银行长期贷款促进了企业投资效率的提高吗
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引用本文:刘 轶1 ,雷 可1,郑岩峥2.银行长期贷款促进了企业投资效率的提高吗[J].湖南大学学报社会科学版,2020,(4):47-56
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刘 轶1 ,雷 可1,郑岩峥2 (1. 湖南大学 金融与统计学院湖南 长沙 410079 2. 吉祥人寿保险股份有限公司湖南 长沙 410007) 
中文摘要:企业性质、政府干预程度以及外部市场竞争度存在差异的情形下,银行长期贷款对企业投资效率有不小影响。研究发现:银行长期贷款的存在弱化了负债对企业投资的刚性约束效应,且在国有企业中,这种弱化效应更加明显,从而使得国有企业拥有更高的投资水平;银行长期贷款的存在弱化了负债融资对过度投资的刚性约束效应,降低了企业的投资效率;在政府干预程度强的地区,银行长期贷款不能形成对企业过度投资行为的有效约束,使得企业更容易出现非效率投资;产品市场竞争的加剧,增强了银行长期贷款对过度投资的刚性约束作用,提高了企业投资效率。
中文关键词:银行长期贷款  负债刚性约束  投资效率
 
Does Long-term Bank Loan Promote Firms’ Investment Efficiency
Abstract:This paper empirically analyzes the impact of long-term bank loans on corporate investment efficiency under the differences in the nature of enterprises, the degree of government intervention, and the degree of competition in external markets. The research in this paper finds that the existence of long-term bank loans weakens the rigid constraint effect of debt on corporate investment, and in state-owned enterprises, this weakening effect is more obvious, which makes state-owned enterprises have higher investment levels; the existence of long-term bank loans weakens the rigid constraint effect of debt financing on over-investment and reduced the investment efficiency of enterprises; in areas with strong government intervention, long-term bank loans cannot form effective constraints on excessive investment behavior of enterprises, making enterprises more vulnerable to non-efficiency investment. The intensification of competition in the product market has enhanced the rigid constraint effect of long-term bank loans on over-investment and improved the efficiency of corporate investment.
keywords:long-term bank loans  rigid constraint effect of debt financing  investment efficiency
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