银行贷款对公司投资效率的影响

The Influence of Bank Loans on Company Investment Effciency

商业银行的信贷仍然是我国货币政策调控实体经济的一个重要途径。为分析银行信贷对微观企业投资效率的影响,本文在充分考虑我国特殊的制度背景下,分析了不同产权性质的企业其银行贷款对投资效率的影响。研究发现:在没有获得银行贷款的情况下,国有企业与非国有企业都存在投资不足的现象;而获得银行贷款后,国有企业出现明显的投资过度现象,非国有企业却没有表现出明显的过度投资现象。本文的结果有助于解释我国大部分国企投资过度,而民企却普遍存在投资不足的原因,并对评估银行扩张信贷政策的实际经济效应有一定的参考价值。

Commercial bank credit is still an important way of monetary policy to regulate the real economy in China. In order to analyse credit＇s effect to the micro-enterprises＇ investment efficiency, This paper analyzes bank loans effects for investment efficiency of the different nature of property rights take the context of our special system analyzes in to account. We find these conclusions, in the absence of access to bank loans, state-owned enterprises and non-state-owned enterprises are present under- investment phenomenon; while access to bank loans, the investment efficiency of state-owned enterprises significant investment excesses, non-state-owned enterprises did not show significant over-investment phenomenon. Our results help to explain most of our state-owned enterprises over-investment, while private investment was prevalent causes of insufficient expansion of bank credit policies and assess the actual economic effect of a certain reference value.