CAJ | 학술논문

本文从资产专用性以及债务融资约束的角度考察了契约环境对企业投资行为的影响，运用我国上市公司相关数据进行实证分析发现：相对于短期投资，契约环境的改善会加速推动企业扩大长期投资规模，并且这种作用会随着行业契约密集度的提高变得更为显著。进一步研究表明：良好的契约环境可以促进企业（尤其是契约密集型企业）通过债务融资扩大投资规模。上述结论为理解我国地区经济与投资差距提供了新的视角，对促进金融市场改革、保证经济长期稳定增长具有重要的启示意义。
본문종자산전용성이급채무융자약속적각도고찰료계약배경대기업투자행위적영향，운용아국상시공사상관수거진행실증분석발현：상대우단기투자，계약배경적개선회가속추동기업확대장기투자규모，병차저충작용회수착행업계약밀집도적제고변득경위현저。진일보연구표명：량호적계약배경가이촉진기업（우기시계약밀집형기업）통과채무융자확대투자규모。상술결론위리해아국지구경제여투자차거제공료신적시각，대촉진금융시장개혁、보증경제장기은정증장구유중요적계시의의。
From two aspects of asset specificity and financing constraints, this paper analyzes the relations between the contract environment and the behavior of firm＇s investment. Using the data of the listed companies in China, the paper finds that compared with the firm＇s short - term investment, the long - term investment are more positively correlated with contract environment, especially in the industries with high degree of contract intensity. In addition, the development of contract environment can ease the firm＇s financing constraints and then expand investment. Our research helps to understand the regional economic disparity and the difference of firm＇s investment behavior in China, and also has splendid significance to the reform of financial market and sustain-able economic growth.