民间金融对民营企业投资行为的影响  

The Impact of Private Finance on Investment Behavior of Private Enterprises

作　　者：廖冠民[1] 贾婧[2] 兰舒琳 Liao Guanmin;Jia Jing;Lan Shulin(School of Business,Renmin University of China,Beijing 100872;School of Accountancy,Central University of Finance and Economics,Beijing 100081;School of Economics and Management,University of Chinese Academy of Sciences,Beijing 100190)

机构地区：[1]中国人民大学商学院,北京100872 [2]中央财经大学会计学院,北京100081 [3]中国科学院大学经济与管理学院,北京100190

出　　处：《管理评论》2021年第6期255-269,共15页Management Review

基　　金：中央高校基本科研业务费专项资金资助项目(19XNB020)。

摘　　要：本文主要研究民间金融对民营企业投资行为的影响。以中国工业企业数据库中的民营企业为样本,基于企业所属地区的民间借贷平均规模度量民间金融发展水平,本文检验发现,民间金融可以缓解民营企业的投资不足现象,但并不会导致民营企业的过度投资;当企业的信息不对称程度更高或代理问题更严重时,民间金融对民营企业投资不足的缓解作用更加显著;此外,当企业的融资约束程度较高或地区的社会资本水平较高时,民间金融对民营企业投资不足的积极作用更加明显。进一步的研究还表明,民间金融发展有助于提高企业的经营业绩。本文还利用中国人民银行颁布的民间金融"阳光化"政策进行双重差分检验,实证结果保持不变。本文从民间金融的视角丰富了金融发展有用性的研究文献,也补充了民营企业投资行为影响因素的新证据,对民间金融"阳光化"政策实施具有重要的启示意义。This paper mainly studies the impact of the development of regional private finance on the investment behavior of private enterprises. Taking the private enterprises in China industrial enterprise database as the sample,we measure the development level of private finance based on the average scale of private loans in the regions where the enterprises operate. The empirical results show that the development of regional private finance can significantly alleviate the underinvestment of private enterprises,and will not lead to overinvestment of private enterprises. The effect is more pronounced in those firms that have higher degree of information asymmetry and more serious agency problems. The effect is also more pronounced when the financial constraint of enterprises is more severe or the regional social capital development is better. Further tests show that,the development of regional informal finance contributes to the future business performance of enterprises. Using the private finance reform policy as an exogenous shock,the DID regression results are consistent. Our findings enrich the literature on the usefulness of financial development from the perspective of private finance and supplement the research on the determinants of private enterprises’ investment behavior. It also provides policy implications to the reform of private finance.

关 键 词：民间金融 投资行为 投资不足 融资约束 社会资本 

分 类 号：F276.5[经济管理—企业管理] F832[经济管理—国民经济]