融资约束下异质债务对中小企业投资效率的影响

Impact of Heterogeneous Debts on Investment Efficiency of Small and Medium-Sized Enterprises under Financing Constraints

利用2006~2013年中小企业板上市公司的数据,检验了不同来源的负债对公司效率的治理效果,并揭示了不同融资约束程度下异质债务对公司投资效率的影响机制。通过动态面板和门限面板进行实证研究发现：银行借款和商业信贷都能够抑制中小企业的非效率投资,提高公司的投资效率,其中商业信贷的效果更加明显;低融资约束下,银行借款对非效率投资的抑制作用会加强,商业信贷对非效率投资的抑制作用则会减弱,而在高融资约束下,银行借款对非效率投资的抑制作用会减弱,商业信贷对非效率投资的抑制作用则会增强。

This paper tests the control effect of different source debt on company efficiency using the data of small and medium enterprise board listed companies in the year of 2006~2013.It has revealed the governance mechanism of heterogeneous debt on corporate investment efficiency under different degree of financing constraints.Through dynamic panel and threshold panel for empirical research,this paper has found that bank loans and commercial credit are able to inhibit the inefficient investment of small and medium-sized enterprises so as to improve the investment efficiency,but the effect of commercial credit is more significant,and that under low degree of financing constraints,inhibitory effect of bank loans on inefficiency investment will increase and inhibition of commercial credit to the inefficiency investment will decrease,while under high degree of financing constraint,inhibitory effect of bank loans on inefficiency investment will weaken and inhibition of commercial credit to the inefficiency investment will strengthen.