银行与企业关联提升抑或降低了企业投资效率? 被引量：34

Does Bank-firm Relationship Promote or Suppress Firms' Investment Efficiency?

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摘要以2006-2012年中国A股上市公司数据为样本，考察银企关联对上市公司投资行为与效率的影响，以及这种影响在不同产权所有制公司之间的差异。研究发现，民营公司建立银企关联不会导致过度投资，但可以缓解投资不足，有助于提高企业的投资效率。本文同时考虑银行与企业之间的持股关联和高管关联，综合分析银企关联对企业投资的影响，并在此基础上提出民营企业通过建立银企关联缓解投资不足，提高投资效率的政策建议。 Bank-firm relationship and the impact of bank-firm relationship on firms＇ investment decision have been the recent focuses of the academy. Based on the sample of Ashare listed companies during 2003-2012, this paper analyzes how bank-firm connection in- fluents companies＇ investment decision, and finds that bank-firm connection has a greater effect on reliving the underinvestment on private firms. The results imply that due to the difference of property rights, the bank-firm connection also shows different on investment efficiency. The paper analyzes share-holding-connection and top-manager-connection, and evaluates the impact of bank-firm relationship on firms＇ investment decision systematically.

作者曲进高升好

机构地区中国人民大学商学院

出处《数量经济技术经济研究》 CSSCI 北大核心 2015年第1期36-51,共16页 Journal of Quantitative & Technological Economics

基金国家社科基金重点项目(10AZD007)的资助

关键词银企关联投资效率投资不足投资过度 Bank-finn Relationship Investment Efficiency Underinvestment Overinvestment

分类号 F275.5 [经济管理—企业管理]

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