外资银行进入与公司投资效率:缓解融资约束抑或抑制代理冲突?Foreign Bank Entry and Corporate Investment Efficiency:Mitigating Financing Constraints or Inhibiting Agent Conflicts?
杨兴全;申艳艳;尹兴强;
摘要(Abstract):
外资银行进入既能缓解融资约束,也能抑制代理冲突,那么外资银行进入究竟如何影响公司投资效率呢?文章运用2005-2015年沪深两市A股上市公司数据,研究发现:外资银行进入可显著提高公司投资效率,而且这种效应在大规模公司中更加显著,表现出明显的"选摘樱桃"效应;与国有企业相比,外资银行进入对公司投资效率的影响在民营企业,尤其是大型民营企业中更加显著。进一步研究发现:外资银行进入整体上通过缓解融资约束与抑制代理冲突提高了公司投资效率,而缓解融资约束的作用更加显著;在民营企业中,外资银行进入主要通过缓解融资约束来提高投资效率,而在国有企业中,外资银行进入则通过抑制代理冲突来提高投资效率。文章补充和丰富了企业投资效率影响因素的相关研究,也为如何更好地引导外资银行进入并发挥其积极作用提供了参考。
关键词(KeyWords): 外资银行;投资效率;融资约束;代理冲突
基金项目(Foundation): 国家自然科学基金项目(71362004)
作者(Author): 杨兴全;申艳艳;尹兴强;
Email:
DOI: 10.16538/j.cnki.jfe.2017.02.007
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