摘要
从资本约束、效率激励以及所有制歧视的角度,探讨金融发展对中国企业价值提升的有效性,研究表明:金融发展有助于缓解企业的融资约束,并在不存在过度投资的情况下增加了企业价值;非国有企业所面临的"所有制歧视"仍然是企业融资的重要障碍,但也激励了此类企业投资效率的提升;金融发展对投资效率的影响呈倒"U"型结构,表现为金融发展在初期能显著促进企业成长,而随着发展程度的加深,金融发展会使投资效率放缓,此阶段仅依靠追加投资将难以维持可持续的增长。
From the perspectives of financing constraint and investment efficiency,this paper researches on the macro-paths of economic grow th devoted by financial development. The result show s： The financial development does help enterprises decrease the financial constraint,and the enterprises’ value w ill be increased w hen over- investment does not exist. ＂Ow nership discrimination＂hampers the non state-ow ned enterprises’ financing,but stimulates the enterprises’ investment efficiency of this kind. The path of the impacts from financial development on investment efficiency present the structure of upside-dow n ＂U ＂type, w ith the deepening of the financial development,the impact w ill slow dow n,the additional investment w ill not push the economy grow th to go forw ard in this period.
出处
《财贸研究》
CSSCI
北大核心
2014年第1期116-124,共9页
Finance and Trade Research
基金
教育部人文社会科学基金项目"企业信用资源价值形成及价值提升模式研究"(09YJA630077)
关键词
金融发展
经济增长
融资约束
投资效率
financial development
economic growth
financing constraint
investment efficiency
