首页> 中文期刊>财务研究 >金融危机、产权性质与企业投资行为

金融危机、产权性质与企业投资行为

     

摘要

This paper investigates the impact of credit allocation on enterprise investment behavior, namely how credit allocation affect enterprise investment efficiency, investment direction and enterprise value during the financial crisis. Based on A-share listed companies from Q3 2007 to Q4 2009, this paper finds that: during the financial crisis, the greater scale of credit funds SOEs get, the greater degree of over-investment is; SOEs usually over-invest in fixed assets, but under-invest in research and development; during the financial crisis, the greater scale of credit funds SOEs obtain, the lower enterprise value they have. Further study proves that, SOEs’ over-investment during the financial crisis is probable not subject to economic benefits, but more due to the government need for economic stability and employment increase. This research enriches the related literature and provides good references for national macro-economic decision-making.%本文考察了金融危机期间的信贷配置对企业投资行为的影响,即金融危机期间的信贷配置如何影响企业的投资效率、投资方向及企业价值。通过对2007年第三季度至2009年第四季度A股上市公司实证研究发现:国有企业在金融危机期间获得的信贷资金规模越大,过度投资程度越大;国有企业过度投资方向通常是固定资产领域,但对研发领域投资不足;国有企业在金融危机期间获得的信贷资金规模越大,企业价值越显著低于民营企业。拓展性分析的研究表明,国有企业在金融危机期间过度投资,可能并非源于经济效率目标,而更多的是服从政府稳定经济、增加就业的需要。本文的研究丰富了相关领域的研究文献,并为国家宏观经济决策提供了有益参考。

著录项

相似文献

  • 中文文献
  • 外文文献
  • 专利
获取原文

客服邮箱:kefu@zhangqiaokeyan.com

京公网安备:11010802029741号 ICP备案号:京ICP备15016152号-6 六维联合信息科技 (北京) 有限公司©版权所有
  • 客服微信

  • 服务号