金融错配、企业资本结构与非效率投资

Financial Misallocation,Capital Structure of Firms and Non-Efficiency Investment

本文实证检验金融错配对企业非效率投资的影响,以及资本结构在金融错配与企业非效率投资间所起的中介效应。研究表明,金融错配引致企业非效率投资、投资过度及投资不足显著增加,金融错配引致民营企业投资不足严重,大规模企业投资过度程度加深,加大了制造业企业的投资不足,房地产企业对制造业企业产生挤出效应;资本结构在金融错配与企业非效率投资中起到完全中介作用,金融错配通过扭曲资本结构的市场治理属性,引致微观企业非效率投资。

This paper presents an empirical test on the impacts of financial misallocation on non-efficiency investment of firms and the intermediary effects of capital structure between financial misallocation and non-efficiency investment.The results of the paper show that the financial misallocation obviously results in the increase in the non-efficiency investment, excessive investment or insufficient investment of firms, the serious insufficient investment of private firms, the degree of the excessive investment of large-scale firms, the insufficient investment of manufacturing firms, the crowdingout effect of real estate firms on manufacturing firms; the capital structure plays a full intermediary role in the relationship between financial misallocation and non-efficiency investment of firms, and the financial misallocation results in the inefficient investment of micro-firms by distorting the market governance property of capital structure.