摘要
本文从金融发展是否会影响企业的投资决策及其进而影响企业投资效率的问题出发,基于Love(2003)的欧拉方程模型,利用2002—2013年上市企业的面板数据,构建了非效率投资指标,使用系统GMM估计来实证检验金融发展对企业投资效率的影响。研究发现,我国企业普遍存在着融资约束问题,并且非效率投资行为严重;通过区分投资不足与过度投资两种非效率投资形式的分析可知,金融发展对两者均有校正作用,金融发展水平每提高1%,企业过度投资水平或投资不足水平分别降低0.39%或0.52%;在此基础上,我们还发现,金融发展在影响非国有企业的非效率投资行为中发挥的作用要比在国有企业中大,金融机构的发展对企业非效率投资的校正作用大于股票市场发展的校正作用。
To study the financial development′s effects on the corporate investment decisionmaking facing the firm′s financing constraints,we set up an inefficiency investment index based on Euler equation in Love(2003)and empirically test the impact of financial development on firms′investment efficiency by using the GMM estimation and the panel data of the listed companies from the year 2002 to 2013.We find that firstly the Chinese enterprises ubiquitously face the financing constraints and inefficiency investment behavior seriously exists.Secondly,the financial development can calibrate the two kinds of inefficient investment behavior:overinvestment and under-investment when we divide the company samples into two groups accordingly.The result shows the level of over-investment or under-investment will decrease by 0.39%or 0.52%respectively if the level of financial development increases by 1%.Further,we find that it has more positive impact on the inefficient investment behavior of non-state-owned enterprises than the state-owned enterprises.The calibration effect of financial institutions on inefficient investment is greater than that of stock market development.
作者
李红
谢娟娟
Li Hong;Xie Juanjuan(School of Economics,Nankai University,Tianjin 300071,China)
出处
《南开经济研究》
CSSCI
北大核心
2018年第4期36-52,共17页
Nankai Economic Studies
基金
天津科技发展战略计划项目(10ZLZLZF04200)的资助
关键词
金融发展
融资约束
过度投资
投资不足
Financial Development
Financing Constraints
Over-investment
Underinvestment
作者简介
李红,E-mail:lihonglfp@126.com;谢娟娟(通讯作者),E-mail:juanxie@nankai.edu.cn。
