金融生态环境、金融资源配置与产能过剩

发布时间：2018-01-01 12:31

本文关键词：金融生态环境、金融资源配置与产能过剩　出处：《经济与管理研究》2017年05期 　论文类型：期刊论文

【摘要】：本文从金融生态环境视角,研究金融资源配置对企业产能过剩的影响。在中国金融抑制和地区金融生态环境差异化的背景下,金融资源配置与产能利用率负相关,与产能过剩概率正相关。金融生态环境改善,一方面能提升产能利用率,但另一方面却会通过金融资源配置降低产能利用率。金融生态环境越好的地区,银行信贷资源配置导致产能利用率下降更为严重,引发产能过剩的概率更大,但债券融资影响产能利用状况的地域差异性没有得到验证。金融生态环境增强银行借款与产能利用率负相关性的作用情况,只存在于产能过剩行业。企业产能扩张的深层动因在于,股东利用金融生态环境优势,进行负债扩张,可以提升净资产收益率。银行借款与发行债券这两种负债融资方式之间,存在替代效应。
[Abstract]:This article from the perspective of financial ecological environment, the influence of financial resources allocation of enterprises overcapacity. In the financial ecological environment and regional differences Chinese financial repression in the background, the rate is negatively related to the allocation of financial resources and capacity, the probability of positive correlation with overcapacity. The improvement of financial ecological environment, on the one hand can enhance the capacity utilization, but on the other hand, it will reduce the capacity utilization rate through the allocation of financial resources. The financial ecological environment better, the bank credit resource allocation leads to declining capacity utilization is more serious, causing overcapacity in the greater probability, but the bond financing influence regional differences of capacity utilization has not been verified. The financial ecological environment and enhance the bank loan the capacity utilization rate of negative correlation, exists only in industries with excess capacity. In the deep reason of enterprise capacity expansion, the shareholders of financial ecology There is an alternative effect between the two types of debt financing such as bank borrowing and issuance of bonds.

【作者单位】：对外经济贸易大学国际商学院;河南财政金融学院;
【基金】：国家自然科学基金项目“金融生态、企业财务质量与资本配置效率”(71272041) 教育部人文社会科学规划基金项目“会计信息质量、资源配置效率与产业升级研究”(11YJA630085) 对外经济贸易大学中央高校基本科研业务费专项资金项目“公司治理与财务状况质量研究”(CXTD5-02)
【分类号】：F832
【正文快照】： 一、问题提出 2016年政府工作报告提出要“加强供给侧结构性改革,增强持续增长动力”,这标志着中国供给侧结构性改革进入全面实施阶段。“去产能”位居2016年供给侧结构性改革五大任务之首,然而过剩产能却陷入“越治理越过剩”的怪圈。究其原因,是因为相关调控措施忽视了从供

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