金融发展、银行贷款与公司投资

Financial Development,Bank Loans and Corporate Investment

本文从公司投资的角度,考察了我国银行贷款的控制效应,结果表明,我国的银行贷款对于上市公司的过度投资行为具有控制效应,但是这一控制效应并没有随着我国地区金融发展水平的逐渐提高而有所增强;进一步的研究发现,银行贷款对于民营上市公司的控制效应要强于国有上市公司,而且前者的控制效应会随着地区金融发展水平的提高而有所增强,始于2003年的银行业第三阶段的改革,对于两类公司中银行贷款的控制效应都没有起到加强的作用。

On the perspective of corporate investment, this paper examines the control effect of bank loans in China. The empirical results show that, bank loans have control effect on overinvestment problem in the Chinese listed companies, but this control effect does not strengthen with regional financial development in China, the third-stage banking reform beginning in 2003 also does not enhance this control effect. Further evidence shows that the control effect of bank loans is stronger in private listed companies than that in state-owned listed companies. What＇s more, the control effect of bank loans in private listed companies will strengthen by regional financial development in China. Whatever the nature of ownership is, the third-stage banking reform does not enhance this control effect in both types of companies. This research not only contributes to comparing the role of debt in different institutional environment, but also helps explore the effect of regional financial development and banking reform in China dynamically.