金融发展、信贷错配与企业资本配置效率

Financial Development,Credit Mismatch,and Efficiency of Corporate Capital Allocation

以2008~2015年沪深A股上市公司数据为样本,使用动态面板模型的GMM估计,分析中国信贷错配现象与企业资本配置效率之间的关系,并进一步探究金融发展水平对二者的调节作用。研究结果表明:信贷错配导致企业非效率投资,表现为国有企业投资过度,民营企业投资不足,且国有企业投资过度程度比民营企业投资不足程度更深;金融发展水平有利于调节信贷错配与企业资本配置效率间的关系,一定程度上抑制国有企业投资过度以及缓解了民营企业的投资不足。为了提高企业资本配置效率,应进一步推进金融深化的进程,强实抑虚,促进资本配置最优化。

Using data of A-share listed companies in Shanghai and Shenzhen from 2008 to 2015 as a sample,this study uses dynamic panel GMM estimation to analyze the relationship between the phenomenon of credit mismatch and the efficiency of corporate capital allocation in China,and explores the moderating effect of their levels of financial development. The results show that credit mismatch leads to inefficient investment among corporations. This is characterized by excessive investment by state-owned enterprises but insufficient investment by private enterprises,where the excessiveness is greater than the insufficiency. The level of financial development helps moderate the relationship between credit mismatch and efficiency of corporate capital allocation,and,to a certain extent,inhibits the excessive investments by state-owned enterprises and alleviates the insufficient investment by private enterprises. Financial deepening should be promoted to increase the efficiency of corporate capital allocation and optimize it by strengthening its advantages and minimizing weaknesses.