金融约束政策下金融发展对企业投资效率的影响

发布时间：2018-02-05 03:16

本文关键词： 金融发展融资约束投资效率　出处：《天津财经大学》2012年硕士论文　论文类型：学位论文

【摘要】：我国金融改革和发展进程处于明显的金融约束政策环境中,同时我国存在各类所有制企业,在金融约束政策下,不同所有制企业对金融约束政策的租金分配不同,加之我国地区间金融发展水平的不平衡,导致金融发展对不同性质企业投资效率的影响程度也具有较大差异。在金融约束政策的背景下来研究我国金融发展与企业投资效率的关系,有助于深入地理解内生于金融约束政策的金融发展对企业成长的影响,进而有利于引导金融发展并提升其对企业增长效益的影响。国内外直接对金融发展——融资约束——投资效率的相关性研究还较少,大多是将其割裂开来单独进行研究,或是金融发展对融资约束的影响,或是融资约束缓解对投资的作用,虽然国内一部分学者对金融发展和投资效率的相关性进行了研究,但也是从宏观投资效率的角度,鲜少从企业微观投资效率进行研究,而将我国特有的金融政策约束环境纳入研究的就更少。基于此,本论文以金融约束政策为背景,以金融发展缓解融资约束--融资约束扭曲企业投资行为进而企业投资效率--金融发展影响企业投资效率为主线,在理论分析的基础上采用描述统计、DEA方法和GMM方法等实证研究方法考察金融约束政策下金融发展对我国企业投资效率的影响。主要得出以下结论：第一,金融发展降低了企业的外部融资成本,缓解了企业面临的融资约束,而且金融发展对不同所有制企业融资约束的缓解程度不同,金融发展对国有企业融资约束缓解的程度更明显。第二,金融发展不能促进企业投资效率的提高。金融发展对民营企业投资效率的抑制作用较国有企业更弱些,即金融发展水平高的地区民营企业的投资效率相对国有企业投资效率较高。本文结尾结合文章的实证结论对以金融发展促进投资效率提高提出了一些政策和建议。
[Abstract]:The process of financial reform and development in China is in the obvious financial constraint policy environment, at the same time, there are various ownership enterprises in our country, under the financial restraint policy. Different ownership enterprises have different rent distribution to financial restraint policy, and the imbalance of financial development level among regions in our country. The influence of financial development on the investment efficiency of different enterprises is also different. Under the background of financial restraint policy, this paper studies the relationship between financial development and enterprise investment efficiency. It is helpful to understand the influence of the financial development on the growth of enterprises, and then to guide the financial development and enhance its impact on the growth efficiency of enterprises. Domestic and foreign direct financial development-financing constraints-investment efficiency of the relevance of research is less, most of them are separated into separate research, or financial development on the impact of financial constraints. Or financial constraints to alleviate the role of investment, although some domestic scholars have studied the correlation between financial development and investment efficiency, but also from the perspective of macro-investment efficiency. Few studies are carried out from the micro investment efficiency of enterprises, but the unique financial policy constraint environment in China is less. Based on this, this paper takes financial restraint policy as the background. Taking financial development as the main line to alleviate the financing constraint, which distorts the enterprise's investment behavior, and then the financial development affects the enterprise's investment efficiency, the descriptive statistics is adopted on the basis of theoretical analysis. Empirical research methods such as DEA method and GMM method examine the impact of financial development on the investment efficiency of Chinese enterprises under the financial constraint policy. The main conclusions are as follows: first. Financial development has reduced the external financing cost of enterprises, eased the financing constraints faced by enterprises, and the financial development of different ownership of enterprises to ease the extent of financing constraints. Second, financial development can not promote the efficiency of enterprise investment. Financial development has a weaker effect on private enterprises than state-owned enterprises. That is, the investment efficiency of private enterprises in regions with high level of financial development is higher than that of state-owned enterprises. At the end of this paper, some policies and suggestions on promoting investment efficiency by financial development are put forward in combination with the empirical conclusions of the article. .
【学位授予单位】：天津财经大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F224;F832;F272

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