公司超额银行借款会导致过度投资吗？

公司债务融资对投资行为的影响已得到学术界的广泛关注，但以往研究多是基于债务融资总额的角度，本文以2003－2015年中国资本市场A股上市公司为研究对象，探讨公司超额银行借款与过度投资之间的关系。实证研究结果表明，公司超额银行借款与过度投资存在显著正相关关系，管理层自利会加剧公司超额银行借款的过度投资行为，而机构投资者持股则有助于缓解超额银行借款导致的过度投资。进一步考虑公司机构投资者稳定性后，发现机构投资者稳定性越强，对公司超额银行借款过度投资的抑制作用越显著。本文首次从超额银行借款角度探讨了公司债务融资对投资行为的影响，丰富了资本结构与公司投资领域的研究视野。

The influence of corporate’s debt on investment has been widely discussed by the academics, but the existing research explores this topic from the perspective of the total amount of debt. Using the data of Chinese A-share listed companies from 2003 to 2015, this paper discusses the relationship between the excess bank loans and over-investment. Empirical results show that the excess bank loans are significantly positive with over-investment, while the management entrenchment will increase the over-investment caused by excess bank loans. On the contrary, institutional investors will decrease the over-investment of excess bank loans. Besides, the less-frequent institutional investors who focus on firm’s long-term value will discourage the over-investment of excess bank loans more significantly. This article is the first to investigate the influence of excess bank loans on investment behavior, enriching the research field of the capital structure and corporate investment.