信贷资源配置与企业高质量发展

Credit Resource Allocation and High Quality Development of Enterprises

本文实证检验信贷错配对微观企业非效率投资、投资过度以及投资不足的影响,并从企业产权性质方面分类研究信贷资源配置对上市公司非投资效率的差异性影响。进一步地,选取企业资产负债率为中介变量进行信贷错配与企业投资效率间的中介效应检验,研究结果表明,信贷资源配置低效通过对企业融资结构造成影响,即企业资本结构的扭曲,最终引致上市公司投资效率低下,呈现出非效率投资、投资不足和投资过度的现象。

This article empirically examines the impact of credit mismatch on inefficient investment, overinvestment, and underinvestment in micro enterprises, and categorizes the differential impact of credit resource allocation on non investment efficiency of listed companies from the perspective of enterprise property rights. Furthermore, the asset liability ratio of enterprises is selected as the mediating variable to test the mediating effect between credit mismatch and enterprise investment efficiency. The research results show that inefficient allocation of credit resources affects the financing structure of enterprises by distorting their capital structure, ultimately leading to low investment efficiency of listed companies, exhibiting phenomena of inefficient investment, underinvestment, and overinvestment.