持股金融机构影响公司投资效率的路径——基于融资约束视角  

The Impact of Shareholding Financial Institutions on the Investment Efficiency of the Companies: Based on the Perspective of Financial Constraints

作　　者：张园园[1,2] 张广冬[3] 王风华 ZHANG Yuan-yuan;ZHANG Guang-dong;WANG Feng-hua(Business School,Qingdao University,Qingdao 266071,China;School of Management,Ocean University of China,Qingdao 266100,China;Business School,Nankai University,Tianjin 300071,China)

机构地区：[1]青岛大学商学院,山东青岛266071 [2]中国海洋大学管理学院,山东青岛266100 [3]南开大学商学院,天津300071

出　　处：《云南财经大学学报》2018年第10期99-112,共14页Journal of Yunnan University of Finance and Economics

基　　金：国家自然科学基金项目"利益相关者视角的营运资金管理研究与中国上市公司营运资金管理数据平台扩充建设"(71372111);山东省自然科学基金项目"产融结合与公司资本配置效率--基于融资约束的视角"(ZR2016GP01);山东省软科学项目"‘营改增’对资本配置效率的效应评估和政策建议研究"(2017RKB01044)

摘　　要：以2007～2016年中国沪深A股非金融类上市公司为样本,研究是否持股金融机构、类型和程度对公司投资效率的影响,并从融资约束视角分析其作用路径。研究发现:持股金融机构显著缓解了投资不足、抑制过度投资,提高了公司投资效率,融资约束发挥了部分中介效应;在全样本和过度投资样本中,持股银行的公司投资效率显著更低;随着持股金融机构程度的加大,缓解融资约束和投资不足、提高投资效率的程度更显著;在非国有企业中,持股金融机构程度和类型对投资效率的作用更显著。By taking non - financial listed companies of Shanghai and Shenzhen stock exchan- ges from 2007 to 2016 as samples, this paper studies the impact of shareholding financial institu- tions on investment efficiency of the companies, and analyzes the function path from the perspec- tive of financial constraints. It is found that shareholding financial institutions significantly allevia- ted underinvestment, controlled overinvestment and improved investment efficiency, so financial constraints plays the role of partial intermediary effect. Investment efficiency of shareholding banks was significantly lower in full samples and overinvestment samples. With the increase of the pro- portion of shareholding financial institutions, financial constraints and underinvestment can be bet- ter alleviated and the investment efficiency can be significantly improved. In non - state - owned companies, the degree and type of shareholding financial institutions have a more significant effect on investment efficiency.

关 键 词：持股金融机构 投资效率 融资约束 投资不足 过度投资 

分 类 号：F235.19[经济管理—会计学]