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论文编号：	7857
作者编号：	1120120779
上传时间：	2015/12/7 21:52:47
中文题目：	产业政策、信贷资源获取与民营企业投资效率
英文题目：	Industrial Policies， Credit Resourses Acquisition and Investment Efficiency of Private Enterprises
指导老师：	李莉
中文关键字：	产业政策，信贷资源，投资效率，公司治理，民营企业
英文关键字：	Industrial policies; credit resources; investment efficiency; corporate governance; Privately Owned Enterprises
中文摘要：	大量国内外研究表明，研究企业财务问题离不开对外部特定制度环境的分析。在我国特殊的转型经济背景下，对于一直在夹缝中生长并不断壮大的民营企业来说，分析外部制度因素对其产生的影响尤为重要。在中国产业结构调整的背景下，产业政策作为一项重要的宏观政策，通过对行业发展的直接干预、间接诱导、信息传递等政策措施深刻影响着民营企业的外部投融资环境。然而，现有关于产业政策的研究仍集中在宏观层面，结合产业政策的微观企业行为的研究，是当前经济学与管理学中较为薄弱的研究领域。事实上，宏观产业政策是微观企业行为的大背景，而微观企业行为是宏观产业政策实现目标的途径和渠道。产业政策就其本质来讲，是政府采取措施干预资源在产业之间的分配，以达到资源优化配置的目的。资源配置的效率问题则是衡量产业政策效果的关键。而对民营企业投资效率的考察，是从微观的视角探讨国家产业政策的资源配置效率。基于此，本文试图从产业政策的微观效应切入，研究宏观产业政策对微观民营企业投资效率的内在影响机理，厘清产业政策对具有不同特征的民营企业发生作用的理论传导路径，以弥补现有研究的不足，拓宽了产业政策影响民营企业投资效率的分析思路，为相关理论研究提供借鉴。 关于产业政策对企业投资的影响方面，已有学者进行了试探性研究，然而，现有研究由于缺乏系统的分析框架，研究工作表现的相对零散。本文认为分析产业政策影响民营企业投资效率的作用机理，建立从宏观产业政策到微观企业投资之间的传导机制，需要从政府落实产业政策的措施出发。产业政策对企业投资的影响是一个复杂过程，这一过程随着产业政策措施的不同而不同。因此，有必要立足某一个政策措施来探讨产业政策对企业投资的影响。产业政策常用措施主要包括信息传递、直接干预和间接诱导，间接诱导中的一个重要方面就是信贷资源的配给。本文以民营企业为研究对象，民营企业作为支撑中国经济持续快速发展的重要力量，也是中国产业结构升级的主要动力。中国转型经济背景下，民营企业的发展离不开民营企业赖以生存的政治土壤。近年来，尽管民营企业的社会地位不断受到党和国家的认可与重视，然而，各种历史和现实的原因使得我国民营企业面临信贷融资困境已经是不争的事实。而民营企业的信贷资源获取情况是影响其生存发展的关键。基于此，本文基于制度理论，选择从民营企业信贷融资切入，来研究产业政策如何影响民营企业信贷资源获取，进而影响其投资效率。本文试图回答以下问题：第一，产业政策鼓励能否帮助民营企业获取相关信贷资源，具体的影响路径如何？第二，受到产业政策鼓励的民营企业假设能够获得更多的信贷资源，那么民营企业能够对这些信贷资源进行很好的使用吗？对投资效率有何影响呢？第三，具有不同公司治理质量的民营企业在使用产业政策鼓励带来的信贷资源时是否存在投资效率的差异呢？这些均是现有理论研究没有回答的问题，也是本文的研究重点。因此，上述问题的解答对于丰富产业政策微观效应的研究具有重要的理论价值，对优化我国产业政策的实施，促进宏观经济体系和微观企业个体的健康和谐运转具有重要的现实意义。 本文共分七章：第一章引言，主要介绍论文研究背景、意义、概念界定、创新点等；第二章理论文献综述，从产业政策、产业政策与企业行为、信贷资源、投资效率四个方面进行综述，为本文理论创新提供支撑；第三章制度背景分析与概念模型，对中国产业政策历史沿革、民营企业发展现状等加以介绍，并结合理论与实践基础，给出总体理论框架。第四章产业政策与信贷资源获取的实证研究，基于政府干预、组织合法性和信号理论，分析产业政策对民营企业信贷资源获取的可能影响路径，并提出研究假设，将信贷资源细分为银行贷款增量和存量进行实证研究。第五章信贷资源获取与民营企业投资效率的实证研究，将问题聚焦在银行贷款对民营企业投资效率的影响上，并探讨公司治理的调节作用，进行实证检验。第六章产业政策、信贷资源与投资效率的实证研究，试图将产业政策、信贷资源获取、公司治理、投资效率这四者关系进行统一的理论分析，并应用被调节的中介模型的检验方法进行实证检验。第七章：结论与展望，包括全文总结、主要研究结论、政策建议、研究不足。 本文主要结论如下：第一，产业政策影响民营企业信贷资源获取，主要是通过具有动态特征的银行贷款增量发生作用。产业政策能够使受到政策鼓励的民营企业获取更多的新增银行贷款，这种影响可能通过三种效应实现，分别是直接干预效应、组织合法性效应和信号传递效应。第二，考虑信贷资源获取与民营企业投资效率的关系时，本文发现无论是增量还是存量的银行贷款均能够通过缓解民营企业的融资约束，从而减少民营企业的投资不足；银行贷款存量能够对民营企业的过度投资行为产生治理作用，而对于银行贷款增量而言，更多体现为为企业过度投资提供自由现金流。第三，公司治理的完善能显著加强银行贷款增量和存量对民营企业投资不足的缓解作用；并显著减弱银行贷款增量对民营企业过度投资的促进作用。民营企业的内部公司治理机制并不能够对银行贷款存量的负债相机治理机制起到调节作用。第四，信贷资源（新增银行贷款）在产业政策与民营企业投资效率之间起到广义的中介作用。产业政策鼓励可以给民营企业带来更多的银行贷款增量，这些新增银行贷款一方面缓解民营企业融资约束难题，减少投资不足，提高投资效率；另一方面，也可能成为冗余资源，加剧企业的过度投资，降低投资效率。第五，公司治理会调节信贷资源（新增银行贷款）在产业政策与民营企业投资效率之间的广义中介作用。对于公司治理质量高的民营企业来说，产业政策鼓励为民营企业带来的新增银行贷款对其投资不足的缓解作用更强；对过度投资的加剧作用被弱化。 本文的创新之处在于：第一，在产业结构调整的背景下，从政策的微观效应视角，研究产业政策对民营企业财务行为的内在影响机理，厘清产业政策对民营企业投资效率发生作用的理论传导路径。第二，基于政府干预、组织合法性、信号传递理论，探讨了产业政策影响民营企业信贷资源获取的可能影响路径。第三，以民营企业信贷资源获取为桥梁，来研究产业政策如何影响民营企业融资环境，进而影响其投资效率，从微观的视角探究了产业政策的资源配置效率问题，丰富了产业政策微观效应的研究内容；第四，探讨了公司治理质量在上述路径中的调节作用，从深度和广度两个方面拓宽了产业政策影响民营企业投资效率的分析思路。
英文摘要：	A large number of domestic and foreign researches show that research on enterprise financial problems should consider external specific institutional environment, especially for POEs (Privately Owned Enterprises) in the process of China’s economic transition. The analysis of the influence of external institutional factors on POEs is particularly important. Under the background of China's industrial structure adjustment, industrial policies as important macroeconomic policies affects the investment and financing environment of POEs, based on the measures of industrial policies such as industry information guidance, direct intervention, indirect induced. However, the existing researches on industrial policies are still largely focused on the macro level, combined with the industry policies of micro enterprise behavior research developed relatively weak in current economics and management fields. In fact, macro industrial policies are the background of the micro enterprise behavior, and the micro enterprise behavior is ways and channels of macro industry policies to reach their goals. Industrial policies in terms of their essence, is the allocation of resources of the government to take measures to intervene between industries, the efficiency of resource allocation is the key measure of industrial