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金融发展、预算软约束与企业投资
引用本文:朱红军,何贤杰,陈信元.金融发展、预算软约束与企业投资[J].会计研究,2006(10):64-71.
作者姓名:朱红军  何贤杰  陈信元
作者单位:上海财经大学会计与财务研究院,200433
基金项目:上海财经大学会计与财务研究院资助,上海市社科规划一般课题《控制权安排、企业投资与资源配置效率》(批准号:2005BJB011)的阶段性成果
摘    要:本文利用上市公司的数据,实证检验了在我国转型经济的特殊制度背景下,金融发展促进经济增长的微观传导机制是否存在并发挥作用以及影响这种作用发挥的制度性因素。研究结果发现金融发展水平的提高能够减轻企业的融资约束,降低企业投资对内部现金流的依赖性。但是,预算软约束的存在扭曲了国有企业面临的真实的融资约束,使得其投资对内部现金流的依赖程度要明显低于民营企业,并且这种软约束的存在还减弱了金融发展对国有企业所带来的积极作用,产生了“漏出”效应。本文的启示为:在我国转型经济的特殊制度背景下,如果要真正地减轻企业的融资约束,降低市场交易的成本,促进经济的发展,必须从提高金融发展水平和硬化预算约束同时入手。

关 键 词:金融发展  预算软约束  融资约束  企业投资

Financial Development, Soft budget constraints, and Firm Investment
Zhu Hongjun.Financial Development, Soft budget constraints, and Firm Investment[J].Accounting Research,2006(10):64-71.
Authors:Zhu Hongjun
Abstract:Based on China's listed companies,this paper empirically investigates whether the transmission mechanism of financial development is in effect under China's transitional economics.More over,we also explore the institutional factors,which may influence the validity of this mechanism.Our finding shows that financial development can alleviate the financial constraints of companies' investment.However,the existing soft budget constraints distort financial constraints of state owned companies,and cast shadow on the positive role of financial development,which results in “leakage effect”.The policy implications from the finding are obvious.In order to alleviate the financial constraints of companies,improve the efficiency of investment and promote the development of the economy,we must reinforce the development of finance together with hardening the soft budget constraints.
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