资产可逆性、抵押品渠道与企业投资效率——基于融资约束异质性视角

Asset Reversibility,Collateral Channel and Corporate Investment Efficiency:The Financing Constraints Perspective

本文从资产交易广泛性和资产沉没成本两个维度出发构建资产可逆性测算框架,并以2007—2017年沪深两市A股上市公司为研究对象,实证考察抵押品作用渠道下,资产可逆性对不同融资约束企业投资效率的影响。实证结果表明,对于遭受融资约束的企业,资产可逆性通过抵押品渠道影响企业投资效率,导致企业过度投资,即支持本文提出的"银企风险偏好相悖"假说,且这一效应在紧缩货币政策时期更为凸显。进一步,在引入变量企业信贷融资水平后,通过中介效应检验以及异质性分析证实了资产可逆性抵押品价值这一关键作用渠道。此外,经过一系列稳健性检验和内生性问题处理后,本文核心研究结论仍然成立。本文研究为理解中国企业的低效率投资活动提供了来自融资约束视角的新证据,对于决策层如何因地制宜促进企业投资、提高资源配置效率具有很好的参考价值。

This paper constructs the measurement framework of industry asset reversibility from two dimensions of asset transaction universality and asset sunk cost, and empirically tests the theoretical hypothesis based on the data of listed companies in China for 2007—2017.The empirical results show that, for firms binding with financing constraints, asset reversibility affects the corporate investment efficiency through collateral channels, leading to excessive investment, which supports the hypothesis of "risk preference between banks and enterprises is inconsistent" proposed in this paper, and this effect is more prominent in the period of tight monetary policy.Furthermore, by introducing variable enterprise credit financing level, the mediating effect test and heterogeneity analysis confirm the key channel of asset reversibility collateral value.This paper also excludes the possible explanations such as business cycle fluctuation and real option channel.In addition, after robustness test and Heckman two-step method, the above conclusion is still valid.This study provides new evidence for understanding the inefficient investment activities of Chinese enterprises from the perspective of financing constraints, and has a good reference value for decision-making level on how to promote enterprise investment according to local conditions and improve the efficiency of resource allocation.The contribution of this paper is as follows: first, it strengthens the study of the economic effects of asset reversibility.The existing literature mainly thinks that the reversibility of assets improves the investment scale of enterprises through the real options channel, and holds that in the period of fierce external macroeconomic fluctuations, asset reversibility is a defense and protection mechanism for enterprises, which encourages enterprises to expand investment and weakens the motivation of enterprises to delay current investment.But in fact, the reversibility of assets is also a kind of protection measures for credit banks.The implicit mortgage value of asset reversibility also promotes credit banks to expand credit support for enterprises.However, in the existing research, the research on the effect of asset reversibility collateral channel is rare.Second, based on the heterogeneity of financing constraints, this paper explores the impact of asset reversibility on enterprise investment efficiency.Most of the existing studies have internalized the financing constraints, focusing on the role of the collateral value of assets in increasing the debt capacity of enterprises and mitigating the degree of financing constraints.It is generally believed that the mortgage of assets increases the investment scale.This paper attempts to change the research perspective, introduce financing constraints into the relationship between asset reversibility and enterprise investment, and explore the alienation effect of asset reversibility on Enterprise Investment under the financing constraints environment.Third, this paper establishes the measurement framework of asset reversibility.The degree of enterprise assets reversibility is measured from two dimensions of asset transaction extensiveness and asset disposal value, and indicators are constructed with China input-output table, secondary assets saleable level and asset depreciation rate of listed companies.In the past literature, PP&E is usually used as the measurement index of enterprise assets reversibility, or the influence of collateral channel on enterprise investment decision is measured by the price fluctuation of real estate.But these indicators can not reflect the heterogeneity of asset transactions in different industries, or they do not fully consider the connotative value of asset mortgage.This paper tries to give asset reversibility a comprehensive measurement index which fully considers the characteristics of the industry and fully combines the transaction characteristics and sunk costs of the asset market.This study provides new evidence from the perspective of financing constraints for understanding the inefficient investment activities of Chinese firms.It has a good reference value for decision-makers to promote firm investment and improve resource allocation efficiency according to local conditions.