金融经济学研究

以深沪两市A股上市公司2008~2014年的年度数据为样本,在产融结合理论与投融资理论相融合的统一分析框架下,探讨参股金融机构对企业投融资行为的影响机制和作用效果,运用递归式的中介效应模型考察发现,作为克服制度缺陷的一种替代机制,金融关联能通过多种途径给企业带来融资优势,且此效应在民营企业中表现更突出,但金融关联对投资效率的影响具有双刃剑效应,一方面能够缓解因资金短缺导致的投资不足,另一方面也可能加剧企业的投资过度。进一步分析显示,融资优势是金融关联与资本投资之间的中介变量,受到公司治理机制的影响。通过外部融资的部分中介效应,金融关联可能加剧国有企业的过度投资,但对民营企业的过度投资无显著影响;在投资不足方面,金融关联对国有和民营两类企业投资不足的缓解作用都较突出,而且金融关联带来的融资优势在此过程中扮演着完全中介的角色。

By adopting the A-share listed companies in Shanghai and Shenzhen Stock Markets between 2008 and 2014 as panel data and establishing the unified analytical framework for the integration of financial-industrial integration theory and investment and finance theory,this paper selects the ownership of financial institutions as a research perspective and investigates the effect mechanism and economic consequences of the financial relationship on the investment and financing behavior. The recursive model of mediating effect shows that: financial relationship,as an alternative mechanism,can significantly ease financing constraints through a variety of ways,especially for private enterprises. It impacts the investment efficiency in two ways. On the one hand,through the mediating effect of external financing,financial relationship can help to alleviate the underinvestment problem caused by capital shortage; on the other hand,it may also exacerbate the overinvestment. Further research shows that financing advantage is an intermediary variable between financial relationship and capital investment,but at the same time,it is influenced by the corporate governance mechanism. Through the partial intermediary effect of external financing advantages,financial relationship may significantly exacerbate the overinvestment of state-owned enterprises,while having no significant effect on the overinvestment of private enterprises. With regard to the underinvestment,financial relationship can significantly alleviate the underinvestment in state-owned and private enterprises. What's more,the external financing advantage of financial relationship plays a role of complete intermediator in this process.