契约环境影响企业的投资行为吗--来自中国上市公司的经验证据  

Does Contract Environment Affect the Behavior of Firm's Investment:Evidence from Chinese Listed Companies

作　　者：杨畅[1] 刘斌[2] 闫文凯[1] 

机构地区：[1]南开大学经济学院,天津300071 [2]对外经济贸易大学中国WTO研究院,北京100029

出　　处：《金融研究》2014年第11期79-93,共15页Journal of Financial Research

摘　　要：本文从资产专用性以及债务融资约束的角度考察了契约环境对企业投资行为的影响,运用我国上市公司相关数据进行实证分析发现:相对于短期投资,契约环境的改善会加速推动企业扩大长期投资规模,并且这种作用会随着行业契约密集度的提高变得更为显著。进一步研究表明:良好的契约环境可以促进企业(尤其是契约密集型企业)通过债务融资扩大投资规模。上述结论为理解我国地区经济与投资差距提供了新的视角,对促进金融市场改革、保证经济长期稳定增长具有重要的启示意义。From two aspects of asset specificity and financing constraints, this paper analyzes the relations between the contract environment and the behavior of firm＇s investment. Using the data of the listed companies in China, the paper finds that compared with the firm＇s short - term investment, the long - term investment are more positively correlated with contract environment, especially in the industries with high degree of contract intensity. In addition, the development of contract environment can ease the firm＇s financing constraints and then expand investment. Our research helps to understand the regional economic disparity and the difference of firm＇s investment behavior in China, and also has splendid significance to the reform of financial market and sustain-able economic growth.

关 键 词：契约环境 企业投资行为 资产专用性 融资约束 

分 类 号：F832.51[经济管理—金融学] F275