摘要
从金融深化程度和银企关系的角度,采用多元回归模型,以2003—2007年我国A股上市公司为研究对象,对我国银行贷款对过度投资的控制作用及其具体途径进行了理论和实证检验。研究结果表明:银行贷款(主要是短期贷款)对上市公司特别是低成长性上市公司的过度投资具有控制作用;短期贷款对银行持股上市公司的控制作用要强于对非银行持股上市公司的控制作用,并且短期贷款的控制作用随着金融水平的提高而增强。
From the perspective of financial development and the relationship between bank and company,taking listed companies of A-share market from 2003 to 2007 as the research example,this paper theoretically and empirically studies the control effect of bank loan on listed company＇s overinvestment by using the multiple regression model.The empirical results show as follows：bank loan,especially short-term loan has the control effect on overinvestment of China＇s listed companies,particularly the listed companies with low-growth;the control effect of short-term loan on bank-share holding companies is stronger than that on non bank-share holding companies,and this control effect would strengthen with the enhancing of regional financial development in China.
出处
《技术经济》
CSSCI
2012年第12期110-119,共10页
Journal of Technology Economics
关键词
金融发展
银行持股
银行贷款
过度投资
financial development
bank-share holding
bank loan
overinvestment
