管理层能力视角下银行债务融资与投资效率关系研究

Research on the Relationship Between Bank Debt Financing and Investment Efficiency from the Perspective of Management Capability

针对经济高质量发展需求和投资效率下降的现状,以2010-2019年沪深A股上市公司为样本,分析了管理层能力、银行债务对投资效率的影响。结果表明:管理层能力提高能够制约企业非效率投资,然而银行债务对企业非效率投资的治理作用未能有效发挥,却成为加剧企业低效投资的"幕后推手"。进一步研究发现,管理层能力提高能够减弱银行债务对非效率投资的促进作用,整体上有助于提升企业投资效率,且在非国有企业中更加显著。以管理层能力为切入点,厘清银行债务与投资效率的关系,丰富了银行债务和投资效率的相关研究。

Because of the contradiction between high-quality economic development and the decline investment efficiency,this paper maily focuses on the relatinship between bank debt,management capability and investment efficiency and takes A share in our country listed companies from 2010 to 2019 as samples.The results show that: management ability can restrict the inefficient investment of enterprises, improvement of but bank debt has become the"behind the scenes"to aggravate the inefficient investment of enterprises, and the governance role of inefficient investment has not been effectively played. Further research shows that the improvement of management ability can weaken the promoting effect of bank debt on inefficient investment, and help to improve the investment efficiency of enterprises as a whole. Moreover, it is more significant in non-state-owned enterprises.This paper not only can make the relation between bank debt and investment efficiency more clear,but also can enrich the research in respect of bank debt and investment efficiency.