摘要
推进产融合作是我国引导金融支持实体经济的重要举措,对其效果与作用机理的剖析颇具意义。为检验金融部门的支持是否有助于提高实体经济的资源配置效率,本文利用“国家产融合作试点城市”的设立构建准自然实验,考察了产融合作对企业投资效率的影响。研究发现,产融合作引导金融部门支持实体经济,提升了企业投资效率。在影响机制方面,针对投资不足企业,产融合作增大了企业外部融资规模,从而缓解了投资不足;针对投资过度企业,产融合作则抑制了企业外部融资,从而减轻了过度投资。同时,企业融资约束越严重、信息不对称问题越突出,产融合作改善企业投资效率的作用越明显。进一步研究发现,企业成长性越高,产融合作减轻投资不足的作用越明显;企业成长性越低,则产融合作抑制过度投资的作用越显著。从经济后果来看,产融合作对企业投资效率的改善提高了企业价值。在深化金融供给侧结构性改革背景下,本文为理解产融合作优化资源配置的作用提供了新证据,对于完善产融合作试点工作以引导金融更好地服务于实体经济具有启示意义。
Investment activities are a crucial component of a firm's resource allocation process that creates wealth for shareholders.Efficient investment also serves as the microeconomic foundation for broader economic growth.Consequently,improving firm investment efficiency has consistently been a focal point of interest.Many scholars argue that financing constraints faced by firms are key factors that hinder investment efficiency.Limited access to external financing can lead to capital shortages,resulting in underinvestment.Additionally,information asymmetry between firms and external parties may lead to moral hazard and adverse selection,prompting management to misuse funds and causing overinvestment.The mechanisms underlying inefficient investment,whether it manifests as underinvestment or overinvestment,are fundamentally distinct,often rendering certain remedies counterproductive.Consequently,to effectively address the diverse inefficiencies in firm investment,it is imperative to employ a targeted approach,offering differentiated financial support strategies tailored to the specific nature of the inefficiencyineachcase.It is important to guide financial resources through government policies to support the development of the real economy and enhance firms'resource allocation efficiency.China is actively exploring new paths for financial support to the real economy while introducing relevant financial policies.Specifically,promoting industrial-financial cooperation is a critical measure for guiding finance to support the real economy.This cooperation reflects the financial sector's support for the real economy and is an important topic of interest in both academia and industry.Scholars examined the impact of industrial-financial integration on firms'financing conditions,investment activities,and financial performance by using corporate ownership of financial institutions as a marker of this integration.However,industrial-financial integration,as just one form of industrial-financial cooperation,does not fully capture the broader concept of such cooperation.Moreover,the decision to engage in industrial-financial integration through equity stakes in financial institutions is an endogenous choice for firms,influenced by their financial strength and financing environment.This endogeneity poses challenges for empirical analyses that rely on ownership relationships to study industrial-financial integration.Since direct evidence of the economic consequences of industrial-financial cooperation is relatively scarce,analyzing its effects and mechanisms is particularlyvaluable.In this study,the establishment of“National Industrial-Financial Cooperation Pilot Cities"has driven the development of industrial-financial cooperation within the regions,establishing a mechanism for industrial-financial information matching.This provides an excellent exogenous shock for depicting micro-level industrial-financial cooperation,effectively addressing the challenges of characterization and endogeneity.In order to explore whether the support from the financial department would improve the efficiency of resource distribution in the real economy,this paper uses the establishment of"National Industrial-financial Cooperation Pilot City"to construct a quasi-natural experiment,and investigate the impact of industrial-financial cooperation on corporate investment efficiency.The results show that industrial-financial cooperation leads the finance sector to support the real economy and significantly improves corporate investment efficiency.In terms of influence mechanism,for under-invested firms,industrial-financial cooperation promotes corporate external financing activities,hence alleviating firms underinvestment;for over-invested firms,industrial-financial cooperation inhibits corporate external financing activities,thereby reducing overinvestment.Besides,the effect of industrial-financial cooperation in improving corporate investment efficiency is more significant in firms with serious financing constraints or prominent information asymmetry.Further research shows that the higher the firm's growth,the more pronounced the role of industrial-financial cooperation in reducing underinvestment;the lower the firm's growth,the more pronounced the role of industrial-financial cooperation in restraining overinvestment.From the perspective of economic consequences,industrial-financial cooperation increases firms’value by improving corporate investment efficiency.In addition,the pilot of industrial-financial cooperation substantially promotes the development of industrial-financial integration and industrial-financial alliance.This study makes several key contributions to the existing literature.First,it addresses a critical gap in understanding industrial-financial cooperation by offering a robust method to identify and measure its impact at the micro level.Despite its prevalence in economic activities,the difficulties in identifying such cooperation have left its economic consequences underexplored,leading to a lack of theoretical guidance.The establishment of“National Industrial-Financial Cooperation Pilot Cities"provides an exogenous shock,enabling this study to be the first to empirically assess the effect of industrial-financial cooperation on firm investment efficiency using quasi-natural experimental evidence.Second,this research enhances our understanding of the determinants of firm investment efficiency.While prior studies have acknowledged the role of information asymmetry between firms and financial institutions,they have not fully explored the influence of industrial-financial cooperation.This paper highlights how industrial-financial cooperation can mitigate underinvestment in resource-constrained firms and curb overinvestment in others.Based on this,this article expands the research scope of factors affecting corporate investment efficiency.Third,this study offers timely insights into an ongoing policy debate:how to improve the effectiveness of financial services in supporting the real economy.As China deepens its structural reform of the financial supply side,the findings suggest that industrial-financial cooperation plays a crucial role in aligning financial support with the specific needs of different firms,thereby addressing inefficiencies in investment.These results provide valuable policy implications for further advancing industrial-financial cooperation and contribute to the broader goal of optimizing financial resource allocation within theeconomy.This paper offers the following implications.First,to establish a system and mechanism for the financial sector to effectively support the real economy,government departments should continue to expand the content and scope of industrial-financial cooperation pilot projects.This can guide financial capital to flow into the real economy and further improve the incentive efficiency of industrial-financial cooperation policies,thus improving the efficient allocation of financial resources.Second,due to the varying impact of industrial-financial cooperation on different firms,firms'development status and financing needs should be accurately assessed,and the mechanisms of industrial-financial cooperation pilot projects should be refined.This encourages financial institutions to meet the reasonable financing needs of competitive and profitable firms.Third,various measures should be implemented to broaden firms'financing channels.In the ongoing efforts for industrial-financial cooperation,it is essential to fully utilize information technologies such as big data and cloud computing to continuously improve the information exchange and sharing mechanisms.Also,efforts should be made to reduce the cost for financial institutions to acquire information,and alleviate the information asymmetry between firms andfinancial institutions.
作者
李海彤
王化成
曹丰
Li Haitong;Wang Huacheng;Cao Feng(Economics and Management School,Wuhan University;Business School,Renmin University of China;Business School,Hunan University)
出处
《南开管理评论》
CSSCI
北大核心
2024年第6期4-15,50,共13页
Nankai Business Review
基金
国家社会科学基金重大项目(18ZDA073)
国家自然科学基金面上项目(71772173、71972068)资助。
关键词
产融合作
投资效率
金融政策
服务实体经济
准自然实验
Industrial-financial Cooperation
Investment Efficiency
Firm Investment
Serve to the Real Economy
Quasi-natural Experiment
