【摘要】 信贷规模与企业投资效率一直是国内外学术界研究的热点,随着微观经济的不断发展,企业融资约束在两者关系中发挥着越来越重要的作用。本文将基于资产负债表传导机制和信息不对称理论,分析2013-2017年度的中小板上市企业数据,探讨信贷规模通过融资约束对中小企业投资效率的影响。实证结果表明:1.信贷规模显著且正向影响着企业投资效率;2.融资约束确实会给信贷规模对企业投资效率带来显著影响;3.信贷规模对企业投资效率影响程度与企业所有权性质、资产负债率水平及地区金融发展程度相关。本文研究结论可以给企业提高投资效率提供一定的参考,并促进我国信贷资源的配置。更多还原

【Abstract】 The bank credit scale and investment efficiency of enterprises have been hot topics in domestic and foreign academic researches while financing constraint is playing an increasingly important role in their relationship.Based on the balance sheet transmission mechanism and information asymmetry theory,this paper analyzes the data of Small and Medium-sized Enterprises(SMES) from 2013 to 2017,and discusses the impact of credit scale on the investment efficiency of SMES through financing constraints.The results shows that,①Bank credit scale plays a more significant role in alleviating private SMES.②Financing constraints play an intermediary role in the impact of bank credit scale on the investment efficiency of enterprises.③The influence of credit scale on the investment efficiency of enterprises is related to the nature of enterprise ownership,the level of asset-liability ratio and the degree of regional financial development.The conclusion of this paper can provide some references for enterprises to improve investment efficiency and promote the allocation of credit resources in China.更多还原