联合授信、企业投资行为与公司价值

Joint Credit,Corporate Investment Behavior and Corporate Value

本文从企业治理的角度实证研究外部联合授信政策如何通过影响企业内部治理,进而影响企业投资行为及企业价值。研究结果表明,联合授信政策通过强化整个银行体系的信贷管理与约束,透过企业内部治理体系,能有效传导至企业内部,抑制企业过度投资行为,缓解企业代理冲突问题,使企业资金合理配置,最终提升企业价值。

From the perspective of corporate governance,this paper empirically analyzes how the external joint credit policy affects corporate internal governance,and thereby affects corporate investment behavior and corporate value.The results show that the joint credit policy can be effectively transmitted to the enterprise by strengthening the credit management and constraints of the entire banking system and through the internal governance system of the enterprise,thus restrain the excessive enterprise investment,alleviate the enterprise agency conflict,rationally allocate enterprise funds,and ultimately enhance the corporate value.