上,以我国煤炭企业为研究对象,选取2009—2017年平衡面板数据,借鉴Richardson残差模型,构建回归模型,引入货币政策等控制变量,从债务期限和债务来源两个方面研究了债务结构对非效率投资的影响。实证结果表明:煤炭上市公司普遍存在非效率投资,既有投资不足也有过度投资,且主要是投资不足;短期负债的流动性还款压力较高,能有效抑制煤炭上市公司的非效率投资;银行贷款所占资产比例越高,非效率投资行为越少;商业信用所占资产比例越大,非效率投资行为更容易发生;在紧缩性货币政策作用下,企业的外部融资能力降低,可支配的自由现金流减少,加剧了投资不足等非效率投资行为。
On the basis of analyzing the effect of debt structure on coal enterprise investment efficiency, taking China's coal enterprises as the research object, selecting the balance panel data from 2009 to 2017,and using the Richardson residual model, a regression model was constructed. By introducing the control variables such as monetary policy, from two aspects of debt maturity and debt source, the impact of debt structure on non-efficiency investment was studied. The result showed that China's coal listed companies generally had non-efficiency investments, both under-investment and over-investment, and mainly due to insufficient investment.short-term liabilities had high liquidity repayment pressure, which can effectively inhibit nonefficiency investment of coal listed companies. The higher the proportion the less the non-efficiency investment behavior.the greater the proportion of commercial credits,the more likely the non-efficiency investment behavior. Under the tightening monetary policy, the external financing ability of the enterprise was reduced, and the free cash flow at the discretion was reduced,which intensified investment activities such as underinvestment.
On the basis of analyzing the effect of debt structure on coal enterprise investment efficiency, taking China's coal enterprises as the research object, selecting the balance panel data from 2009 to 2017,and using the Richardson residual model, a regression model was constructed. By introducing the control variables such as monetary policy, from two aspects of debt maturity and debt source, the impact of debt structure on non-efficiency investment was studied. The result showed that China's coal listed companies generally had non-efficiency investments, both under-investment and over-investment, and mainly due to insufficient investment.short-term liabilities had high liquidity repayment pressure, which can effectively inhibit nonefficiency investment of coal listed companies. The higher the proportion the less the non-efficiency investment behavior.the greater the proportion of commercial credits,the more likely the non-efficiency investment behavior. Under the tightening monetary policy, the external financing ability of the enterprise was reduced, and the free cash flow at the discretion was reduced,which intensified investment activities such as underinvestment.
引文
[1]孙伟.煤炭上市公司过度投资行为研究[D].焦作:河南理工大学,2013.
[2]江中华,李晓妍.基于熵值法的煤炭企业绿色投资效率评价研究[J].国土与自然资源研究,2013(5):28-36.
[3]侯建华,王书明.基于DEA模型的煤矿安全投入产出效率评价[J].经济观察,2014(12):46-54.
[4]梁庆平,许诺琪,孙自愿.煤企纵向一体化程度与投资效率[J].会计之友,2015(22):36-40.
[5]孙静芹,崔艳萍,孙亚男等.基于DEA方法的煤炭企业环保投资效率研究——以SH公司为例[J].山东工商学院学报,2017(5):41-47.
[6] Jensen.c. Mecking. Theory of firm management behavior agency costs and ownership structure[J].Journal of Financial economics,1976(3):303-360.
[7] Ozkan A. An empirical andysis of corporate debt maturity structure[J].European Financial Management,2000(6):197-212.
[8] Ahn S and Denis D. Leverage and investment in diversified firms[J].Journal Economics,2006,(79):317-337.
[9]朱和平,王丽娟.从公司治理角度看企业非效率投资行为——以江浙民营上市公司为例[J].财会月刊,2015(17):115-120.
[10]罗党论,应千伟,常亮.银行授信、产权与企业过度投资:中国上市公司的经验证据[J].世界经济, 2012(3):48-67.
[11]花中东,贾子超,徐睿阳,等.上市公司债务结构会影响投资效率吗?[J].金融评论,2017,9(1):78-93,125-126.
[12] Igan D., Kabundi, A., Simone, F. N. D., et al. Monetary Policy and Balance Sheets[J]. Journal of Policy Modeling,2017,39(1):169-184.
[13]黄兴孪,邓路,曲悠.货币政策、商业信用与公司投资行为[J].会计研究,2016(2):58-65.
[14] Richardson S. Over-Investment of Free Cash Flow[J]. Review of Accounting Studies,2006,11(2):159-189.
[2]江中华,李晓妍.基于熵值法的煤炭企业绿色投资效率评价研究[J].国土与自然资源研究,2013(5):28-36.
[3]侯建华,王书明.基于DEA模型的煤矿安全投入产出效率评价[J].经济观察,2014(12):46-54.
[4]梁庆平,许诺琪,孙自愿.煤企纵向一体化程度与投资效率[J].会计之友,2015(22):36-40.
[5]孙静芹,崔艳萍,孙亚男等.基于DEA方法的煤炭企业环保投资效率研究——以SH公司为例[J].山东工商学院学报,2017(5):41-47.
[6] Jensen.c. Mecking. Theory of firm management behavior agency costs and ownership structure[J].Journal of Financial economics,1976(3):303-360.
[7] Ozkan A. An empirical andysis of corporate debt maturity structure[J].European Financial Management,2000(6):197-212.
[8] Ahn S and Denis D. Leverage and investment in diversified firms[J].Journal Economics,2006,(79):317-337.
[9]朱和平,王丽娟.从公司治理角度看企业非效率投资行为——以江浙民营上市公司为例[J].财会月刊,2015(17):115-120.
[10]罗党论,应千伟,常亮.银行授信、产权与企业过度投资:中国上市公司的经验证据[J].世界经济, 2012(3):48-67.
[11]花中东,贾子超,徐睿阳,等.上市公司债务结构会影响投资效率吗?[J].金融评论,2017,9(1):78-93,125-126.
[12] Igan D., Kabundi, A., Simone, F. N. D., et al. Monetary Policy and Balance Sheets[J]. Journal of Policy Modeling,2017,39(1):169-184.
[13]黄兴孪,邓路,曲悠.货币政策、商业信用与公司投资行为[J].会计研究,2016(2):58-65.
[14] Richardson S. Over-Investment of Free Cash Flow[J]. Review of Accounting Studies,2006,11(2):159-189.