资本市场发展是否改善企业的投融资效率？

Does the Development of Capital Market Improve the Investment and Financing Efficiencies of Enterprises

自1990年沪、深交易所成立以来,中国资本市场取得飞速发展、企业的融资渠道逐步拓宽,那么企业的投融资效率是否提高、资本配置得到优化?本文以2009年至2016年间A股上市公司为样本,采用最优投资偏差和投资敏感性两种理论方法度量投融资效率,构建动态面板等计量模型进行实证验证。研究发现:资本市场发展能够在一定程度上提高企业的投资效率,减少内部现金流充裕私营企业的过度投资,但没有改善内部现金流匮乏企业的投资不足状况;同时,中国的私营企业更多采用股权融资,而借贷成本更低的债权融资规模较少;最后,资金没有流向最有效率的外资企业,外资企业投资依然受到现金流的较大约束。本文的研究启示是我国应采用定向降准、鼓励面向特殊部门贷款的金融专项债等方式,疏通私营企业和外资企业的融资渠道。

Since the establishment of the Shanghai and Shenzhen stock exchanges in 1990, China’s capital market has achieved rapid development and the financing channels of enterprises have been gradually expanded. So, has this improved the investment and financing efficiency of enterprises and optimized capital allocation. Based on relevant data of listed companies from 2009 to 2016 in China, this paper adopts two theoretical methods of optimal investment deviation and investment sensitivity to measure investment and financing efficiency, and constructs dynamic panel and other econometric models for empirical research. The results show that the development of capital market can improve the investment efficiency of enterprises to some extent and reduce the overinvestment of private enterprises with abundant internal cash flow, but it does not improve the underinvestment of enterprises with insufficient internal cash flow. What’s more, China’s private enterprises use more equity financing and the amount of debt financing with lower borrowing costs is less. Finally, capital doesn’t flow to the most efficient foreign enterprises, and the investments of foreign enterprises are still greatly restricted by cash flow. The Enlightenment of this study is that our country should adopt targeted adjustment of reserve-requirement and encourage financial debt for special sector loans to dredging the financing channels of private enterprises and foreign enterprises.