金融自由化改善了投资配置效率吗?
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财经研究 2013 年 第 39 卷第 04 期, 页码：17 - 26
摘要
参考文献
摘要
文章采用1997-2011年中国上市公司年报数据,通过定义投资配置效率指数考察中国金融自由化和金融发展对企业间投资配置的影响。研究结果显示:(1)中国金融自由化对投资配置效率有正向作用,促使投资更多地配置到高边际产出企业,而金融发展对投资配置效率没有显著作用。(2)中国金融自由化指数包含的7个分类指标都对投资配置效率有正向作用,其中最重要的政策影响来自监管和信贷。(3)中国金融自由化改善投资配置体现为拉大企业间投资水平的差距。
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[2]张军,易文斐,丁丹.中国的金融改革是否缓解了企业的融资约束?[J].中国金融评论,2008,(1):31-55.
[3]庄晓玖.中国金融市场化指数的构建[J].金融研究,2007,(11):180-190.
[4]Abiad A,Detragiache E,Tressel T.A new database of financial reforms[R].Internation-al Money and Finance working paper No.266,2009.
[5]Abiad A,Oomes N,Ueda K.The quality effect:Does financial liberalization improve theallocation of capital?[J].Journal of Development Economics,2008,87(2):270-282.
[6]Almeida H,Wolfenzon D.The effect of external finance on the equilibrium allocation ofcapital[J].Journal of Financial Economics,2005,75(1):133-164.
[7]Galindo A,Schiantarelli F,Weiss A.Does financial liberalization improve the allocationof investment?Micro evidence from developing countries[J].Journal of DevelopmentEconomics,2007,83(2):562-587.
[8]Koo J,Maeng K.The effect of financial liberalization on firms’investments in Korea[J].Journal of Asian Economics,2005,16(2):281-297.
[9]Laeven L.Does financial liberalization reduce financing constraints?[J].Financial Man-agement,2003,32(1):5-34.
[10]Wang P,Wen Y.Financial development and economic volatility:A unified explanation[R].Federal Reserve Bank of St.Louis,Working Papers No.2009-022c,2009.
[11]Wurgler J.Financial markets and the allocation of capital[J].Journal of Financial Eco-nomics,2000,58(1-2):187-214.
[12]Zabojnik J.Costly external finance and investment efficiency in a market equilibriummodel[R].QED Working Paper No.1160,2008.
引用本文
钟娟, 魏彦杰, 沙文兵. 金融自由化改善了投资配置效率吗?[J]. 财经研究, 2013, 39(4): 17–26.
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