早期样本研究显示,我国长期过度投资引致国有企业投资效率比非国有企业低。文章使用投资—投资机会反应系数测度企业投资效率发现,尽管国有与非国有企业融资约束都有所减轻,但在不同样本区间,随着时间的推移国有与非国有企业的投资效率的相对大小出现反转。在受到外部融资约束的行业,国有企业获得信贷扶持,产生挤出效应,导致非国有企业融资约束严重,投资效率低于国有企业。近年来货币政策的频繁调控加大了国有与非国有企业融资约束的差异,企业投资效率差距扩大。而且针对融资约束程度的不同,价格型与数量型货币政策呈现非对称性。宽松的利率政策能够降低非国有企业边际融资成本,提高投资效率。信贷扩张更倾向于国有企业,对降低其融资约束、提高投资效率的效果明显。 Early sample studies show that the long-term overinvestment in our country leads to lower investment efficiency of state-owned enterprises than non-state-owned enterprises. The article uses the investment-investment opportunity response coefficient to measure the investment efficiency of enterprises. Although the financing constraints of state-owned and non-state-owned enterprises have been alleviated, the relative sizes of the investment efficiency of state-owned and non-state-owned enterprises appear in different sample periods Reverse. In industries subject to external financing constraints, state-owned enterprises have obtained credit support and have a crowding-out effect, resulting in serious constraints on financing by non-state-owned enterprises and inefficient investment in state-owned enterprises. In recent years, the frequent regulation and control of monetary policy has increased the difference of financing constraints between state-owned and non-state-owned enterprises, and the gap between enterprises’ investment efficiency has widened. Moreover, in view of the different degree of financing constraints, price and quantity-based monetary policies appear asymmetric. Loose interest rate policy can reduce the non-state-owned enterprises marginal financing costs and improve investment efficiency. Credit expansion is more inclined to state-owned enterprises, which have obvious effects on reducing their financing constraints and improving investment efficiency.