企业投资效率之谜:融资约束假说与货币政策冲击  

Investment Efficiency Puzzle:Financial Constraint Hypothesis and Monetary Policy Shock

作　　者：喻坤[1] 李治国[1] 张晓蓉[1] 徐剑刚[1] 

机构地区：[1]复旦大学管理学院,200433

出　　处：《经济研究》2014年第5期106-120,共15页Economic Research Journal

基　　金：国家自然科学基金项目(70801018);上海市社科规划课题(2008BJB016);上海市浦江人才计划;上海市晨光学者计划的资助

摘　　要：国有企业投资效率低于非国有企业被认为是中国长期过度投资现象之下的典型事实,基于相对早期样本的代表性研究均显示如此。然而,本文采取一致性方法测度企业投资效率却显著发现,近年来非国有企业的投资效率相对更低。本文提出融资约束假说解释企业投资效率之谜,并通过实证研究表明,在外部融资依赖度越高的行业,非国有企业投资效率相对国有企业的差距越大。货币政策冲击会显著影响这一差距,货币紧缩时差距会增大,而货币宽松时差距则缩小。进一步的实证结果表明,近年来频繁的货币政策冲击强化了国有企业与非国有企业之间的融资约束差异,国有企业不断获得扶持性信贷补贴,而非国有企业的信贷资源则被相应挤出,日益严重的信贷融资约束使非国有企业投资效率持续下降,进而产生企业投资效率之谜。Based on samples in comparatively earlier periods, existing literature indicates a low efficiency with investment of state-owned enterprises （SOE）, which has been characterized as a typical fact given the long-term phenomenon of overinvestment in China. However, using the same measurement as before, this paper finds a puzzle that the investment efficiency of non-SOEs is significantly lower than SOEs in recent years. As an explanation, we propose the financial constraint hypothesis and show that the gap between investment efficiency of non-SOEs and SOEs is larger in industries with higher external financial dependence. Further, this gap becomes even larger when the monetary policy is tight and smaller when it is expansionary. The results demonstrate that the monetary policy shocks in recent years deteriorate the financial constraint problems facing non-SOEs. The SOEs get subsidy through financial system, crowding out the credit resources of non-SOEs, which lead to a sharp decline in investment efficiency of non-SOEs.

关 键 词：投资效率 所有权性质 融资约束 货币政策冲击 

分 类 号：F275[经济管理—企业管理] F832.4[经济管理—国民经济]