委托贷款、信贷周期与企业投资效率

Entrusted Loans,Credit Cycle and Enterprise Investment Efficiency

使用我国A股上市公司及新三板挂牌公司委托贷款交易数据,考察信贷周期下委托贷款对企业投资效率的影响。研究发现,委托贷款显著促进了企业投资效率的提高,信贷紧缩时委托贷款对企业投资效率改善作用更大。分析信贷周期下委托贷款对企业投资效率的改善路径发现,委托贷款主要提高了投资不足企业的投资效率,对投资过度企业的投资效率改善并不显著。进一步考察融资约束、财务杠杆和信息透明度不同的企业发现,信贷紧缩时高融资约束企业、高杠杆企业和信息透明度较低的投资不足企业在委托贷款增加时投资效率的改善更显著,侧面印证了信贷周期下委托贷款主要通过改善企业的融资约束缓解企业的投资不足,从而提高企业的投资效率。

This article uses data from China's A-share listed companies and NEEQ listed companies'entrusted loan transactions to investigate the impact of entrusted loans on corporate investment efficiency during the credit cycle.The study found that entrusted loans have significantly improved corporate investment efficiency,and entrusted loans have a greater effect on improving corporate investment efficiency during the credit crunch.Analyzing the mechanism through which entrusted loans have positive impact on the investment efficiency of enterprises under the credit cycle,we found that entrusted loans mainly improve the investment efficiency of underinvested enterprises,while the improvement of investment efficiency for overinvested enterprises is not significant.A further examination of companies with different financing constraints,financial leverage,and information transparency found that companies with high financing constraint,high leverage or low information transparency demonstrated more pronounced improvement of underinvestment during the credit crunch.The results confirmed that entrusted loans in the credit cycle mainly relieve the underinvestment of enterprises by improving the financing constraints of enterprises,thereby improving the investment efficiency of enterprises.