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以2011—2014年沪深A股上市公司为研究的初始样本,实证检验了产品市场竞争和债权治理对我国上市公司投资效率的影响。研究结果显示:产品市场竞争对企业的投资效率具有显著的改善作用。将所有行业分为高低两组分别回归后发现:在高竞争行业中,长期负债和银行贷款比例的增加会降低投资效率,短期负债的增多会提高投资效率;而在低竞争行业中,长期负债和短期负债的增多会提高投资效率,银行贷款比例的提高会降低投资效率。
Taking the Shanghai and Shenzhen A-share listed companies from 2011 to 2014 as the initial samples, this paper empirically tests the impact of product market competition and debt governance on the investment efficiency of Chinese listed companies. The results show that the product market competition has a significant improvement on the investment efficiency of enterprises. After all industries were divided into high and low levels, respectively, the two groups were returned and found that: in highly-competitive industries, the increase of the ratio of long-term liabilities and bank loans will reduce the investment efficiency and the increase of short-term liabilities will increase the investment efficiency; while in the low-competition industries, And the increase of short-term liabilities will increase the investment efficiency. The increase of the bank loan ratio will reduce the investment efficiency.