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金融发展、信贷资源配置与过度投资
引用本文:赵立彬.金融发展、信贷资源配置与过度投资[J].上海经济研究,2012(8):13-21.
作者姓名:赵立彬
作者单位:北京交通大学经济管理学院100044
摘    要:本文旨在分析金融发展对信贷资源配置效率的影响,从而为金融发展促进经济增长提供微观证据。基于2004-2007年中国制造业上市公司的样本数据,实证结果表明:金融发展水平的提高对企业贷款量产生显著的正向作用;但是,企业获得长期贷款越多后更容易进行过度投资,而金融发展水平的提高并没有使债务对企业过度投资行为产生抑制作用。本文研究意味着,在缺乏债务治理效应发挥的金融生态环境中,金融发展(金融深化)可能会拖累经济增长。

关 键 词:金融发展  配置效率  信贷资源  过度投资

Financial Development、Capital Allocation and Overinvestment
Zhao Li-bin.Financial Development、Capital Allocation and Overinvestment[J].Shanghai Economic Review,2012(8):13-21.
Authors:Zhao Li-bin
Institution:Zhao Li-bin(School of Economics and Management,Beijing Jiaotong University,Beijing 100044,China)
Abstract:This paper aims to analyze the effect of financial development on the allocation efficiency of credit resources,in order to provide basis for the enhancement of economic growth thanks to financial development.Using the data of Chinese listed manufacturing companies between 2004 and 2007 as the research sample,the empirical results show that the improvement in financial development can make positive effect on enterprises’ loan;However,the more loans result to overinvestment,and the improvement in financial development doesn’t mitigate the overinvest behavior.Our findings suggest that financial development may hinder economic growth in the the financial ecological environment that debts can’t play a governmence role.
Keywords:financial development  efficiency of the allocation  credit resources  overinvestment
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