金融发展、信贷供给与企业投资——基于系统GMM和门槛模型的分析  

Financial Development,Credit Supply and Corporate Investment:Analysis based on SYS-GMM and Threshold Model

作　　者：张弘滢 耿成轩[1] ZHANG Hong-ying;GENG Cheng-xuan(College of Economics and Management,Nanjing University of Aeronautics and Astronautics,Nanjing Jiangsu 211106,China)

机构地区：[1]南京航空航天大学经济与管理学院,江苏南京211106

出　　处：《技术经济与管理研究》2021年第5期44-48,共5页Journal of Technical Economics & Management

基　　金：国家社会科学基金一般项目(15BGL056);中央高校基本项目培育基金项目(NP2015302)。

摘　　要：文章基于2008—2017年非金融上市公司数据,采用系统GMM和门槛模型对不同金融发展进程下中国信贷供给对企业投资的影响进行研究。研究结果表明:信贷供给整体上对企业投资具有显著的促进作用,但不同终极控制人下其对企业投资的促进效果表现出较大的差异性。其次,金融发展的存在弱化了央行信贷供给对企业投资的带动效应,且该弱化作用在非政府企业中最强、地方政府企业次之、中央政府企业最弱。在进一步研究中,金融发展在信贷供给对企业研发投资和金融投资也存在明显的门槛效应。央行应不断创新、完善和丰富贷款调控工具,在保持信贷合理增长的同时,配合结构性货币政策工具,合理引导和加强信贷资金增量在各部门间的分配和流动,推动经济结构的转型升级。Based on the data of non-financial listed companies from 2008 to 2017,this paper uses system GMM and Threshold Models to study the impact of China's credit supply on corporate investment under different levels of financial development.The research results show that credit supply has a significant promotion effect on corporate investment,but its promotion effect on corporate investment under different ultimate controllers shows great differences.In addition,financial development has weakened the driving impact of credit supply on corporate investment,and the weakening effect is the strongest among non-governmental enterprises,followed by local government enterprises,and central government enterprises are the weakest.In further research,it is find that financial development also has an obvious threshold effect on enterprise R&D investment and financial investment in credit supply.The central bank should continue to innovate,improve and enrich loan control tools.While maintaining a reasonable growth of credit,it should cooperate with structural monetary policy tools to rationally guide and strengthen the distribution and flow of incremental credit funds among various sectors,and promote the transformation and upgrading of the economic structure.

关 键 词：信贷供给 企业投资 终极控制人 门槛效应 

分 类 号：F83[经济管理—金融学]