信息不对称、银企关系与企业投资效率

Asymmetric Information,Banks-Firm Relationship and Investment Efficiency

以2003～2011年A股上市公司为样本，使用规模和深度两个变量来表示银企关系，实证检验了银企关系对公司投资效率的影响。研究发现，银企关系对过度投资的影响不显著，但是能够显著的抑制投资不足；银企关系与现金缺口具有替代效应，银企关系越紧密，银企之间信息不对称程度将会减弱，企业贷款的可获得性就会增加，现金缺口减小，从而缓解公司的融资约束，增加了投资效率。进一步分组研究发现，非国有企业、中小企业、西部区域的上市公司银企关系相对于对应组能够显著抑制投资不足。

This paper, using the 2003-2011 A-share listed companies as samples, em- pirically test the relationship between the banks -firm relationship and the company＇ s in- vestment efficiency and represent the banks-firm relationship by the size and depth of the relationship. The result shows that the banks-firm relationship had no significant effect on over investment, but can significantly inhibit underinvestment. The closer the relationship between banks and enterprises, the less the degree of information asymmetry. The availabili- ty of corporate loans will increase, and cash gap become smaller, which thus eases financing constraints, and increases the efficiency of investment. By further grouping study, this paper finds, non -state - owned enterprises, small and medium enterprises, the western area listed company bank-firm relationship, compared with the corresponding group, could significantly inhibit the under investment.