CAJ | 학술논문

沿着“金融发展-融资约束缓解-企业投资”的思路探讨了中国金融发展对企业投资效率影响，研究结果显示：（1）中国企业普遍存在融资约束，但预算软约束弱化了国有企业融资约束的实际作用。（2）金融发展通过金融中介---国有银行体系这一途径缓解了国有企业的融资约束，而对非国有企业融资约束的缓解效应并不显著。（3）预算软约束弱化了金融发展对国有企业融资约束的缓解作用和对投资效率的促进作用，并带来过度投资和效率损失；由于金融发展对非国有企业融资约束的缓解效应不显著，也难以在提高企业投资效率方面起到推动作用。因此，缓解企业融资约束、提高企业投资效率，必须同时从金融发展（尤其是金融市场发展）与硬化预算约束两方面着手。
연착“금융발전-융자약속완해-기업투자”적사로탐토료중국금융발전대기업투자효솔영향，연구결과현시：（1）중국기업보편존재융자약속，단예산연약속약화료국유기업융자약속적실제작용。（2）금융발전통과금융중개---국유은행체계저일도경완해료국유기업적융자약속，이대비국유기업융자약속적완해효응병불현저。（3）예산연약속약화료금융발전대국유기업융자약속적완해작용화대투자효솔적촉진작용，병대래과도투자화효솔손실；유우금융발전대비국유기업융자약속적완해효응불현저，야난이재제고기업투자효솔방면기도추동작용。인차，완해기업융자약속、제고기업투자효솔，필수동시종금융발전（우기시금융시장발전）여경화예산약속량방면착수。
Along the way of“Financial development -financial constraints ease -corporate investment”,this paper analyzes China's financial development impact on corporate investment efficiency.This study indicates that:(1 )China's enterprises are un-der financial constraints widely,but the soft budget constraint weakens the actual role of state-owned enterprises’financial constraints.(2)Financial development eases state-owned enterprises’financial constraints through financial intermediary that is the state-owned banking system.However financial development doesn’t ease non-state-owned enterprises’fi-nancial constraints significantly.(3)Soft budget constraint weakens the effect that financial development eases state-owned enterprises’financial constraints,and also weakens the effect that financial development promotes investment efficiency.Soft budget constraint can lead to over-investment and efficiency loss.So to ease enterprises financial constraints,improve in-vestment efficiency,we should push forward financial (in especial financial market)development,and harden budget con-straint.