金融发展、终极控制人与公司投资效率

Financial Development, Ultimate Controller and Corporate Investment Efficiency

以2007～2010年股权分置改革后A股上市公司的面板数据为样本,研究了新兴资本市场中金融发展与公司投资效率的关系,结果发现,对于不同终极控制人控制的公司,金融发展对投资效率的影响不同。金融发展能显著改善企业集团或控股公司控制的公司投资效率,能抑制政府其他部门机构控制的公司过度投资,对地方国资委控制的公司过度投资有轻度的缓解作用,对中央国资委控制的公司和民营上市公司的过度投资没有影响。金融发展对企业集团或控股公司控制和自然人控制的两类上市公司的投资不足有轻微的缓解作用,这一发现丰富与拓展了新兴资本市场下公司投资效率的理论研究,为我国的金融市场化改革与国有资产管理体制改革提供了一些新证据。

This paper studies the relationship between financial development and corporation investment efficiency in emerging capital markets on a sample of panel data of A-share listed companies between 2007 and 2010 after shareholder structure reform. The research finds that the impact of financial development on the investment efficiency is different in the companies controlled by differ- ent ultimate controlling shareholders. Financial development can significantly improve investment efficiency in the companies con- trolled by the enterprise groups and controlling companies and inhibit the over-investment in the companies controlled by the govern- ment other departments. In addition, it also can slightly alleviate the over-investment in the companies controlled by the local SASAC and has no effect on the over-investment in the companies controlled by the central SASAC and private companies.