金融分权对企业投资效率的影响

本文基于金融分权的内涵，分析金融分权对企业投资效率的影响机制，并利用2003—2015年的上市公司数据，估算企业投资效率，实证检验金融分权对企业投资效率的影响。结果表明，金融分权降低了企业投资效率，并主要体现为投资过度；财政分权加剧了金融分权对企业投资效率的负效应。进一步研究发现，相对于国有企业而言，金融分权对非国有企业投资效率的负效应较小。中介效应检验表明，金融分权通过影响企业银行信贷和代理成本来降低企业投资效率。本文的政策含义是：理顺中央和地方财政关系，降低地方政府对金融资源的竞争性需求；完善地方政府官员考核机制，弱化地方政府参与金融竞争的激励；完善金融分权，既要求政府在保证金融市场稳定、不发生系统性风险的前提下应向市场逐步分权，又要求清晰界定中央政府与地方政府各自的监管权限，明确双方的救助责任。

The Impact of Financial Decentralization on the Efficiency of Corporate Investment

Expounding the connotation of financial decentralization,this paper analyzes the impact mechanism of financial decentralization on the efficiency of corporate investment,and estimates the efficiency of corporate investment using the data of listed companies from 2003 to 2015 for the empirical test.The results show that financial decentralization reduces the efficiency of enterprise investment,mainly reflected in excessive investment;fiscal decentralization aggravates the negative effect of financial decentralization on corporate investment efficiency.Further research indicates that financial decentralization has less negative effect on the investment efficiency of non state owned enterprises than that of state owned enterprises.The mediation effect test shows that financial decentralization reduces corporate investment efficiency by affecting corporate bank credit and agency costs.The policy implication of this paper is to rationalize the financial relations between the central and local governments so as to reduce the competitive demand of local governments for financial resources.Perfecting financial decentralization requires the government to gradually decentralize the market on the premise of ensuring the stability of the financial market without systemic risks.Moreover,it also requires clear definition of the respective regulatory powers of the central government and local governments,and clarifies the responsibility for assistance.