市场竞争、负债融资与过度投资

摘要

External market competition is important external environment of corporate governance. The inhibition on over-investment of liabilities will be affected by the intensity of market competition. This paper studies the impact of liabilities and market competition on over-investment,and the influence of market competition on the relationship between financing and investment. By the regression analysis of panel data of 2008-2010,this paper believes that as a whole,liabilities fi-nancing can curb over-investment, while this inhibition will be influenced by the intensity of market competition. The higher the intensity of market competition is,the stronger the inhibition effect of liabilities on over-investment will be. On the contrary,if the intensity of market competition gets lower, the inhibition of liabilities on over-investment will be weaker.%外部市场竞争是公司治理的重要外部环境之一，会影响负债与投资效率之间的关系。本文研究市场竞争程度与负债融资对上市公司过度投资行为的影响以及市场竞争程度对上市公司融投资关系的影响。通过对2008-2010年的面板数据进行回归分析，本文发现，从整体上看，负债融资可以抑制过度投资，这种抑制作用受到市场竞争强度的影响，市场竞争强度越高，则负债对过度投资的抑制作用越强；反之市场竞争强度越低，负债对过度投资的抑制作用越弱。