本文選題：金融發(fā)展 + 非正規(guī)金融　； 參考：《投資研究》2014年08期

【摘要】：金融發(fā)展能減輕信息不對(duì)稱和代理沖突問題,實(shí)現(xiàn)資本市場(chǎng)的資源有效分配。以我國(guó)2007-2011年的房地產(chǎn)上市公司為樣本來研究金融發(fā)展與非正規(guī)金融對(duì)房地產(chǎn)企業(yè)資本配置效率的影響,研究發(fā)現(xiàn),民營(yíng)房地產(chǎn)上市公司過度投資比國(guó)有房地產(chǎn)上市公司更嚴(yán)重,而國(guó)有房地產(chǎn)上市公司的投資不足現(xiàn)象更為明顯,以商業(yè)信用為主的非正規(guī)金融能提高民營(yíng)房地產(chǎn)上市公司和國(guó)有房地產(chǎn)上市公司的資本配置效率。這些發(fā)現(xiàn)進(jìn)一步揭示了金融發(fā)展促進(jìn)經(jīng)濟(jì)增長(zhǎng)的微觀機(jī)理。
[Abstract]:Financial development can alleviate the problem of information asymmetry and agency conflict, and realize the efficient allocation of capital market resources. Taking the real estate listed companies in China from 2007 to 2011 as a sample to study the impact of financial development and informal finance on the capital allocation efficiency of real estate enterprises, it is found that the overinvestment of private real estate listed companies is more serious than that of state-owned real estate listed companies. However, the phenomenon of insufficient investment of state-owned real estate listed companies is more obvious. The informal finance, which is mainly commercial credit, can improve the capital allocation efficiency of private real estate listed companies and state-owned real estate listed companies. These findings further reveal the micro-mechanism of financial development to promote economic growth.
【作者單位】： 九江學(xué)院會(huì)計(jì)學(xué)院;中南財(cái)經(jīng)政法大學(xué)會(huì)計(jì)學(xué)院;
【基金】：國(guó)家社科基金項(xiàng)目(批準(zhǔn)號(hào):12BJY018) 江西省高校人文社科基金項(xiàng)目(項(xiàng)目編號(hào):JC1326)的資助
【分類號(hào)】：F832;F299.23

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本文編號(hào)：2078405