CAJ | 학술논문

从资本约束、效率激励以及所有制歧视的角度,探讨金融发展对中国企业价值提升的有效性,研究表明：金融发展有助于缓解企业的融资约束,并在不存在过度投资的情况下增加了企业价值;非国有企业所面临的＂所有制歧视＂仍然是企业融资的重要障碍,但也激励了此类企业投资效率的提升;金融发展对投资效率的影响呈倒＂U＂型结构,表现为金融发展在初期能显著促进企业成长,而随着发展程度的加深,金融发展会使投资效率放缓,此阶段仅依靠追加投资将难以维持可持续的增长。
종자본약속、효솔격려이급소유제기시적각도,탐토금융발전대중국기업개치제승적유효성,연구표명：금융발전유조우완해기업적융자약속,병재불존재과도투자적정황하증가료기업개치;비국유기업소면림적＂소유제기시＂잉연시기업융자적중요장애,단야격려료차류기업투자효솔적제승;금융발전대투자효솔적영향정도＂U＂형결구,표현위금융발전재초기능현저촉진기업성장,이수착발전정도적가심,금융발전회사투자효솔방완,차계단부의고추가투자장난이유지가지속적증장。
From the perspectives of financing constraint and investment efficiency,this paper researches on the macro-paths of economic grow th devoted by financial development. The result show s： The financial development does help enterprises decrease the financial constraint,and the enterprises’ value w ill be increased w hen over- investment does not exist. ＂Ow nership discrimination＂hampers the non state-ow ned enterprises’ financing,but stimulates the enterprises’ investment efficiency of this kind. The path of the impacts from financial development on investment efficiency present the structure of upside-dow n ＂U ＂type, w ith the deepening of the financial development,the impact w ill slow dow n,the additional investment w ill not push the economy grow th to go forw ard in this period.