产融结合、金融发展与企业投资效率

The Industrial-financial Integration,Financial Development and Investment Efficiency

本文采用理论与实证相结合的方法,研究了产融结合对企业投资效率的影响,并考察了金融发展对二者关系的调节作用。研究结果表明,产融结合能有效降低企业的非效率投资,金融发展会强化产融结合对企业非效率投资的改善作用。将企业根据产权性质进行分组后发现,相较于国有企业,在民营企业中,产融结合对企业非效率投资的改善作用更强,金融发展对二者关系的调节作用也更加显著。

Using the combination of theory and empirical methods, this paper studies the influence of the industrial-financial integration on corporate investment efficiency. Further, this paper studies how the financial development works on the relationship between the industrial-financial integration and investment efficiency. The results show that the industrial-financial integrationcan effectively improve the investment efficiency. The financial development can strengthen the relationship between the industrialfinancial integration and the investment efficiency. According to the nature of property rights to group all the samples, it＇s found that, compared with the state-owned enterprises, the industrial-financial integration has a greater influence on the investment efficiency in the private enterprises. What＇s more, the effect of financial development on the relationship between the two is more significant in the private enterprises.