文献类型：期刊文献

中文题名：产业政策、资本成本约束与企业投资

英文题名：Industrial Policy,Capital Cost Constraint and Investment

作者：张军华[1];户青[1]

第一作者：张军华

机构：[1]河南财经政法大学会计学院,河南郑州450046

第一机构：河南财经政法大学会计学院

年份：2020

卷号：38

期号：4

起止页码：66-77

中文期刊名：郑州航空工业管理学院学报

外文期刊名：Journal of Zhengzhou University of Aeronautics

基金：河南省哲学社会科学规划项目(2018BJJ009)(2017CJJ086);河南省教育厅人文社会科学研究一般项目(2018-ZZJH-017)。

语种：中文

中文关键词：过度投资;股权资本成本;债务资本成本;产业政策

外文关键词：over-investment;equity capital cost;debt capital cost;industrial policy

摘要：以2006-2018年沪深A股非金融上市公司为样本,结合宏观产业政策,考察企业投资规模和投资效率是否受到资本成本的约束。研究发现,无论是国有企业还是非国有企业,综合资本成本越高,投资规模越小;虽然过度投资受到综合资本成本的约束,但该约束力来源于显性资本成本即债务资本成本,而股权资本成本没有发挥应有的约束作用;受产业政策扶持的企业投资规模和过度投资不受资本成本尤其是债务资本成本的约束。
Taking A-share non-financial listed companies from 2006 to 2018 as a sample and combined with macro industrial policies,this paper investigates whether the investment scale and efficiency of enterprises is constrained by capital cost.The results show that whether state-owned or non-state-owned enterprises,the higher the comprehensive capital cost are,the smaller the investment scale is,and the over-investment is restrained.But the binding force comes from the explicit capital cost,that is,the debt capital cost,while the equity capital cost does not play its role;the investment scale and over-investment of enterprises supported by industrial policies are not constrained by the capital cost,especially the debt capital cost.