摘要
在政策不确定性条件下,银行信贷会对企业投资产生什么影响,是一个值得深入探讨的现实问题。本文以2008—2018年中国上市企业为研究样本,对银行信贷与企业投资的关系进行检验,分析政策不确定性对银行信贷与企业投资之间关系产生的影响,进而从投资机会、资产可抵押性和产权性质三方面的异质性特征,探讨银行向哪类企业提供信贷能避免政策不确定性的过多影响。研究发现,银行信贷的扩张能够明显增加企业的投资水平;但政策不确定性削弱了银行信贷供给对企业投资的促进作用;对于投资机会较多、资产可抵押性较强以及非国有企业而言,政策不确定性不会对银行信贷的投资促进作用产生负面影响。鉴于此,当前应向宏观政策注入更多确定性,加强信贷对实体经济支持力度,并进一步提高信贷的精准投放水平。
Under the condition of policy uncertainty,how will the bank credit policy be affected,and which kind of enterprises should be provided with credit funds,these are practical problems that need to be solvedurgently.Taking listed corporations in China from 2008 to 2017 as samples,this paperfirst tests the relationship between bank credit and enterprise investment,then analyzes the impact of policy uncertainty on the relationship between bank credit and corporate investment,and then explores which kind of enterprises should be provided credit from the heterogeneity characteristics of investment opportunity,assetmortgagabilityand property rights.The empirical results show that,the bank credit can significantly increase the investment of listed companies in China;but the policy uncertainty reduces the promotion role of bank credit to enterprise investment;for high investment opportunities,high asset mortgagabilityand non-state-owned enterprises,the policy uncertainty cannot inhibit the role of bank credit supply,so banks should providemore credit funds totheseenterprises.The enlightenment is that,we should keep the certainty and consistency of policies,strengthen the support of credit to the substantial economy,and improve the investment accuracy.
作者
张琦
吉富星
潘攀
ZHANG Qi;JI Fuxing;PAN Pan(Chinese Academy of fiscal science,Bejing 100142,China;School of Economics,Uninersity of Chinese Academy of Social Sciences,Beijing 102488,China;College of Management,Sichuan Agriclutural Unirersity,Chengdu 611130,China)
出处
《中国软科学》
CSSCI
CSCD
北大核心
2021年第4期173-182,共10页
China Soft Science
基金
北京市社会科学基金项目“北京防范和化解地方政府隐性债务风险”(19YJB013)
中国社会科学院大学重大专项课题“我国基本公共服务均等化的影响因素与对策研究”(2020-KYLX01-06)
中国社会科学院大学卓越研究课题“金融科技精准服务小微企业融资的研究”(2020ZY05)。
关键词
银行信贷
政策不确定性
企业投资
bankcredit
policyuncertainty
enterpriseinvestment