异质性控制权、融资约束与中国上市公司投资效率  

Heterogeneity Control Rights,Financing Constraints and Investment Efficiency of Chinese Listed Companies

作　　者：张晓岚[1] 刘朝[1] 

机构地区：[1]西安交通大学经济与金融学院,陕西西安710061

出　　处：《大连理工大学学报（社会科学版）》2015年第4期6-12,共7页Journal of Dalian University of Technology(Social Sciences)

摘　　要：文章基于2004~2012年中国上市公司的面板数据,采用随机边界模型,从影响融资约束的内外部渠道出发,研究了不同控制背景下的上市公司投资效率。研究发现：从融资约束角度看,非国有控制公司比国有控制公司的投资效率高2.11%。国有控制公司较弱的内部融资能力是其投资效率低于非国有控制公司的主要原因。我国上市公司投资效率表现出明显的行业特征和时间轨迹,房地产行业的年度平均投资效率明显高于其他行业。其中,2007~2009年各行业投资效率呈现明显的＂V＂字趋势,尤以2008年为历年的最低值。This article studies the investment efficiency of the listed companies with different control power background based on the panel data of Chinese listed companies from 2004 to 2012,employing stochastic frontier model and starting from the internal and external channels of influencing financing constraints.The study found that the investment efficiency of the non-state is 2.11% higher than that of the state-owned from the perspective of financing constraints,which was mainly caused by the weaker internal financing ability of the stateowned.The investment efficiency of Chinese listed companies has obviously industry characteristics and time trajectory.The annual average investment efficiency of real estate industry is significantly higher than that of the other industries.The trend of the industry investment efficiency from 2007 to 2009obviously shows V curve,with the bottom of V curve in 2008.

关 键 词：投资效率 融资约束 异质性控制权 

分 类 号：F830.59[经济管理—金融学]