产融结合与民营企业投资效率——基于A股上市公司的经验研究  

The Integration of Industry and Finance and Investment Efficiency of Private Enterprises:An Empirical Study Based on A-share Listed Companies

作　　者：王立国[1] 赵琳[1] Wang Liguo;Zhao Lin

机构地区：[1]东北财经大学投资工程管理学院

出　　处：《宏观经济研究》2021年第7期38-53,共16页Macroeconomics

基　　金：国家社会科学基金重大项目“抑制产能过剩与治理重复建设对策研究”(09&ZD026)的资助。

摘　　要：本文基于2008—2018年中国民营企业上市公司数据,运用动态面板数据模型和中介效应模型,从理论和实践两个角度探究产融结合对民营上市公司投资效率的影响,并从企业内外部环境探讨了其对两者间的异质性影响。研究发现:中国民营企业借助产融结合一定程度提高了企业投资效率,并且产融结合从融资约束、企业家信心程度和风险承担能力的中介传导途径影响企业投资效率;基于企业、行业和地区层面因素所展开的异质性检验表明,代理问题小、存货持有高和流通股比例高的企业借助产融结合更能促进企业投资效率的提升,另外行业竞争程度和地区市场化程度高的企业,产融结合对企业投资效率的促进作用更加明显。Based on the data of listed private companies in China from 2008 to 2018,this study uses dynamic panel data model and the intermediary effect model to explore the impact of the integration of industry and finance on the investment efficiency of private listed companies from both theoretical and practical perspectives,and also discusses its heterogeneous influence on the two from the internal and external environment of the enterprise.This study found that China’s private enterprises have improved the investment efficiency of enterprises to a certain extent with the help of the integration of industrial-finance capital,and the integration of industrial-financial capital affects the investment efficiency of enterprises through the intermediary transmission channels of financing constraints,entrepreneur confidence and risk bearing capacity;the heterogeneity test based on factors at the enterprise,industry,and regional levels shows that companies with small agency problems,high inventory holdings,and a high proportion of outstanding shares can promote the improvement of corporate investment efficiency with the help of industry-finance integration.

关 键 词：产融结合 投资效率 民营企业 系统GMM 

分 类 号：F832.51[经济管理—金融学] F276.5F275