银行授信、产权与企业过度投资:中国上市公司的经验证据

发布时间：2018-05-14 10:20

本文选题：银行授信 + 过度投资　；参考：《世界经济》2012年03期

【摘要】：本文以中国上市公司为例,分析了银行授信对公司过度投资的影响。研究发现,银行授信对国有企业过度投资的影响显著,而对民营企业过度投资的影响不显著。这在一定程度上可以说明不同所有制的企业不仅在融资方面存在差别,而且在资金使用效率方面也存在显著差别,民营企业更好地使用了银行授信。进一步研究发现,国有企业获取银行授信对自由现金流过度投资的推动作用更为显著,而信用评级状况对过度投资效应的抑制作用较弱。这说明将过多的流动性和银行授信资源集中于国有企业会导致资本配置效率和投资效率的扭曲,有必要对国有企业的授信获取及其使用进行有效的监督。
[Abstract]:Taking listed companies in China as an example, this paper analyzes the influence of bank credit on overinvestment. It is found that bank credit has a significant effect on the overinvestment of state-owned enterprises, but not on private enterprises. To a certain extent, this can show that different ownership enterprises not only in financing differences, but also in the use of funds in the efficiency of significant differences, private enterprises better use of bank credit. Further research shows that the state-owned enterprises obtain bank credit has a more significant role in promoting free cash flow overinvestment, while the credit rating status has a weaker effect on the inhibition of excessive investment effect. This shows that focusing too much liquidity and bank credit resources on state-owned enterprises will lead to the distortion of capital allocation efficiency and investment efficiency. It is necessary to effectively supervise the acquisition and use of credit in state-owned enterprises.
【作者单位】：中山大学岭南学院;
【基金】：国家自然科学基金青年项目(70902024、71003108、71002057) 中国博士后基金特别资助项目(201003390) 广东省软科学课题(2011B070300024、2011B070400008) 广东省研究生创新培养计划资助项目(sybzzxm201022) 中山大学经济研究所基地建设经费项目;中山大学青年教师培育项目
【分类号】：F224;F832.4;F276.6

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