policies effect. And the investigation of the POEs investment efficiency is advantageous to the discussing of resource allocation efficiency of national industrial policies from a micro perspective. Based on this, in order to make up for the inadequacy of existing research, this dissertation starts with the microcosmic effect of industrial policies, and studies the mechanism of macro industrial policies to micro investment efficiency of POEs, explores the policies transmission path of industrial policies to POEs with different characteristics, aims at changing the situation of macroeconomic research lack of microcosmic foundation, enterprise behavior research lack of macro guidance. About industrial policies impact on business investment, some scholars have conducted a tentative research, however, the existing research was relatively scattered due to the lack of system analysis framework. This dissertation thought that analyzing mechanism of industrial policies to investment efficiency of POEs, set up from the macro industry policies to the micro enterprise investment, should starts with measures of industrial policies from the government. Influence of industrial policies on corporate investment is a complex process, which varies with the measures of industrial policies. Therefore, this dissertation argues that it is necessary to base on a certain measure of policies to explore influence of industry policies to POEs’ investment. The commonly used measures of industrial policies mainly include information guidance, direct intervention and indirect induced, the rationing of credit resources is an important aspect of indirect induced. This dissertation use POEs as the research object, POEs are important force supporting China's sustained and rapid economic development, are also main engine of China's industrial structure upgrade. Under the background of China's economic transition, the development of POEs cannot leave without political soil. In recent years, although the social status of POEs was continuously valued by the party and the state, however, POEs still face credit financing predicament due to a variety of historical and realistic causes. And the acquisition of credit resources is the key to the survival and development of POEs. Therefore, this dissertation studies the influence of industrial policies to the acquisition of credit resources of POEs, and then the influence on investment efficiency. This dissertation attempts to answer the following questions: First, can industrial policies encourage help POEs obtain related credit resources, and what is the mechanism? Second, assume POEs encouraged by industrial policies can obtain more credit resources, can these POEs carry on good use of these credit resources, and what is the impact on investment efficiency? Third, what is the difference between the investment efficiency of POEs with different quality of corporate governance, when they use the credit resources obtaining from the encouragement from industrial policies? These questions which didn't answered by existing theories, are the research emphasis in this dissertation. The research of these questions has important theoretical value of microscopic effect of industrial policies research. This dissertation optimizes the implementation of industrial policies in our country, promotes the health functioning of the macroeconomic and micro enterprise individual. First chapter is introduction, mainly introduces research background, key problems, research significance, concept definition, research methods and innovation points. Second chapter is theory and literature review, mainly introduces the theory of industrial policies, industrial policies and enterprise behavior, credit resources, investment efficiency. Third chapter is institutional background and conceptual model, mainly introduces the historical development of China's industrial policies and the main policies level, current development and investment of POEs, present situation of POEs’ credit resources and research framework. The research framework formed three parts which are the research content of the fourth chapter, fifth chapter and sixth chapter. Chapter four is the empirical study of industrial policies and credit resources acquisition, based on the theory of government