金融结构与企业过度投资:基于社会融资结构的证据

Financial Structure and Corporate Over-investment:Evidence Based on Social Financing Structure

金融发展有助于促进经济增长,但不同的金融结构可能导致不同的经济后果。本文以我国A股非金融类上市公司为研究对象,利用我国社会融资结构统计数据,研究不同地区金融结构对该地区企业过度投资的影响,发现金融结构市场化程度越低的地区,企业过度投资程度越高,意味着提高金融结构市场化程度有助于缓解该地区企业的过度投资。此外,研究还发现:金融结构通过影响该地区企业的银行信贷融资,进而加剧企业过度投资程度;金融结构市场化程度越低、企业过度投资程度越高这一现象在银行竞争水平较低的地区、被原银保监会处罚的银行分支机构数量较少的地区、非执行董事占比较低的企业以及会计稳健性较低的企业中更明显;地区金融结构市场化程度的降低,会加剧该地区企业过度投资对其业绩的负面影响。本文的研究丰富和发展了金融结构经济后果、企业过度投资影响因素等方面的文献,也为我国金融市场化改革、金融结构优化以及资本市场功能发挥提供了经验证据和政策参考。

Financial development helps to promote economic growth,but different financial structure may lead to different economic consequences.This paper takes Chinese A-share non-financial listed companies as the research object,and uses the statistical data of Chi⁃nese social financing structure to study the influence of financial structure in different regions on the over-investment of local firms.This paper finds that the lower the degree of marketization of financial structure in the region,the higher the degree of over-investment of firms,which means that improving the degree of marketization of financial structure will help alleviate the over-investment of local firms.In addition,this paper also finds that financial structure will aggravate the degree of corporate over-investment by affecting bank loans of local firms.And the lower the degree of marketization of financial structure,the higher the degree of over-investment of local firms.This effect is stronger in regions with lower level of bank competition,regions with fewer bank branches punished by the former China Banking and Insurance Regulatory Commission,firms with relatively lower proportion of non-executive directors and firms with lower accounting conservatism.The decrease of the marketization degree of regional financial structure will aggravate the negative impact of over-investment on the performance of local firms.This study enriches and develops the literature on the economic consequences of financial structure and the determinants of firms'over-investment.It also provides empirical evidence and policy reference for the reform of Chinese financial mar⁃ketization and the further optimization of financial structure as well as the exertion of the functions of capital market.