经济与管理研究2017，Vol.38Issue(5)：54-65,12.DOI:10.13502/j.cnki.issn1000-7636.2017.05.006
金融生态环境、金融资源配置与产能过剩
Financial Ecological Environment,Financial Resource Allocation and Overcapacity
摘要
Abstract
From the view of financial ecological environment,this paper studies the influence of financial resource allocation on the enterprise overcapacity.Under the background of financial repression and the diversity of the regional financial ecological environment,the financial resource allocation is negatively related to the capacity utilization,but positively related to the probability of overcapacity.Improving financial ecological environment on one hand can promote capacity utilization,but on the other hand,may reduce capacity utilization through the financial resource allocation.In regions of better financial ecological environment,the credit resources reduce capacity utilization more seriously and are more likely to lead to overcapacity,while the regional difference of bond financing affecting the capacity utilization is not verified.Only in industries of overcapacity,financial ecological environment enhances the negative correlation between bank loan and capacity utilization.The deeper reason of enterprise capacity expansion is the measure that shareholders expand with debt,taking advantage of financial ecological environment,can increase return on equities.There is substitution effect between bank loan and issuing bonds as well.关键词
供给侧结构性改革/金融生态环境/金融资源配置/产能利用率/产能过剩Key words
supply-side structural reform/financial ecological environment/financial resource allocation/capacity utilization/overcapacity分类
管理科学引用本文复制引用
钱爱民,付东..金融生态环境、金融资源配置与产能过剩[J].经济与管理研究,2017,38(5):54-65,12.基金项目
国家自然科学基金项目"金融生态、企业财务质量与资本配置效率"(71272041) （71272041）
教育部人文社会科学规划基金项目"会计信息质量、资源配置效率与产业升级研究"(11YJA630085) （11YJA630085）
对外经济贸易大学中央高校基本科研业务费专项资金项目"公司治理与财务状况质量研究"(CXTD5-02) （CXTD5-02）
