摘要
利用2007—2016年中国A股上市公司数据,实证考察地区市场规模扩张对企业资本投资的影响,以及信贷资金配置差异在其中发挥的作用。结果发现:地区市场规模扩张对企业资本投资具有推动作用;信贷资金配置差异会导致地区市场规模扩张对企业资本投资的影响表现出非对称性,即相比于信贷资金配置不足的企业,超额信贷资金配置的企业在面临地区市场规模扩张时会进行更多的资本投资。进一步研究显示,在垄断性行业中企业资本投资主要受政府干预因素的影响,而在竞争性行业中企业资本投资则表现出受市场机制和管理自主权作用的特征。
Using panel data of listed companies from 2007 to 2016 in China,this paper empirically examines relationship between regional market scale expansion and corporate capital investment,and the role played by allocation difference of credit fund.The study finds that regional market scale expansion has a positive impact on corporate capital investment.The credit fund allocation differences make influence of regional market scale expansion on corporate capital investment asymmetrical.That is,compared to companies whose credit fund allocation is insufficient,companies whose credit fund allocation is sufficient will make more capital investment when facing regional market scale expansion.Further research finds that in a monopolistic industry,corporate capital investment is mainly influenced by government intervention factors,while in a competitive industry,corporate capital investment follows the role of market mechanism and management autonomy.
作者
金龙
丁志国
JIN Long;DING ZhiGuo(Jilin University, Changchun 130012)
出处
《财贸研究》
CSSCI
北大核心
2020年第8期99-110,共12页
Finance and Trade Research
基金
国家社会科学基金项目“推进供给侧结构性改革过程中的金融政策研究”(17BJY183)。
关键词
地区市场规模扩张
企业资本投资
信贷资金配置差异
垄断性行业
竞争性行业
regional market scale expansion
corporate capital investment
different allocation of credit fund
monopoly industry
competitive industry
