融资方式与战略性新兴企业投资效率  

Financing Methods and Investment Efficiency of Strategic Emerging Enterprises

作　　者：吴姝 WU Shu(Sino-German College,University of Shanghai for Science and Technology,Shanghai 200093,China)

机构地区：[1]上海理工大学中德国际学院,上海200093

出　　处：《技术经济与管理研究》2025年第1期30-36,共7页Journal of Technical Economics & Management

基　　金：教育部供需对接就业育人项目(2023123031821);上海理工大学工会理论研究立项课题(2023YB07);上海理工大学校级一流本科课程建设项目(YLKC202424443)。

摘　　要：选取2011—2022年战略性新兴企业数据,考察不同融资方式对企业投资效率的影响。研究发现,融资方式会影响战略性新兴企业的投资效率,内源融资显著降低企业投资效率,表现为增加了过度投资;债务融资显著提高企业投资效率,表现为降低了投资不足;股权融资显著提高企业投资效率,表现为既抑制了投资过度也降低了投资不足。异质性分析表明,内源融资对企业投资效率的负向效应在机构投资者持股比例越低、高管相对激进、国有产权性质的企业中更强,外源融资对企业投资效率的正向影响在机构投资者持股比例越高、高管相对保守、民营产权性质的企业中更强。缓解融资约束、降低信息不对称程度是外源融资促进企业投资效率的显著机制,而加强信息不对称程度是内源融资抑制企业投资效率的显著机制。由此,要促进战略性新兴企业增加外源融资,需要根据企业非效率投资方向选择具体的外部融资渠道。Select the data from strategic emerging enterprises listed on the A-share market from 2011 to 2022 and examined the impact of different financing methods on investment efficiency.Research has found that financing methods can affect the investment efficiency of strategic emerging enterprises.Internal financing significantly reduces the investment efficiency of enterprises,manifested as an increase in overinvestment.Debt financing significantly improves the investment efficiency of enterprises,manifested as a reduction in underinvestment.Equity financing significantly improves the investment efficiency of enterprises,manifested as both suppressing overinvestment and reducing underinvestment.Heterogeneity analysis shows that the negative effect of internal financing on corporate investment efficiency is stronger in enterprises with lower institutional investor shareholding ratios,relatively aggressive executives,and state-owned property rights.The positive effect of external financing on corporate investment efficiency is stronger in enterprises with higher institutional investor shareholding ratios,relatively conservative executives,and private property rights.Relieving financing constraints and reducing the degree of information asymmetry are significant mechanisms for external financing to promote enterprise investment efficiency,while strengthening the degree of information asymmetry is a significant mechanism for internal financing to inhibit enterprise investment efficiency.The conclusion indicates that in order to promote strategic emerging enterprises to increase external financing,specific external financing channels should be selected based on the direction of inefficient investment by the enterprise.

关 键 词：融资方式 投资效率 战略性新兴企业 内源融资 外源融资 

分 类 号：F822[经济管理—财政学]