CAJ | 학술논문

本文考察了金融危机期间的信贷配置对企业投资行为的影响，即金融危机期间的信贷配置如何影响企业的投资效率、投资方向及企业价值。通过对2007年第三季度至2009年第四季度A股上市公司实证研究发现：国有企业在金融危机期间获得的信贷资金规模越大，过度投资程度越大；国有企业过度投资方向通常是固定资产领域，但对研发领域投资不足；国有企业在金融危机期间获得的信贷资金规模越大，企业价值越显著低于民营企业。拓展性分析的研究表明，国有企业在金融危机期间过度投资，可能并非源于经济效率目标，而更多的是服从政府稳定经济、增加就业的需要。本文的研究丰富了相关领域的研究文献，并为国家宏观经济决策提供了有益参考。
본문고찰료금융위궤기간적신대배치대기업투자행위적영향，즉금융위궤기간적신대배치여하영향기업적투자효솔、투자방향급기업개치。통과대2007년제삼계도지2009년제사계도A고상시공사실증연구발현：국유기업재금융위궤기간획득적신대자금규모월대，과도투자정도월대；국유기업과도투자방향통상시고정자산영역，단대연발영역투자불족；국유기업재금융위궤기간획득적신대자금규모월대，기업개치월현저저우민영기업。탁전성분석적연구표명，국유기업재금융위궤기간과도투자，가능병비원우경제효솔목표，이경다적시복종정부은정경제、증가취업적수요。본문적연구봉부료상관영역적연구문헌，병위국가굉관경제결책제공료유익삼고。
This paper investigates the impact of credit allocation on enterprise investment behavior, namely how credit allocation affect enterprise investment efficiency, investment direction and enterprise value during the financial crisis. Based on A-share listed companies from Q3 2007 to Q4 2009, this paper finds that: during the financial crisis, the greater scale of credit funds SOEs get, the greater degree of over-investment is; SOEs usually over-invest in fixed assets, but under-invest in research and development; during the financial crisis, the greater scale of credit funds SOEs obtain, the lower enterprise value they have. Further study proves that, SOEs’ over-investment during the financial crisis is probable not subject to economic benefits, but more due to the government need for economic stability and employment increase. This research enriches the related literature and provides good references for national macro-economic decision-making.