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公司内外融资成本差异对公司投资决策的影响一直是理论和实务界的重要话题,其主要体现为融资约束。本文从公司边际融资成本着手,构造理论模型来刻画公司边际融资成本对公司投资行为的影响,并用公司治理水平指数和权益资本成本指标来代替公司边际融资成本对模型进行实证检验。研究结果表明,公司外部边际融资成本与公司投资负相关,与投资-现金流敏感系数显著正相关,并且这一相关性随边际融资成本的增大而降低。同时发现,较密切的政企关系和市场竞争不足会软化公司的融资约束的影响。
The impact of the difference in financing costs both inside and outside the company on the company’s investment decision-making has been an important topic in both theory and practice. Its main manifestation is financing constraints. This paper starts from the company’s marginal financing cost and constructs a theoretical model to characterize the impact of the company’s marginal financing cost on the company’s investment behavior. Empirical test is carried out by using the corporate governance level index and the equity capital cost index instead of the company’s marginal financing cost. The results show that the company’s external marginal financing costs are negatively correlated with corporate investment, and positively correlated with the investment-cash flow sensitivity coefficient, and this correlation decreases with the increase of marginal financing costs. At the same time, it is found that the close relationship between government and enterprises and the lack of market competition will soften the impact of the company’s financing constraints.