政治关联、债务期限与公司投资效率——基于民营上市公司的DIF-GMM与SYS-GMM检验

Political Connection,Debt Maturity and Corporate Investment Efficiency

以我国民营上市公司为研究对象,揭示了政治关联对债务期限和投资效率关系的影响,运用GMM估计结果发现:短期债务提高了债权人的监督能力,有利于抑制过度投资,然而却不利于缓解投资不足;政治关联降低了短期债务对过度投资的抑制作用,但缓解了短期债务对投资不足的不利影响;政治关联类型存在效应差异,"官员型"政治关联的实权效应影响程度较高,而"代表型"和"委员型"政治关联主要谋取公平竞争机会,影响程度相对较弱。研究结论为公司制定债务期限决策、厘清政企关系以及改善信贷机制等提供了启示建议。

Taking the private listed companies as samples,this paper focuses the impact of debt maturity on corporate investment efficiency in the context of political connection.By using GMM method,empirical results show that:shorten debt maturity can increase creditor's supervision capability,which inhibit over-investment but exacerbate under-investment rather than relieve it;political connection can weaken the influence of short term debt on over-investment and relieve the influence of short term debt on under-investment;different type of political connection have different effects;the moderating effect of the official type of political connection is significant and more powerful,however,the moderating effect of political connection with senior executives of NPC deputies or CPPCC members is relatively weak.This paper has some references for making debt maturity and investment decisions and improving the efficiency of recourse allocation.