intervention, organizational legitimacy and the signaling, analyzes the influence of industrial policies to POEs’ credit resources acquisition, and proposes the research hypothesis, subdivides credit resources into bank loans increment and bank loans stock for empirical research. Chapter five is the empirical research of credit resources acquisition and investment efficiency of POEs, the research questions focus on the influence of bank loans to investment efficiency of POEs, and discusses moderating effects of corporate governance quality, and proposes the research hypothesis, build the regression model. Chapter six develops empirical study on the relation between industrial policies, credit resources and investment efficiency. In this part, we first theoretically incorporates industrial policies, credit resources, corporate governance and investment efficiency, and then empirically test the moderated mediation effect of corporate governance and credit resources on the relation between industrial policy and investment efficiency. Chapter seven is conclusion and prospect, mainly introduces a summary of the dissertation, main research conclusions, policies recommendations, prospect of research in the future. Theoretical analysis and empirical study derive conclusions as follows: First of all, industrial policies can influence POEs’ credit resources by affecting dynamic increment of bank loans, i.e. POEs can receive more bank loans under favorable industrial policies. To be more specific, industrial policies can influence POE credit resources from three ways, direct intervention, organizational legitimacy intervention and signaling intervention. Secondly, in testing the relation between credit resources and POE investment efficiency, we find that both increment and stock of bank loans can reduce POE underinvestment by alleviating their financial constraints. What is more, the stock of bank loans can control POE overinvestment by influencing corporate governance, whereas increment of bank loans can provide free cash flow for POE overinvestment. Thirdly, the soundness of the corporate governance can effectively enhance the alleviation effect of the stock and increment of bank loan on POE underinvestment. Moreover, corporate governance can significantly reduce the influence of bank loan increment on POE overinvestment. However, empirical results also show that corporate governance cannot moderate the homologous governance mechanism of the stock of bank loans. Fourth, credit resources (or increment of bank loans) play a mediation role between industrial policies and POE investment efficiency. Industrial policies can bring more increment on bank loans to POEs, which can not only alleviate POE financial constraints, and control underinvestment, but may also result in a flood of investment and decrease investment efficiency. Finally, corporate governance can moderate the mediation effect of credit resources on the relation between industrial policies and POE investment efficiency. For POEs with better corporate governance, the mediation effect of increment of bank loans on underinvestment is more obvious, and on overinvestment less obvious. This dissertation is innovative for three reasons: First, under the background of industrial structure adjustment, based on the microscopic perspective of policies, this dissertation studies the mechanism of industrial policies to financial behavior of POEs, explores the policies transmission path of industrial policies to investment efficiency of POEs. Second, based on the theory of government intervention, organizational legitimacy, signaling, this dissertation discusses mechanism of industrial policies to POEs’ credit resources acquisition. Third, use private enterprise credit resources acquisition as a bridge, this dissertation studies industrial policies affect POEs financing environment, then affect investment efficiency, explores the resources allocation efficiency of industrial policies from microscopic perspective. Forth, this dissertation discusses moderating effects of corporate governance quality, broadens the depth and breadth of the analysis method when study the influence of industrial policies to private enterprise investment efficiency.
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