技术资本非效率配置:融资约束抑或代理冲突?——来自我国沪深A股制造业上市公司经验证据

Technology Capital Inefficient Configuration: Financial Constraints or Proxy Conflict?Based on China's Shanghai and Shenzhen A Share Manufacturing Listed Companies' Experience Evidence Evidences

作为一个典型的投资行为,技术资本配置是否存在非效率?如果存在,其动因是由于融资约束导致的配置不足,还是由于代理冲突引发的配置过度?抑或两者共同作用的结果?利用2008-2013年技术资本构建面板数据进行实证检验,结果发现:(1)制造业上市公司存在技术资本非效率配置。在不同企业性质和规模下,非国有上市公司的技术资本低效率程度更高;融资约束程度高组及低组的配置效率比融资约束程度适中组高;(2)制造业上市公司技术资本非效率配置的原因是由于融资约束导致的配置不足;(3)技术资本的配置水平与企业内部现金流、企业自有资金和营业收入显著正相关。

Technology capital configuration is an emblematical investment behavior and whether its configuration is inefficient？ If there is,is it deficient configuration because of financial constraint,or excessive configuration because of proxy conflict,or both？ In this paper,we use 2008- 2013 years＇ technology capital data to construct panel data and do empirical examination. Results show that：（ 1） Technology capital inefficient configuration is existed in manufacturing listed companies. Under different company nature and size,non- state- owned listed companies＇ technology capital inefficient configuration degree is higher. Higher and lower efficient configuration of financial constraint degree is higher than moderate financial constraint degree.（ 2） Manufacturing listed companies＇ technology capital inefficient configuration is deficient configuration because of financial constraint.（ 3） Technology capital configuration degree is positively linked with enterprise internal cash flow,enterprise own funds and revenues.