我国的信贷资源配置是有效的吗——基于我国上市公司投资效率视角的经验证据

作为我国企业最主要的资金来源,信贷资金在我国的国民经济中扮演着极其重要的角色,因此信贷资源配置质量的高低无疑将对我国的经济发展产生重要影响。本文以我国上市公司为研究对象,从企业投资效率的角度研究了我国的信贷资源配置效率问题。本文发现,处于过度投资状态的企业获得了更多的长期贷款;而且过度投资程度越大,它们获得的长期贷款越多。进一步的研究结果表明,企业的过度投资或投资不足的程度越大,企业价值越低。上述结果表明,我国的信贷市场是低效的,更多的信贷资源流向了处于过度投资状态的企业,而这类企业的价值较低,说明我国银行的资源配置功能较差。本文的研究丰富了信贷配给研究领域的文献,同时也为我国银行的信贷决策和我国的银行改革提供了参考依据。

Is the Allocation of Credit Resources in China Efficient？——Empirical Evidence from the view of Chinese Listed Companies＇ Investment Efficiency

Based on the data of Chinese listed companies, we study the efficiency of Chinese credit market from the view of firms’ investment efficiency. First of all, we find that firms that over-invest got more long term loans from banks than firms that under-invest and there is no significant difference between the two kinds of firms about short term loans. For firms that over-invest, the higher the degree of the over-investment, the more long term loans they got. But for firms that under-invest, the degree of the under-investment has no significant influence on any of long term loans or short term loans. The results above exist whatever we measure the variables of loans using level value or changing value. These results indicate that the efficiency of Chinese credit market is low and more credit resources have been provided to over-investing firms. The function of banks that allocate resources do not work, and it leads resources to be wasted. This paper contributes to the literature of credit rationing and provides evidence for the credit decisions of banks and the reform about Chinese banks.