信贷歧视、商业信用与资本配置效率

发布时间：2019-01-04 22:01

【摘要】：本文以2008—2013年沪、深两市A股上市公司为样本,考察商业信用对企业资本配置效率的影响及其作用机制。本文采用投资对托宾Q的敏感度来衡量企业投资效率,结果发现企业获得的商业信用越强,企业资本配置效率越高,商业信用能够提高企业的资本配置效率,与投资和托宾Q值的敏感度正相关。进一步研究发现,商业信用对企业资本配置效率的影响因企业终极产权性质和地区金融发展程度的不同而存在差异。商业信用对资本配置效率的改善作用在民营企业和金融市场相对不发达地区的企业中更为显著。本文进一步检验了商业信用提高企业资本配置效率的途径,结果发现商业信用可以显著缓解企业融资约束进而提高企业资本配置效率。
[Abstract]:Based on the sample of A-share listed companies in Shanghai and Shenzhen from 2008 to 2013, this paper investigates the influence of commercial credit on the efficiency of corporate capital allocation and its mechanism. In this paper, the sensitivity of investment to Tobin Q is used to measure the investment efficiency. The results show that the stronger the commercial credit is, the higher the capital allocation efficiency is, and the higher the capital allocation efficiency is, the higher the capital allocation efficiency is. It was positively correlated with the sensitivity of investment and Tobin Q value. It is found that the influence of commercial credit on the efficiency of capital allocation varies with the nature of the ultimate property right of the enterprise and the degree of regional financial development. The improvement of capital allocation efficiency by commercial credit is more significant in private enterprises and enterprises in less developed areas of financial market. This paper further examines the ways to improve the efficiency of corporate capital allocation by commercial credit. The results show that commercial credit can significantly ease the financing constraints of enterprises and then improve the efficiency of corporate capital allocation.
【作者单位】：对外经济贸易大学国际商学院;
【分类号】：F275

【共引文献】