融资行为对企业投资效率的影响研究

Impact of Financing Activity on Investment Efficiency of Listed Companies

投资活动作为企业经济活动的主要内容,同时影响着筹资活动和经营活动,是企业经济活动的起点。近年来我国不断推进供给侧改革,优化产业结构,要求企业优化投资行为,提高投资效率。从企业投资活动实际产生的结果出发,分析了我国上市公司的投资效率水平,并以此为依据进一步分析了企业融资行为特点对企业投资效率的影响。研究结果表明:我国上市公司投资效率水平较低,且存在着严重的投资不足现象。从融资渠道来看,银行贷款会削弱投资效率,而商业信用则可以增加投资效率,且相比较而言,商业信用的积极作用更强。从融资期限结构来看,短期负债会抑制投资效率而长期负债可以提高企业投资效率。

Investment activity is one of the most important financial activities,which will influence both the financing activity and business activity. It is considered as the start of corporate activities.Recently,China has put the supply-side structure reform and optimized the industry structure. This policy requires the companies to improve investment efficiency. Based on the real investment result,this paper evaluates the condition of the investment efficiency and then analyzes the impact of financing activity on investment efficiency. The result shows that the investment efficiency of listedcompanies remains a relatively low level. Most of these companies act as under investment. On the perspective of sources of finance,bank loans mitigate the result of the investment,while business loans may improve investment efficiency,and the business debt plays a more significant role. When considering the impact of maturity structure,the result shows that short-term debt has a negative relationship with investment efficiency while long-term debt will help to increase investment efficiency.