产业政策、产品市场竞争与企业债务融资

发布时间：2018-05-28 12:01

本文选题：产业政策 + 产品市场竞争　；参考：《会计与经济研究》2017年04期

【摘要】：关注产业发展和资源配置效率,现实考察特定行业的企业融资效率,不仅需要分析产业政策的冲击,还需重点检验产品市场竞争的影响。选取A股非金融类上市公司2006-2015年数据为研究样本,统计分析我国产业政策对企业债务融资的影响,并结合产品市场竞争分析产业政策影响下银行的信贷资金配置效率。结果表明,相比未受产业政策支持的行业企业,受产业政策支持的行业企业债务水平较高,且产品市场竞争越激烈,这种正向效应越强。研究结论对于产业政策的有效实施和信贷资源的优化配置具有重要启示。
[Abstract]:It is necessary not only to analyze the impact of industrial policies, but also to examine the impact of product market competition to pay attention to industrial development and resource allocation efficiency, and to investigate the financing efficiency of enterprises in specific industries. Taking the data of A share non-financial listed companies from 2006 to 2015 as the research sample, this paper statistically analyzes the impact of industrial policies on corporate debt financing in China, and analyzes the efficiency of bank credit allocation under the influence of industrial policies combined with product market competition. The results show that the debt level of the industry enterprises supported by industrial policies is higher than that of the industry enterprises without the support of industrial policies, and the more fierce the competition in the product market, the stronger the positive effect. The conclusions have important implications for the effective implementation of industrial policies and the optimal allocation of credit resources.
【作者单位】：中央财经大学会计学院;浙江工商大学财务与会计学院;
【基金】：中国博士后科学基金第59批面上项目(2016M591369) 教育部人文社会科学规划项目(17YJA630070) 浙江省自然科学基金一般项目(LY16G020002) 浙江工商大学2016年度研究生科研创新基金项目
【分类号】：F273.2;F275

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