新能源上市公司金融关联与过度投资——基于融资约束的中介效应

New energy listed companies’financial linkages and over-investment——The intermediary effect based on financing constraints

选取2000—2018年在国内A股上市的新能源公司的面板数据,通过融资约束中介效应实证分析金融关联对过度投资的影响。结果表明:建立金融关联的新能源上市公司更易出现过度投资现象,金融关联的建立也有利于缓解企业的融资约束,融资约束在金融关联与新能源上市公司过度投资行为间发挥中介效应,即金融关联对过度投资的影响有一部分是通过缓解融资约束引起的。因此,为提高投资效率,建立金融关联的新能源上市公司应注重应对融资约束问题。

Based on the panel data of new energy companies listed on the domestic A-shares from 2000 to 2018,the empirical analysis of the impact of financial linkages on excessive investment through the intermediary effect of financing constraints.The results show that:new energy listed companies that have established financial linkages are more prone to overinvestment,and the establishment of financial linkages is also conducive to alleviating the financing constraints of enterprises.Financing constraints play an intermediary effect between financial linkages and the excessive investment behavior of new energy listed companies,that is,part of the impact of financial linkages on excessive investment is caused by alleviating financing constraints.Therefore,in order to improve investment efficiency,new energy listed companies that establish financial linkages should focus on dealing with financing constraints.