金融发展如何影响实体企业投资——基于融资约束与投资理性视角的分析

How Does Financial Development Affect Corporate Investment——Based on the Analysis of Financing Constraints and Investment Rationality

本文以2008~2018年A股上市公司为样本,基于融资约束与投资理性视角,实证检验金融发展对我国实体企业投资的影响效应。研究发现:金融发展对实体企业投资行为的影响具有两面性。一方面,金融发展能够缓解实体企业融资约束,即能够降低实体企业的投资一现金流敏感性;另一方面,金融发展可能会降低实体企业投资理性,具体表现为降低实体企业投资一资本成本敏感性和实体企业投资一投资机会敏感性。在考虑了企业自身规模的影响之后发现,相较于规模较大企业,金融发展对规模较小实体企业投资的融资约束和资本成本敏感性的降低作用更大。进一步研究表明,金融发展会导致实体企业金融资产投资增加,挤占固定资产投资,削弱了企业的投资理性,而金融监管能够降低金融发展对实体企业投资理性的不利影响。本文的研究结论为理解宏观金融发展对微观企业投资活动的影响作用,优化金融发展服务实体企业的质量提供了一定实证依据和现实启示。

Taking A-share listed companies from 2008 to 2018 as samples,this paper empirically tests the impact of financial development on the investment of China’s real enterprises from the perspectives of financing constraints and investment rationality.It is found that financial development has a two-sided influence on the investment behavior of real enterprises.On one hand,financial development can ease the financing constraints of real enterprises,that is,it can reduce the investment-cash flow sensitivity of real enterprises.On the other hand,financial development may reduce the investment rationality of real enterprises,which is embodied in reducing the investment-capital cost sensitivity and investment-investment opportunity sensitivity of real enterprises.After considering the influence of firms size,it is found that compared with large firms,financial development has a greater effect on the reduction of financing constraints and capital cost sensitivity of investment of small firms.Further research shows that financial development will lead to the increase of financial asset investment of real enterprises,crowding out fixed asset investment,and weakening the investment rationality of enterprises,while financial regulation can reduce the adverse impact of financial development on the investment rationality of real enterprises.The research conclusions of this paper provide some empirical basis and practical enlightenment for understanding the influence of macro-financial development on micro-enterprise investment activities and optimizing the quality of financial development serving entity enterprises.