银行业竞争与企业投资效率

Banking Competition and the Companies Investment Efficiency

基于中国A股上市公司2005—2015年的数据,考察银行业竞争对企业投资效率的影响。研究发现,银行业竞争对企业投资效率有显著影响,银行业竞争能够提高企业投资效率。进一步研究证实,银行业竞争与投资效率间的关系受企业异质性的影响,银行业竞争对非国有企业、小规模企业和高成长性企业投资效率的提升作用更为显著。从银行业竞争的宏观视角研究企业投资行为及其效率,为银行业结构与经济增长关系类的研究提供来自中国的经验证据,拓展企业投资效率理论,也为中国金融制度安排提供一定的政策性指导。

Using the sample of China＇s listed companies from 2005 to 2015,this paper empirically investigates the effect of banking competition on firms＇ investment efficiency. It is found that a higher degree of banking competition significantly improves the investment efficiency of enterprises. Further study shows that the relation between banking competition and investment efficiency is affected by the heterogeneity of enterprises. The competition of the banking industry has a more significant effect on the investment efficiency of non-state-owned enterprises,small enterprises and high growth enterprises. This paper analyses firms＇ investment behavior and its efficiency from the macro perspective of banking competition,which provides empirical evidence of China for the banking industry structure and economic growth research,expands the investment efficiency theory and provides policy guidance to the Chinese financial system arrangement.