银行外部治理与企业过度投资

The Largest Lending Bank's Property and Enterprises' Over-investment

新常态下,投资效率直接关系到企业提质增效与转型升级。现有研究对作为商业银行债权人在投资方面的外部治理作用尚缺乏深入探讨。本文结合中国金融体制改革发展历程与国资国企改革现状,从银行外部治理视角切入,就企业第一贷款银行性质、地区信贷市场竞争状况与企业过度投资行为之间的关系进行分析,认为:相较于非国有商业银行,国有商业银行更能抑制企业过度投资;商业银行的外部治理作用对非国有企业更显著;地区信贷市场竞争状况会在一定程度上影响银行抑制企业过度投资的外部治理作用。

The investment decisions have been a great concern for the business community as well as academic circles. This paper combines with the properties of the largest lending banks, the competitive conditions of the financial markets and over-investment behavior to explain the triangular relationship between the banking, corporate and government as well as the problem of ＂double budget constraint＂ from a new angle. The research both enriches the literature in this field and to some extent, provides some references for the banks＇ further policies to suppress the corporate over-investment.