摘要
本文采用我国2002-2014年A股上市公司数据,以产品市场势力衡量产品市场竞争,实证分析了产品市场竞争对投资效率的作用路径。实证结果发现:产品市场竞争能正向显著影响企业投资效率,且商业信用在产品市场竞争与企业投资效率关系中的中介效应得到支持。进一步检验表明,该中介效应在融资约束公司以及在处于市场化进程低的公司中更显著。
Based on the data of a-share listed companies in China from 2002 to 2014, the paper analyzes the role of product market competition on investment efficiency by measuring market competition in product market. The empirical results show that the competition in product market can positively influence the investment efficiency of enterprises, and the intermediary effect of commercial credit in the relationship between product market competition and enterprise investment efficiency is supported.Further tests show that the mediation effect is more significant in financing constrained companies and in companies with low marketization processes.
出处
《金融发展评论》
2018年第2期89-100,共12页
Financial Development Review
关键词
产品市场竞争
商业信用
债务融资
企业投资效率
Product Market Competition
Commercial Credit
Debt Financing
Enterprise Investment Efficiency
