非财务信息、外部融资与投资效率--基于外部制度约束的研究

The Non-financial Information, the External Financing, and the Investment Efficiency: a Study Based on the Constraint of External Systems

与先前主要研究财务信息与投资效率文献不同的是,本文从上市公司自愿披露的未来发展前景的非财务信息视角探讨其能否以及如何影响投资效率。本文通过实证研究发现外部融资是非财务信息和投资效率之间的中介变量,但同时又受到了外部制度约束的影响:对于总样本,非财务信息具有双刃剑效应,虽然缓解了投资不足但也导致了过度投资;当市场化进程较低时,低质量的非财务信息也可以获取大量的外部融资,从而使得投资规模扩大,一方面容易导致一些公司投资过度,另一方面虽然缓解了其他一些公司的投资不足,但控股股东同时还会通过资金占用的方式转移外部融资以享受控制权私有收益;当市场化进程较高时,非财务信息质量较高,获取的外部融资额更接近最优融资额度,既缓解了投资不足,也避免了投资过度,但由于声誉机制在非财务信息影响外部债务融资的过程中起到了重要作用,而随着市场化进程加深,声誉的作用受到弱化,并且在此类地区,信息不对称程度更弱,也降低了非财务信息的增量作用,从而削弱了非财务信息与外部融资的相关性,并最终降低了非财务信息对投资效率的影响力。

Different from the past literature mainly on the financial information and the investment efficiency,this pa per has,from the aspect of the non-financial information(NFI) about the future development disclosed voluntarily by listed companies,probed whether and how this information impacts on the efficiency of investment.By our case study we have discovered that the external financing is an intermediary variable between the NFI and the investment efficiency,and that the external financing is also constrained by the external system.In terms of total samples,the NFI has the effect of a double-edged sword.Although the NFI has lessened the insufficiency of investment,it has al so resulted in overinvestment.When the degree of the commercialization process is low,a lot of external financing can also be obtained through the NFI of low quality,and thus,the investment scale has been extended,leading easi ly to the overinvestment of some companies on the hand,and on the other to the fact that the controlling stock own ers,at the same time,can transfer the external financing through the way of occupying and using the capital in order to enjoy their private income made by their controlling power,although the NFI has lessened the investment insuffi ciency of some companies.When the degree of the process of commercialization is relatively greater,the quality of the NFI is relatively better,and the amount of the acquired external financing is more close to the optimal amount of financing,reducing the investment insufficiency and avoiding the overinvestment.However,because the mechanism of reputation has played an important role in the process of the fact that the NFI has influenced the financing for the external debt,the function of reputation has been weakened with the development of the commercialization process.In the relative areas of this kind,the degree of asymmetry of information is still lower,reducing the function of the NFI in increasing amount,thus weakening the correlation between the NFI and the external financing,and finally di minishing the impact of the NFI on the efficiency of investment.