金融发展能提高交通基础设施投资效率吗?——基于上市公司微观视角的分析

Can Financial Development Improve the Investment Efficiency of Transportation Infrastructure?An Analysis Based on the Micro-perspective of Listed Companies

以中国沪深两市A股交通基础设施类上市企业为样本,采用2006—2017年年度财务数据,利用面板数据固定效应模型实证分析金融发展对企业投资效率的影响效应。研究表明,金融发展总体上可以缓解企业的融资约束,提升交通基础设施企业的投资效率。但是,对于过度投资的交通基础设施类企业,金融发展对其投资效率的提升效果不显著;对于投资不足的企业,金融发展能够缓解投资约束进而提升投资效率。建议实施适度宽松的货币政策,进一步提高金融机构信贷服务效率,大力发展资本市场以吸引更多的社会资本参与交通基础设施建设。

The paper makes an empirical analysis of the impact of financial development on enterprise's investment efficiency by taking A-share transportation infrastructure listed enterprises in Shanghai and Shenzhen stock exchanges as samples,and using the annual financial data from 2006 to 2017 and the fixed effect model of panel data.The research shows that financial development can generally relieve the financing constraints of enterprises and improve the investment efficiency of transportation infrastructure enterprises.However,for the over-invested transportation infrastructure enterprises,the effect of financial development on their investment efficiency is not significant,and for the under-invested enterprises,the financial development can ease the investment constraints and then improve the investment efficiency.It is suggested that a moderately loose monetary policy should be implemented,the credit service efficiency of financial institutions should be further improved,and the capital market should be vigorously developed to attract the more social capital participating in the construction of transportation infrastructure.