中国银行借款与商业信用融资的治理效应：过度投资视角
Bank Credit, Commercial Credit and Overinvestment Behavior of Listed Enterprises

依据沪深A股主板市场2007-2015年样本数据，考量中国银行借款与商业信用融资的治理效应。结果显示：无论是国有控股公司还是民营公司，银行借款均对其过度投资行为存在诱发作用；与短期借款相比，长期借款对公司过度投资的诱发作用更加突出。结果表明，商业信用融资有助于抑制公司过度投资，且市场化程度越高的地区这种抑制作用越突出。
This paper discusses the governance effect of debt on overinvestment behavior of state-owned enterprises from two angles of view of debt source and debt structure. The results show that bank loans do not have a significant inhibitory effect on the excessive investment behavior of the company, and even the positive effect is induced. Among them, the long term loan induces the excessive investment behavior of the company more than the short-term borrowing, and the higher the ratio of commercial credit financing, the more help to curb excessive investment. At the same time, compared with the central and western regions, the commercial credit financing of listed companies in the eastern region has a greater inhibitory effect on the over investment.