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以2007～2010年股权分置改革后A股上市公司的面板数据为样本,研究了新兴资本市场中金融发展与公司投资效率的关系,结果发现,对于不同终极控制人控制的公司,金融发展对投资效率的影响不同。金融发展能显著改善企业集团或控股公司控制的公司投资效率,能抑制政府其他部门机构控制的公司过度投资,对地方国资委控制的公司过度投资有轻度的缓解作用,对中央国资委控制的公司和民营上市公司的过度投资没有影响。金融发展对企业集团或控股公司控制和自然人控制的两类上市公司的投资不足有轻微的缓解作用,这一发现丰富与拓展了新兴资本市场下公司投资效率的理论研究,为我国的金融市场化改革与国有资产管理体制改革提供了一些新证据。
Taking the panel data of A-share listed companies after share-trading reform from 2007 to 2010 as a sample, the author studies the relationship between financial development and corporate investment efficiency in emerging capital markets. The result shows that for the companies controlled by different ultimate controllers, The impact of investment efficiency is different. Financial development can significantly improve the investment efficiency of companies controlled by a conglomerate or holding company, inhibit over-investment in companies controlled by other government agencies, mitigate overinvestment in companies controlled by local SASACs, Over-investment by companies and private listed companies has no effect. The financial development has a slight relief effect on the underinvestment of the two types of listed companies controlled by the controlling group or the holding company and the natural person. This discovery enriches and expands the theoretical research on the investment efficiency of the company in the emerging capital market, The reform and state-owned assets management system reform provides some new evidence.