CAJ | 학술논문

本文基于2002～2009年深交所上市公司的非平衡面板数据，验证了国有控制公司存在过度投资，而非国有控制公司既存在融资约束又存在过度投资。对于国有控制公司，信息透明度发挥了治理作用，显著减少了过度投资；然而由于政府干预而使其承担的社会性负担等原因，即使在透明度较高的公司中依然存在过度投资。信息透明度同样治理了非国有控制公司中的代理问题，高透明度的公司主要存在融资约束，而非过度投资；但因制度环境的制约，信息透明度的提高并没有显著降低这些公司受到的融资约束。
본문기우2002～2009년심교소상시공사적비평형면판수거，험증료국유공제공사존재과도투자，이비국유공제공사기존재융자약속우존재과도투자。대우국유공제공사，신식투명도발휘료치리작용，현저감소료과도투자；연이유우정부간예이사기승담적사회성부담등원인，즉사재투명도교고적공사중의연존재과도투자。신식투명도동양치리료비국유공제공사중적대리문제，고투명도적공사주요존재융자약속，이비과도투자；단인제도배경적제약，신식투명도적제고병몰유현저강저저사공사수도적융자약속。
Basing on unbalanced panel data of listed companies from Shenzhen Stock Exchange during 2004 to 2009, this paper finds that there is over - investment in state - owned enterprises, and that there are both over - investment and financing constraints in non - state - owned enterprises. For state - owned enterprises, information transparency plays a role of governance which mitigates over - investment. Nevertheless, there is still over - investment even in highest trans- parent state - owned enterprises because of government intervention. Information transparency also plays a positive role on governing agency problem in non - state - owned enterprises, so there is financing constraints rather than over - investment in higher transparent non - state - owned enterprises. However, for the constraint of institution environment, the rise of information transparency can not significantly alleviate financing constraint in such enterprises. There are some illumina- tions resulting from this paper such as, government should not intervene in state - owned enterprises excessively, political connections which can alleviate financing constraints in non - state - owned enterprises are sometimes costly