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金融发展、预算约束与企业投资效率——基于融资约束视角的异质性随机边界分析
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TitleFinancial Development, Budget Constraints and Enterprises Investment Efficiency  
作者王定祥 秦雨  
AuthorWang Dingxiang and Qing Yu  
作者单位西南大学经济管理学院 
OrganizationSchool of Economics and Management, Southwest University; School of Finance, Southwestern University of Finance and Economics 
作者Emailwdx6188@126.com;sunnyqingyu@foxmail.com 
中文关键词金融发展 预算约束 融资约束 异质性随机前沿模型 
Key WordsFinancial development; Budget constraints; Financing constraints; Heterogeneity stochastic frontier model 
内容提要本文从融资约束视角,基于AK模型对金融发展与企业投资效率的关系进行了理论分析,然后利用2006-2012年中国A股上市公司样本数据,采用异质性随机前沿模型和方法,对不同预算约束下金融发展与企业投资效率的影响进行了实证检验。理论研究表明,金融发展可通过降低金融约束而提升企业投资效率,但对预算约束机制不同的企业,缓解金融约束、提升投资效率的作用及其影响因素有差异。实证研究发现:金融发展水平提高,能显著缓解具有硬预算约束的民营企业融资约束,减少投资对内部现金流的依赖,降低后续债务融资不确定性,提高投资效率,但不能显著缓解国有企业融资约束及其后续融资不确定性;金融结构优化能显著缓解民营企业债务融资约束及其后续债务融资不确定性,提高投资效率,但不能显著缓解国有企业融资约束,反而增强了后续股权融资不确定性;债务与股权融资虽能缓解企业融资约束,但会显著提高企业后续融资不确定性。 
AbstractFrom the perspective of financing constraints, this paper analyzes the theoretical relationship between financial development and enterprise investment efficiency based on AK model, and then adopts heterogeneity stochastic frontier model and methods to test empirically the impact of financial development on enterprise investment efficiency under different budget constraints based on the data from Chinese A-share listed companies over period 2006-2012.Theoretical research shows that financial development can improve the investment efficiency by reducing financing constraints. But it has different effects on financing constraints and investment efficiency for companies with different budget constraints mechanism. Empirical research shows that: The improvement of financial development level can significantly ease the financing constraints of private enterprises with hard budget constraint, reduce investment reliance on internal cash flow, reduce the uncertainty of the follow-up debt financing, improve the investment efficiency, but can’t significantly ease the financing constraints and the subsequent financing uncertainty of state-owned enterprises. The optimization of financial structure can ease the debt financing constraints, reduce the uncertainty of follow-up debt financing, and improve the investment efficiency of the private enterprises. But it can’t significantly ease the financing constraints and instead enhance follow-up equity financing uncertainty of the state-owned enterprises. The debt and equity financing can ease the financing constraints, but it will significantly improve the follow-up financing uncertainty.  
文章编号WP973 
登载时间2015-12-04 
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