银行关联关系、市场发育程度与资本配置效率

The Bank Relationship,Market Liberalization,and the Efficiency of Capital Allocation

分析银行关联关系是否能提高企业的资本配置效率,以及银行关联关系对资本配置效率的影响在市场发育程度不同的环境中是否存在差异。以中国非金融类上市公司1999-2010年的数据为样本进行实证检验,结果发现,在有银行关联关系的企业,投资水平对投资机会的敏感性显著高于没有建立银行关联关系的企业。进一步的检验还发现,银行关联关系提高企业资本配置效率的这种积极效应主要存在于市场发育程度较低的地区,而在市场发育程度较高的地区并不显著。

This paper examines whether the bank relationship can enhance the efficiency of capital allocation and how market liberalization affects the influence of bank relationship on the efficiency of capital allocation. Employing non-financial listed companies from 1999 to 2010 in China as sample, we define the bank relationship as whether the firms appoint current or former employees of banks as firm＇s managers. The regression results find that the bank relationship is associated with greater investment sensitivity to q. Further results find that the effect of bank relationship on the efficiency of capital allocation depends on the institutional environment. That is, this effect is stronger in provinces with high market liberalization than that in provinces with poor market liberalization. These findings are not only helpful for us to understand the effect of informal institutions on the economic growth in China, and they also have important enlightenment for managers to optimize corporate investment decision-making.