CAJ | 학술논문

本文以中国A股制造业上市公司为样本对企业集团化运作的后果---融资约束与投资效率进行静态比较和动态分析。研究结果表明：集团化进程有助于缓解企业的融资约束，较低的融资约束导致集团企业存在明显投资过度现象，且随着集团化进程的推进，企业过度投资现象加剧、效率损失较为严重；而独立企业由于受到较高的融资约束，投资不足现象较为突出。融资约束的提高可以在一定程度上约束企业过度投资，从而提高投资效率，这种约束作用对集团企业更为明显，但由于集团企业具有较低融资约束，因此集团企业具有较低的投资效率。
본문이중국A고제조업상시공사위양본대기업집단화운작적후과---융자약속여투자효솔진행정태비교화동태분석。연구결과표명：집단화진정유조우완해기업적융자약속，교저적융자약속도치집단기업존재명현투자과도현상，차수착집단화진정적추진，기업과도투자현상가극、효솔손실교위엄중；이독립기업유우수도교고적융자약속，투자불족현상교위돌출。융자약속적제고가이재일정정도상약속기업과도투자，종이제고투자효솔，저충약속작용대집단기업경위명현，단유우집단기업구유교저융자약속，인차집단기업구유교저적투자효솔。
Based on China's A-share manufacturing listed companies as samples,this paper statically compares and dynamically analyzes the enterprise collectivization results financial constraints and investment efficiency.The results prove that:the collectivization process helps to alleviate the financial constraints.Lower financial constraints lead group enterpri-ses to obvious phenomenon of over-investment,and with the advancement of collectivization,over-investment phenomenon and the efficiency loss are more serious.However,under-investment phenomenon of independent enterprises is outstanding due to the high financial constraints.The increase of financial constraints can restrict over-investment of enterprises,which can improve the investment efficiency,and this constraint effect is more apparent to group enterprises.Therefore,group en-terprises have lower lower investment efficiency due to its lower financial constraints.