摘要
本文以2008-2016年沪深A股上市公司平衡面板数据为样本,采用系统GMM估计方法,实证研究金融发展对企业投资效率的作用机制。本文从银行规模、金融机构集聚度及银行市场化三个方面测度我国银行业发展水平,利用主成分分析法构建金融发展综合指标,各项测度指标均表明金融发展能缓解融资约束并提高企业投资支出,促进企业投资效率的提高。研究还表明民营企业比国有企业受到更严重的融资约束,而金融发展对民企融资约束缓解作用更大。研究结论为银行深化改革与资本市场发展提供实证依据。
Taking the balance panel data of Shanghai and Shenzhen A-share listed companies from 2008 to 2016 as samples,this paper adopts the systematic GMM estimation method to empirically study the effect mechanism of financial development on enterprise investment efficiency.This paper measures the development level of China's banking industry from three aspects:bank size,financial institution concentration and bank marketization,and constructs a comprehensive indicator of financial development by using principal component analysis.All the measurement indexes show that financial development can ease financing constraints,increase the investment expenditure of enterprises and promote the improvement of the investment efficiency of enterprises.The research also shows that private enterprises are subject to more serious financing constraints than state-owned enterprises,and financial development plays a greater role in alleviating the financing constraints of private enterprise.This study provides empirical basis for deepening bank reform and capital market development.
作者
韩元亮
石贝贝
马喜立
Han Yuanliang;Shi Beibei;Ma Xili
出处
《投资研究》
CSSCI
北大核心
2020年第3期57-71,共15页
Review of Investment Studies
基金
国家自然科学基金重点项目“央企‘换帅’与控股上市公司盈余管理”(71802049)
博士后基金项目“汇率波动及资本管制对经济影响的多国CGE模型研究(2018-ZZ-084)”的资助和支持
关键词
银行市场化
金融发展
融资约束
系统GMM估计
Bank marketization
Financial Development
Financing Constraints
System GMM Estimation-
作者简介
韩元亮:对外经济贸易大学国际经济贸易学院博士研究生;石贝贝:对外经济贸易大学国际经济贸易学院讲师;马喜立:华夏银行股份有限公司博士后、研究员。
