市场势力视角下非效率投资与超额银行借款行为的实证研究

我国经济高速发展的同时,企业投资的效率并没有为其带来相应的提升.因此,非效率投资已然成为我国学术界和众多企业所重点关注的研究对象.此外,非效率投资与超额银行借款之间的关系近年来得到学术界的高度关注.本文综合以往有关研究的基础上,以2010～2018年沪深股票全部A股非金融类上市公司作为研究样本,首次进行了以银行借款率来度量公司的银行超额借款的实证研究,并基于市场势力视角实证分析了非效率投资与超额银行借款之间的关系.研究结果表明:投资不足与投资过度均是非效率投资的表现形式;投资不足现象与超额银行借款行为呈显性正相关关系,而投资过度现象不会导致企业的超额银行借款行为;高市场势力对两者相关性会起到促进作用,而低市场势力会更加抑制非效率投资对超额银行借款行为的发生.

An Empirical Study of Inefficient Investment and Excess Bank Borrowing from the Perspective of Market Power

With the rapid development of China''s economy, the efficiency of corporate investment did not brought corresponding improvements. Therefore, inefficient investment has become a research object that Chinese academia and many companies focus on. In addition, the relationship between inefficient investment and excess bank borrowing has received great attention from academia in recent years. Based on previous researches, by taking all the A-share non-financial listed companies in Shanghai and Shenzhen stocks from 2010 to 2018 as a research sample, an empirical study of using the bank lending rate to measure a corporate''s excess bank lending was conducted for the first time, and from the market power perspective, the relationship between inefficient investment and excess bank lending was empirically analyzed. The results show that: underinvestment and overinvestment are both the manifestations of inefficient investment, and there is a significant positive correlation between underinvestment and excess bank lending; the phenomenon of excessive investment will not lead to an enterprise''s excessive bank lending; high market power will promote the correlation between the two, while the low market power will further inhibit the occurrence of inefficient investment on excess bank lending.