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论文编号：	13117
作者编号：	2120202875
上传时间：	2022/6/6 19:16:50
中文题目：	银行竞争对民营企业投资效率影响研究
英文题目：	Research on the impact of bank competition on the investment efficiency of private enterprises
指导老师：	王曼舒
中文关键字：	银行竞争；非效率投资；地方财政压力；融资约束
英文关键字：	Bank competition；Inefficient investment；Local government financial pressure；Financial constraint
中文摘要：	企业投资效率问题一直以来都是理论和实务关注的焦点，民营企业作为促进我国经济增长的重要力量，是我国公有制经济的重要补充，其投资效率问题应备受关注，然而不容忽视是，我国民营企业投资效率普遍偏低。银行作为我国金融市场的重要组成部分，承担了信贷资源配置和促进经济增长的重任，伴随着我国经济发展，我国商业银行业内的竞争度逐渐提高，银行竞争度的提高能否对民营企业投资效率产生积极影响？本文将微观层面的企业投资效率与相对宏观的银行竞争相结合，研究银行竞争对民营企业投资效率的影响，为相关政策制定提供学术性参考，本研究对疫情下提高民营企业投资效率和促进经济复苏有实践意义。 本文立足于我国民营企业推动经济增长的现实背景，结合银行业市场化改革和促进民营企业高效率投资的重要需求，采用定性描述和定量描述相结合，运用规范研究和实证研究方法，首先对研究主题所涉及的理论进行回顾，并对研究主题的相关文献进行分析和评述，将理论回顾、文献综述和现状描述有机地结合成一个框架并提出假设。其次本文以我国非金融类A股上市民营企业为研究对象，选取2016-2020年作为样本区间，设计研究模型和变量，实证研究银行竞争对民营企业投资效率的影响，以及地方财政压力对上述影响的调节作用。 研究结果表明城市层面银行结构性竞争度的提高对该城市内民营企业投资效率有显著的正向作用，区分投资过度和投资不足后，银行竞争对民营企业投资不足的缓解作用显著于投资过度，进一步将投资不足的民营企业按融资约束高低分组，发现该缓解作用在高融资约束组中更显著，说明银行竞争可以通过缓解企业融资约束来改善民营企业投资不足问题；研究还发现地方财政压力会抑制银行竞争对民营企业投资效率的促进作用，且对投资不足的民营企业更显著，进一步将投资不足的民营企业按融资约束高低分组，发现地方财政压力的抑制作用在高融资约束组中更显著，这说明一个城市的地方财政压力增加，不利于缓解该地区民营企业的外部融资约束，亦不利于银行竞争发挥对民营企业效率的提升作用。
英文摘要：	The investment efficiency of enterprises has always been the focus of theoretical and practical attention. As an important force to promote China's economic growth, private enterprises are an important supplement to China's public economy. Their investment efficiency should be paid much attention to. However, it cannot be ignored that the investment efficiency of private enterprises in China is generally low. As an important part of China's financial market, banks undertake the important task of allocating credit resources and promoting economic growth. With China's economic development, the degree of competition in China's commercial banks is gradually increasing. Can the improvement of bank competition have a positive impact on the investment efficiency of private enterprises? This paper combines the micro level enterprise investment efficiency with the relatively macro bank competition, studies the impact of bank competition on the investment efficiency of private enterprises, and provides academic reference for relevant policy-making. This study has practical significance for improving the investment efficiency of private enterprises and promoting economic recovery under the epidemic situation. Based on the realistic background of China's private enterprises promoting economic growth, combined with the important needs of banking market-oriented reform and promoting high-level investment of private enterprises, this paper adopts the combination of qualitative description and quantitative description, and comprehensively uses normative research and empirical research methods. Firstly, this paper reviews the theories related to financial deepening and financial constraints, investment cash flow sensitivity and so on, It also analyzes and comments on the relevant literature of the research topic, organically combines the theoretical review, literature review and current situation description into a theoretical framework and puts forward hypotheses. Secondly, this paper takes China's non-financial A-share listed private enterprises as the research object, selects 2016-2020 as the sample interval, designs research models and variables, and empirically studies the impact of bank competition on the investment efficiency of private enterprises, as well as the regulatory effect of local financial pressure on the above impact. The results show that the improvement of bank structural competition at the city level has a significant positive effect on the investment efficiency of private enterprises in the city. After distinguishing between over-investment and under-investment, the mitigation effect of bank competition on the under-investment of private enterprises is significantly greater than over-investment. Further grouping the under-invested private enterprises according to the level of financing constraints, it is found that the mitigation effect is more significant in the high financing constraints group, It shows that bank competition can improve the problem of insufficient investment of private enterprises by alleviating the financing constraints of private enterprises; The study also found that local financial pressure will inhibit the promotion of bank competition on the investment efficiency of private enterprises, and it is more significant for under-invested private enterprises. Further grouping the under-invested private enterprises according to the level of financing constraints, it is found that the inhibition of local financial pressure is more significant in the high financing constraints group, which shows that the increase of local financial pressure in a city is not conducive to alleviating the external financing constraints of private enterprises in the region, It is also not conducive to bank competition and play a role in improving the efficiency of private enterprises.
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