中文摘要：

本文运用1999-2005年300家制造业上市公司的面板数据,就其财务杠杆、投资机会对投资行为的影响进行了实证检验。研究发现,总体上财务杠杆与投资支出负相关;在引入投资机会与财务杠杆的交互项并划分高低成长样本后,结果显示高成长性公司的财务杠杆与投资支出的负相关程度强于低成长性公司。从负债期限结构来看,短期负债与总负债表述的财务杠杆具有相似的回归结果,长期负债对投资支出的边际影响强于短期负债;进一步在细分样本后的回归中,短期负债与投资支出在不同成长性公司中均有显著的负向关系,而长期负债对投资的影响只在低成长机会的企业中显著。本文的研究表明,财务杠杆对投资行为确有一定的作用,既可抑制过度投资也会导致投资不足,并且短期负债所引致的投资不足程度大于对投资过度的抑制。

英文摘要：

This study empirically analyzes and examines the impact of financial leverage and investment opportunity set on investment decisions,and demonstrates the relationship among them using the 1999-2005 panel data of listed Chinese manufacturers.It shows that,generally,financial leverage is negatively related to investment,and after interactive term is included in the model and the samples are divided according to IOS,such negative effect becomes significantly stronger for firms with high growth opportunities than those with low growth opportunities.From the respect of debt maturity structure,it shows that long-term debt has a stronger negative impact on investment than short-term debt; but after sample dividing,the opposite is true of the said relationship according to distinct growth opportunities.The study indicates leverage has an impact on investment behavior in that it may control overinvestment or give rise to underinvestment and the latter is stronger than the former for the short-term debt.