金融关联、融资优势与投资效率——基于融资中介效应的实证考察

发布时间：2018-03-24 16:41

本文选题：金融关联　切入点：融资优势　出处：《金融经济学研究》2017年02期

【摘要】：以深沪两市A股上市公司2008~2014年的年度数据为样本,在产融结合理论与投融资理论相融合的统一分析框架下,探讨参股金融机构对企业投融资行为的影响机制和作用效果,运用递归式的中介效应模型考察发现,作为克服制度缺陷的一种替代机制,金融关联能通过多种途径给企业带来融资优势,且此效应在民营企业中表现更突出,但金融关联对投资效率的影响具有双刃剑效应,一方面能够缓解因资金短缺导致的投资不足,另一方面也可能加剧企业的投资过度。进一步分析显示,融资优势是金融关联与资本投资之间的中介变量,受到公司治理机制的影响。通过外部融资的部分中介效应,金融关联可能加剧国有企业的过度投资,但对民营企业的过度投资无显著影响;在投资不足方面,金融关联对国有和民营两类企业投资不足的缓解作用都较突出,而且金融关联带来的融资优势在此过程中扮演着完全中介的角色。
[Abstract]:Taking the annual data of A-share listed companies in Shenzhen and Shanghai stock markets from 2008 to 2014 as samples, under the unified analysis frame of the combination of production and finance theory and investment and financing theory, this paper discusses the influence mechanism and effect of financial institutions with equity on the investment and financing behavior of enterprises. By using the recursive intermediary effect model, it is found that, as an alternative mechanism to overcome institutional defects, financial linkages can bring financing advantages to enterprises through many ways, and this effect is more prominent in private enterprises. However, the impact of financial linkages on investment efficiency has a double-edged sword effect. On the one hand, it can alleviate the underinvestment caused by the shortage of funds, on the other hand, it may also aggravate the overinvestment of enterprises. Financing advantage is the intermediary variable between financial association and capital investment, which is influenced by corporate governance mechanism. However, there is no significant effect on the overinvestment of private enterprises. In the aspect of insufficient investment, the financial linkage plays an important role in alleviating the underinvestment of both state-owned and private enterprises. Moreover, the financing advantage brought by financial association plays a role as a complete intermediary in this process.
【作者单位】：重庆大学经济与工商管理学院;
【基金】：国家自然科学基金重点项目(71232004);国家自然科学基金面上项目(71172082) 国家自然科学青年科学基金项目(71302117)
【分类号】：F832.51

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