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以我国A股市场的上市公司为研究对象,从宏观经济层面与微观企业特质层面相融合的视角,探讨了宏观经济冲击、债务激进度与非理性投资的关系。研究发现,宏观经济冲击对上市公司的债务激进行为有着显著的影响,在宏观经济上行、信贷规模较大、信贷违约风险较小时,上市公司发生债务激进行为的可能性较高;债务激进行为对非理性投资具有传导作用,具有债务激进行为的公司更容易出现过度投资现象;在宏观经济冲击、债务激进度与非理性投资的关系中,产权性质具有显著的正向调节效应。
Taking the listed companies in A-share market of our country as the research object, this paper discusses the relationship between macroeconomic impact, debt aggressiveness and irrational investment from the perspective of the integration of macroeconomic and micro-enterprise characteristics. The study found that macroeconomic shocks have a significant impact on listed companies’ debt-aggressive behavior. When macroeconomic upswing, large credit scale and low credit default risk, listed companies are more likely to experience debt-aggressive behaviors. Debt activism Irrational investment has a conductive role and companies with debt-aggressive behavior are more likely to over-investment. In the relationship between macroeconomic shocks, debt excitement and irrational investment, the nature of property rights has a significant positive regulatory effect.