我国上市公司融资效率对投资扭曲程度的影响——基于2010—2014年上市公司平衡面板数据测算

The Effect of Financing Efficiency on Investment Distortion in the Listed Companies——Based on 2010—2014 Listed Companies' Balanced Panel Data

简述企业融资效率与投资扭曲程度研究概况。以2010—2014年沪深A股上市公司为研究对象,采用数据包络分析方法测算融资效率,并通过与投资扭曲程度的比较分析、相关系数分析和回归分析,测算融资效率对投资扭曲程度的影响。结果表明,我国两市上市公司的融资效率水平并不理想,投资扭曲现象普遍存在,投资扭曲程度与融资效率、投资过度程度与融资效率,都呈正相关关系,投资不足与融资效率则呈负相关关系。

This article introduces the survey of financing efficiency and investment distortion. It takes A- share listed companies in Shanghai and Shenzhen from 2010 to 2014 as research objects. According to data development analysis, it calculates the financing efficiency and investment distortion respectively. Through comparison of investment distortion, correlation coefficient analysis and regression analysis, it measures the effect of financing efficiency on investment distortion. The result shows that the financing efficiency of Chinese listed corporate is generally low. The investment distortion is of ubiquity. There are positive correlations between financing efficiency and investment distortion, and between financing efficiency and over-investment, while there are negative correlations between financing efficiency and under-investment.