本文關(guān)鍵詞： 金融發(fā)展 融資約束 投資效率　出處：《天津財經(jīng)大學(xué)》2012年碩士論文　論文類型：學(xué)位論文

【摘要】：我國金融改革和發(fā)展進(jìn)程處于明顯的金融約束政策環(huán)境中,同時我國存在各類所有制企業(yè),在金融約束政策下,不同所有制企業(yè)對金融約束政策的租金分配不同,加之我國地區(qū)間金融發(fā)展水平的不平衡,導(dǎo)致金融發(fā)展對不同性質(zhì)企業(yè)投資效率的影響程度也具有較大差異。在金融約束政策的背景下來研究我國金融發(fā)展與企業(yè)投資效率的關(guān)系,有助于深入地理解內(nèi)生于金融約束政策的金融發(fā)展對企業(yè)成長的影響,進(jìn)而有利于引導(dǎo)金融發(fā)展并提升其對企業(yè)增長效益的影響。 國內(nèi)外直接對金融發(fā)展——融資約束——投資效率的相關(guān)性研究還較少,大多是將其割裂開來單獨(dú)進(jìn)行研究,或是金融發(fā)展對融資約束的影響,或是融資約束緩解對投資的作用,雖然國內(nèi)一部分學(xué)者對金融發(fā)展和投資效率的相關(guān)性進(jìn)行了研究,但也是從宏觀投資效率的角度,鮮少從企業(yè)微觀投資效率進(jìn)行研究,而將我國特有的金融政策約束環(huán)境納入研究的就更少�；诖�,本論文以金融約束政策為背景,以金融發(fā)展緩解融資約束--融資約束扭曲企業(yè)投資行為進(jìn)而企業(yè)投資效率--金融發(fā)展影響企業(yè)投資效率為主線,在理論分析的基礎(chǔ)上采用描述統(tǒng)計(jì)、DEA方法和GMM方法等實(shí)證研究方法考察金融約束政策下金融發(fā)展對我國企業(yè)投資效率的影響。主要得出以下結(jié)論：第一,金融發(fā)展降低了企業(yè)的外部融資成本,緩解了企業(yè)面臨的融資約束,而且金融發(fā)展對不同所有制企業(yè)融資約束的緩解程度不同,金融發(fā)展對國有企業(yè)融資約束緩解的程度更明顯。第二,金融發(fā)展不能促進(jìn)企業(yè)投資效率的提高。金融發(fā)展對民營企業(yè)投資效率的抑制作用較國有企業(yè)更弱些,即金融發(fā)展水平高的地區(qū)民營企業(yè)的投資效率相對國有企業(yè)投資效率較高。本文結(jié)尾結(jié)合文章的實(shí)證結(jié)論對以金融發(fā)展促進(jìn)投資效率提高提出了一些政策和建議。
[Abstract]:The process of financial reform and development in China is in the obvious financial constraint policy environment, at the same time, there are various ownership enterprises in our country, under the financial restraint policy. Different ownership enterprises have different rent distribution to financial restraint policy, and the imbalance of financial development level among regions in our country. The influence of financial development on the investment efficiency of different enterprises is also different. Under the background of financial restraint policy, this paper studies the relationship between financial development and enterprise investment efficiency. It is helpful to understand the influence of the financial development on the growth of enterprises, and then to guide the financial development and enhance its impact on the growth efficiency of enterprises. Domestic and foreign direct financial development-financing constraints-investment efficiency of the relevance of research is less, most of them are separated into separate research, or financial development on the impact of financial constraints. Or financial constraints to alleviate the role of investment, although some domestic scholars have studied the correlation between financial development and investment efficiency, but also from the perspective of macro-investment efficiency. Few studies are carried out from the micro investment efficiency of enterprises, but the unique financial policy constraint environment in China is less. Based on this, this paper takes financial restraint policy as the background. Taking financial development as the main line to alleviate the financing constraint, which distorts the enterprise's investment behavior, and then the financial development affects the enterprise's investment efficiency, the descriptive statistics is adopted on the basis of theoretical analysis. Empirical research methods such as DEA method and GMM method examine the impact of financial development on the investment efficiency of Chinese enterprises under the financial constraint policy. The main conclusions are as follows: first. Financial development has reduced the external financing cost of enterprises, eased the financing constraints faced by enterprises, and the financial development of different ownership of enterprises to ease the extent of financing constraints. Second, financial development can not promote the efficiency of enterprise investment. Financial development has a weaker effect on private enterprises than state-owned enterprises. That is, the investment efficiency of private enterprises in regions with high level of financial development is higher than that of state-owned enterprises. At the end of this paper, some policies and suggestions on promoting investment efficiency by financial development are put forward in combination with the empirical conclusions of the article. .
【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2012
【分類號】：F224;F832;F272

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本文編號：1491961