融资约束假说下投资效率异常与货币政策选择  

Abnormal Investment Efficiency and Monetary Policy Selection under a Financial Constraints Hypothesis

作　　者：贾丽平[1] 贺之瑶 石浩明[1] 

机构地区：[1]山西财经大学财政金融学院 [2]上海理工大学管理学院

出　　处：《经济社会体制比较》2017年第3期95-104,共10页Comparative Economic & Social Systems

基　　金：国家社会科学基金项目"互联网金融的理论;政策与前景研究"(项目编号:16BJY178);国家社会科学基金项目"关于主观资产组合模型的行为金融理论构建与方法研究"(项目编号:11BJY013)

摘　　要：早期样本研究显示,我国长期过度投资引致国有企业投资效率比非国有企业低。文章使用投资—投资机会反应系数测度企业投资效率发现,尽管国有与非国有企业融资约束都有所减轻,但在不同样本区间,随着时间的推移国有与非国有企业的投资效率的相对大小出现反转。在受到外部融资约束的行业,国有企业获得信贷扶持,产生挤出效应,导致非国有企业融资约束严重,投资效率低于国有企业。近年来货币政策的频繁调控加大了国有与非国有企业融资约束的差异,企业投资效率差距扩大。而且针对融资约束程度的不同,价格型与数量型货币政策呈现非对称性。宽松的利率政策能够降低非国有企业边际融资成本,提高投资效率。信贷扩张更倾向于国有企业,对降低其融资约束、提高投资效率的效果明显。Relative to prophase sample research, over - investment China has had for a long time has led the in-vestment efficiency of state - owned enterprises to become lower than that of non - state - owned enterprises. Inthis paper, we use the investment opportunity response coefficient to measure the efficiency of enterprise invest-ment. The result shows that although the state -owned and non state -owned enterprises＇ financial constraintshave been eased, the relative size of their investment efficiency appears to be reversed as time goes by in differ-ent sample intervals. Under industries subject to external financial constraints, state - owned enterprises weregranted credit support and crowding- out effect came into being. That leads to the serious financial constraintsof non - state - owned enterprises and their investment efficiency being than state - owned enterprises. In recentyears, frequent monetary policy regulation has increased the difference of financing constraints between state -owned and non - state - owned enterprises. According to the difference of financial constrains, price - basedmonetary policy and quantitative monetary policy were intended to be asymmetrical. Interest rate policy ease canreduce the marginal financial cost of the non - state - owned enterprises. In addition, it can reduce its financialconstraints and improve investment efficiency. Giving state -owned enterprises priority in credit expansion willsignificantly reduce their financial constraints and improve their investment efficiency.

关 键 词：融资约束 挤出效应 投资效率 货币政策选择 

分 类 号：F832[经济管理—金融学]