经济与管理研究2019，Vol.40Issue(2)：27-46,20.DOI:10.13502/j.cnki.issn1000-7636.2019.02.003
金融分权对企业投资效率的影响
The Impact of Financial Decentralization on the Efficiency of Corporate Investment
摘要
Abstract
Expounding the connotation of financial decentralization, this paper analyzes the impact mechanism of financial decentralization on the efficiency of corporate investment, and estimates the efficiency of corporate investment using the data of listed companies from 2003 to 2015 for the empirical test. The results show that financial decentralization reduces the efficiency of enterprise investment, mainly reflected in excessive investment;fiscal decentralization aggravates the negative effect of financial decentralization on corporate investment efficiency.Further research indicates that financial decentralization has less negative effect on the investment efficiency of nonstate-owned enterprises than that of state-owned enterprises. The mediation effect test shows that financial decentralization reduces corporate investment efficiency by affecting corporate bank credit and agency costs. The policy implication of this paper is to rationalize the financial relations between the central and local governments so as to reduce the competitive demand of local governments for financial resources.Perfecting financial decentralization requires the government to gradually decentralize the market on the premise of ensuring the stability of the financial market without systemic risks. Moreover, it also requires clear definition of the respective regulatory powers of the central government and local governments, and clarifies the responsibility for assistance.关键词
金融分权/投资效率/财政分权/中央政府/地方政府/银行信贷/金融市场Key words
financial decentralization/investment efficiency/fiscal decentralization/central government/local government/bank credit/financial market分类
管理科学引用本文复制引用
熊虎,沈坤荣..金融分权对企业投资效率的影响[J].经济与管理研究,2019,40(2):27-46,20.基金项目
国家社会科学基金重大项目"我国经济增长潜力和动力研究"(14ZDA023) （14ZDA023）
