發(fā)布時間：2019-01-04 22:01

【摘要】：本文以2008—2013年滬、深兩市A股上市公司為樣本,考察商業(yè)信用對企業(yè)資本配置效率的影響及其作用機制。本文采用投資對托賓Q的敏感度來衡量企業(yè)投資效率,結(jié)果發(fā)現(xiàn)企業(yè)獲得的商業(yè)信用越強,企業(yè)資本配置效率越高,商業(yè)信用能夠提高企業(yè)的資本配置效率,與投資和托賓Q值的敏感度正相關(guān)。進一步研究發(fā)現(xiàn),商業(yè)信用對企業(yè)資本配置效率的影響因企業(yè)終極產(chǎn)權(quán)性質(zhì)和地區(qū)金融發(fā)展程度的不同而存在差異。商業(yè)信用對資本配置效率的改善作用在民營企業(yè)和金融市場相對不發(fā)達(dá)地區(qū)的企業(yè)中更為顯著。本文進一步檢驗了商業(yè)信用提高企業(yè)資本配置效率的途徑,結(jié)果發(fā)現(xiàn)商業(yè)信用可以顯著緩解企業(yè)融資約束進而提高企業(yè)資本配置效率。
[Abstract]:Based on the sample of A-share listed companies in Shanghai and Shenzhen from 2008 to 2013, this paper investigates the influence of commercial credit on the efficiency of corporate capital allocation and its mechanism. In this paper, the sensitivity of investment to Tobin Q is used to measure the investment efficiency. The results show that the stronger the commercial credit is, the higher the capital allocation efficiency is, and the higher the capital allocation efficiency is, the higher the capital allocation efficiency is. It was positively correlated with the sensitivity of investment and Tobin Q value. It is found that the influence of commercial credit on the efficiency of capital allocation varies with the nature of the ultimate property right of the enterprise and the degree of regional financial development. The improvement of capital allocation efficiency by commercial credit is more significant in private enterprises and enterprises in less developed areas of financial market. This paper further examines the ways to improve the efficiency of corporate capital allocation by commercial credit. The results show that commercial credit can significantly ease the financing constraints of enterprises and then improve the efficiency of corporate capital allocation.
【作者單位】： 對外經(jīng)濟貿(mào)易大學(xué)國際商學(xué)院;
【分類號】：F275

【共引文獻(xiàn)】

相關(guān)期刊論文 前10條

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本文編號：2400842