CAJ | 학술논문

本文从信息不对称和代理冲突的角度研究分析了中国制造业上市企业投资效率的多重约束决定机制。研究发现中国制造业上市企业的投资效率主要取决于企业自身盈利能力，而债务融资对改善企业投资效率的作用有限，相反债务融资放松了企业的资金约束，助长了企业过度投资。改善企业投资效率应当从增强企业盈利能力入手，优化企业资源配置。强化事中、事后披露，改善信息不对称状况，有利于提高债务融资对管理层过度投资行为的约束。
본문종신식불대칭화대리충돌적각도연구분석료중국제조업상시기업투자효솔적다중약속결정궤제。연구발현중국제조업상시기업적투자효솔주요취결우기업자신영리능력，이채무융자대개선기업투자효솔적작용유한，상반채무융자방송료기업적자금약속，조장료기업과도투자。개선기업투자효솔응당종증강기업영리능력입수，우화기업자원배치。강화사중、사후피로，개선신식불대칭상황，유리우제고채무융자대관리층과도투자행위적약속。
The paper analyzes the determinants of investment china, under the assumption of asymmetric information and agency efficiency problem. of listed manufacturing enterprises in The thesis found that investment efficiency of listed manufacturing enterprises in china was depended on the profitability of the enterprises themselves. The debt financing played a limited role of investment efficiency of listed manufacturing enterprises in china. On the contrary, debt financing relaxed capital constraints of enterprises and encouraged the over - investment. To improve the investment efficiency the profitability should be enhanced, and the allocation of resources should be optimized. The disclosure of the details of projects can change the status of asymmetric information. This can help to improve the power which debt financing constrains the over - investment