银行信贷、市场竞争与企业资本配置效率

On Bank Credit, Market Competition and Enterprise Capital Allocation Efficiency

市场竞争影响企业资本配置效率,银行信贷对这一竞争机制有重要调节作用。根据2007—2019年中国上市公司数据建立了投资—投资机会敏感性模型,模型结果表明:第一,市场竞争有利于提升企业资本配置效率,宽松的信贷有利于市场竞争发挥正向调节作用;第二,银行信贷调节作用明显,银行信贷与股权治理机制为替代关系,与信息披露、管理层激励机制为互补关系,银行信贷对于市场竞争发挥资本配置作用具有显著正向影响。

Market competition affects the capital allocation efficiency of enterprises,and bank credit plays an important role in regulating this competitive mechanism.Based on the data of Chinese listed companies from 2007 to 2019,this paper establishes an investment-investment opportunity sensitivity model.The analysis results show that market competition is conducive to improving the capital allocation efficiency of enterprises,and loose credit helps market competition play a positive regulatory role;the role of bank credit regulation is obvious,bank credit has an alternative relationship with equity governance mechanism and a complementary relationship with information disclosure and management incentive mechanism,and bank credit has a significant positive impact on market competition to play the role of capital allocation.