区域金融发展对企业投资效率的影响
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The Influence of Regional Financial Development on Enterprise Investment Efficiency
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    基于中国情境探讨区域金融发展水平对企业投资效率的影响及其作用机制意义重大。基于2005—2021年我国A股上市公司年度数据和区域金融发展水平数据,分析地区金融发展水平对企业投资效率的影响,得到以下结论:①区域金融发展水平能够通过缓解企业融资约束显著促进企业投资效率提升,且这一结论具有稳健性;②区域金融发展水平对“投资不足”企业和“投资过度”企业的投资效率均具有显著促进作用,但这种促进作用具有明显的异质性,对东部和中部地区、行业竞争能力越强以及股权较为集中企业的促进作用更大;③经济政策不确定性在区域金融发展促进企业投资效率过程中起到负向调节作用。

    Abstract:

    Exploring the impact and mechanism of regional financial development level on corporate investment efficiency based on the Chinese context is of great significance. Based on annual data of A-share listed companies in China from 2005 to 2021 and regional financial development level data, the impact of regional financial development level on corporate investment efficiency was analyzed. The conclusions are as follows. Regional financial development level can significantly promote corporate investment efficiency by alleviating financing constraints, and this conclusion is robust. The level of regional financial development has a significant promoting effect on the investment efficiency of both "underinvested" and "overinvested" enterprises, but this promoting effect has obvious heterogeneity, with a greater promoting effect on enterprises with stronger industry competitiveness and more concentrated equity in the eastern and central regions. Economic policy uncertainty plays a negative regulatory role in promoting corporate investment efficiency in regional financial development.

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李嘉豪,李飞,夏梦.区域金融发展对企业投资效率的影响[J].科技与产业,2024,24(06):10-19

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  • 在线发布日期: 2024-04-12
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