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Financing Constraints,Heterogeneous Debt and Over-investment Differentiation:the Samples of Private Listed Corporation in 2007~2011

Song Shuqin;Yao Kaili;  
By taking the data of private listed corporation during the period of 2007 to 2011 as samples, and through the study of the otherness of the contingent governance function of the different nature of debt under different degrees of financing constraints, we find that both the bank borrowing and the commercial credit can restrain the over-investment behavior, and the former has a greater inhibitory action than the latter. In higher financing constraints, the bank borrowing can restrain the over-investment behavior significantly while the commercial credit cannot. In lower financing constraints, however, both the bank borrowing and the commercial credit can restrain the over-investment behavior significantly, while the latter has a greater inhibitory action than the former. In addition, the empirical results show that the excitation mechanism can restrain the over-investment effectively while the corporate governance structure can only play a little role of inhibitory action.
【Fund】: 国家自然科学基金面上项目“上市公司如何选择并购对价与融资方式?——基于嵌套结构的经验研究”(批准号:71172120)
【CateGory Index】: F275;F276.5;F832.51;F224
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