债权治理对企业投资效率的作用研究——来自中国上市公司的经验证据

The Role of Debt Governance to Investment Efficiency of Companies:Evidence from Chinese Listed Companies

本文使用中国上市公司面板数据研究了紧缩货币政策下债权治理对企业投资效率的影响,结果表明,由于存在"预算软约束",我国债权治理效果整体呈现不确定性,不能显著抑制上市企业的非效率投资。其深层次原因在于债权各构成部分的有效性不一致:商业信用的治理作用显著,但银行贷款、企业债券的治理作用不明显;短期债权的治理作用显著,而长期债权不明显。进一步研究发现,紧缩货币政策下债权治理效果均得到增强。因此,可通过加速资本市场法制建设、发展企业债券市场和推动银行业改革、规范货币操作以提高我国债权治理有效性。

The effect of debt governance on investment efficiency under tight monetary policy is investigated using panel data from listed companies in China. The results suggest that the debt governance functions uncertainly due to soft budget constraint, therefore, are unable to inhibit enterprise ＇ s inefficient investment in general. Further investigation shows that this uncertain functionality comes from the unbalance contributions from different aspects of debt governance. Among them, the trade credit and short - term debt can efficiently suppress the enterprise＇ s inefficient investment but the bank loans, corporate bonds, and long - term debt cannot. Moreover, further investigation shows that tight monetary policy enhances the debt governance effect. Finally, this paper develops reasonable recommendations on how to improve the efficiency of debt governance and supervise the listed companies through developing the law system, bank reform and monetary operation.