金融发展、货币政策变动与企业投资效率——基于企业融资约束视角的实证研究

Financial Development,Monetary Policy Changes and Enterprise Investment Efficiency——An Empirical Study Based on the Perspective of Corporate Financing Constraints

基于2006-2016年沪深A股上市企业数据,运用系统GMM方法实证研究金融发展对企业融资约束和投资效率的影响及作用机制,利用银行业规模、银行竞争和股票市场发展以及金融发展综合指标对各省金融发展水平进行度量,结果表明金融发展缓解了企业融资约束并提高了企业投资效率。考虑货币政策变动情况下,金融发展在货币政策紧缩时能够显著缓解企业融资约束,但只有在企业投资不足时,银行业规模和竞争提高才会显著抑制企业非效率投资,在企业出现过度投资时,金融发展与货币政策相互作用对企业投资效率的促进作用不明显。

Taking Shanghai and Shenzhen A-share listed companies from 2006 to 2016 as samples,this paper uses systematic GMM to empirically study the influence and its mechanism of financial development on the financing constraint and investment efficiency of enterprises.By using the scale of banking industry,bank competition,stock market development and comprehensive indicators of financial development,this paper measures the level of financial development and finds that financial development eases the financing constraints of enterprises and improves the investment efficiency of enterprises.Considering changes in monetary policy,financial development in tight monetary policy can significantly alleviate the financing constraints.But only when enterprises lack of investment,improvement of the scale and competition of banking sectors can obviously inhibit the inefficient investment of enterprises.While there is excessive investment,the interaction of financial development and monetary policy to promote the efficiency of the enterprise investment is not obvious.