政府干预、银行治理与上市公司投资行为分析：基于预算软约束视角

项目名称： 政府干预、银行治理与上市公司投资行为分析：基于预算软约束视角

项目编号： No.70802065

项目类型： 青年科学基金项目

立项/批准年度： 2009

项目学科： 金属学与金属工艺

项目作者： 袁淳

作者单位： 中央财经大学

项目金额： 15万元

中文摘要： 本项目旨在从投资行为视角研究我国企业资源配置效率，并分析影响企业资源配置效率的深层次制度原因。为此，本项目将预算软约束理论与企业投资理论基于我国的现实背景结合起来进行研究，首先分析了政府、银行和企业三者之间的密切联系，从政府干预和银行治理角度研究预算软约束的成因，并建立起预算软约束对企业投资行为影响机制的分析模型，然后研究政府干预和银行治理对企业融资约束、过度投资行为以及债务的杠杆治理作用的影响，并结合金融危机引发的流动性水平变化动态分析不同预算软约束程度下企业资源配置效率的差异。本项目不仅充实和完善现有预算软约束理论，同时也拓展了现代企业投资理论的研究范畴，形成对上司公司投资行为的充分认识；实践方面将提出解决政府干预与银行治理双重影响下我国上市公司非效率投资问题的治理思路，为上市公司提高投资效率以及保证金融体系的安全与稳定提出相关建议。

中文关键词： 资源配置效率;投资行为;预算软约束;融资约束

英文摘要： This study is aimed to investigate the allocation efficiency of enterprise resources in the China from the perspective of investment behavior. And at the same time, we analyze the deep-rooted system reasons which affect the allocation efficiency of enterprise resources. Therefore, we combine the soft budget constraint theory with the enterprise investment theory for research based on the background of china's reality. In order to gain an insight into the close relationship between government, banks and enterprises, we firstly exam the causes of soft budget constraint from the view of government intervention and bank governance, and then we set up the analysis model reflecting the influence mechanism which the soft budget constraint puts on the corporate investment behavior; Next we exam the influences that the government intervention and bank governance exerts on financing constraints, over-investment behavior and governance effect of debt financing; Finally, combing with changes in levels of liquidity caused by the financial crisis ,we take on the dynamic analysis of the differences in the allocation efficiency of enterprise resources under varying degrees of soft budget constraint. From the side of academy, this project will not only enrich and improve the existing soft budget constraint theory, but also expand the scope of the research of modern investment theory, forming the full understanding of the listed company's investment behavior. From the side of practice, we will offer the governance ideas and initiatives to solve the inefficient investment issues of the listed companies in our country which are under the double effects of government intervention and bank governance, and simultaneously put forward some relevant suggestions in order to improve the investment efficiency of listed companies, as well as ensure the security and stability of the financial system.

英文关键词： efficiency of enterprise resources;investment behavior;soft budget constraint;financing constraints